This hub covers everything about getting paid and managing business banking as a Canadian freelancer — from choosing your first business bank account to receiving USD from international clients at the lowest possible FX cost.
The Core Payment Stack for Canadian Freelancers
Most freelancers need 2–3 tools:
- Interac e-Transfer — for all Canadian clients. Free, instant, universal. Set up Autodeposit on your business bank account.
- Wise Business (for international clients) — US routing number/account for ACH from US clients; EUR, GBP accounts for European clients. Mid-market FX rate. $55 CAD one-time fee.
- Stripe (optional) — for clients who want to pay by credit card. 2.9% + $0.30 CAD for Canadian cards; 4.4% for international cards. Free setup. Payout to Wise USD to avoid Stripe’s 1% FX fee.
Business Banking: What to Open and When
Open before your first invoice: A dedicated business bank account keeps personal and business finances clean. No-fee options for newcomers and established freelancers alike:
- EQ Bank Business: No monthly fee, unlimited transactions, free Interac e-Transfer, competitive interest. Fully online.
- BMO eBusiness Plan: $0/month, 25 free electronic transactions, $1.50/e-Transfer after that. Big Six bank.
- Wealthsimple Business: No monthly fee, unlimited e-Transfer, interest on deposits.
The Cost of Canadian Bank FX vs Wise
If you convert $5,000 USD to CAD each month:
- Canadian bank (2.5–3.5% spread): ~$125–$175 lost per month = $1,500–$2,100/year
- Wise (0.63% fee): ~$32 per month = $384/year
- Annual saving with Wise: $1,116–$1,716
At $5,000 USD/month in client volume, Wise’s $55 one-time setup fee pays back in the first two weeks of use.
Hub Navigation: Payments Topics
- Business bank account overview → When to Open a Business Bank Account in Canada
- Newcomer banking → Best Business Bank Account for Newcomer Freelancers in Canada
- Personal vs business account → Can You Use a Personal Bank Account for Freelancing in Canada?
- Wise Business review → Wise Business Review Canada
- USD account guide → Best USD Accounts for Freelancers in Canada
- Stripe explained → Stripe for Freelancers in Canada Explained
- PayPal explained → PayPal for Freelancers in Canada Explained
- Stripe vs PayPal → Stripe vs PayPal for Canadian Freelancers
- Wise vs PayPal → Wise vs PayPal for Canadian Freelancers
- Interac e-Transfer → Should Freelancers Use Interac e-Transfer in Canada?
- Avoiding FX fees → How to Avoid Foreign Exchange Fees in Canada
- Chargebacks → Chargebacks and Disputes for Canadian Freelancers
Frequently Asked Questions
Should I charge Canadian clients in CAD and US clients in USD?
Yes. Invoice Canadian clients in CAD (they pay in their currency, no conversion needed). Invoice US clients in USD (they prefer their own currency, and you manage conversion with Wise). For UK/EU clients, invoice in GBP/EUR and receive in your Wise GBP/EUR balance. This minimizes conversion friction for clients and gives you control over when and how you convert to CAD.
Is Interac e-Transfer safe for large invoice payments?
Yes — Interac is Canada’s most trusted domestic payment system, fully bank-backed. The per-transfer limit at most personal accounts is $3,000 (standard Big Six) with a network maximum of $25,000. Business accounts have higher limits ($10,000–$25,000 per transfer at most banks). For invoices over individual transfer limits, ask clients to split into multiple transfers or use EFT/wire for large amounts.
What is the fastest way to receive international payments?
For USD: Wise Business ACH receiving deposits typically within 1–2 business days of the US client sending. For very fast international receiving, clients can also use Wise’s peer-to-peer feature if they have a Wise account — instant transfer between Wise accounts at zero FX cost.