Payoneer Exits Quebec: Why Canadian Businesses Are Switching to Airwallex for Global Payments

The global payments landscape is experiencing seismic shifts. With the digital payment market valued at $10.18 trillion in 2024 and expected to reach $32.07 trillion by 2033, businesses need reliable cross-border payment solutions more than ever ¹. Recent regulatory changes in Quebec have created uncertainty for businesses relying on traditional payment providers, making it crucial to find alternatives that can navigate complex international financial requirements.

Quebec's evolving regulatory environment presents unique challenges. The province announced proposed immigration guidelines that include reducing temporary foreign workers from 72,000 to 65,000 over four years and implementing French language proficiency requirements for work permit renewals ². These changes, combined with Canada's new Strong Borders Act introducing comprehensive bans on cash payments of C$10,000 or more, signal a fundamental shift in how businesses must operate ³.

The changing landscape of cross-border payments in Canada

Canadian businesses face unprecedented complexity in managing international transactions. Global cross-border bank credit expanded by $1.5 trillion in the first quarter of 2025, reaching a record $34.7 trillion ⁴. This explosive growth reflects increasing international trade but also highlights the need for sophisticated payment infrastructure.

The regulatory environment adds another layer of complexity. Bill C-2, the Strong Borders Act, introduces radical increases to administrative monetary penalties under Canada's anti-money laundering legislation, raising them by 40 times across all categories ³. Minor violations now carry maximum penalties of C$40,000, serious violations C$4 million, and very serious violations C$20 million.

For businesses operating in Quebec, these challenges compound. The province's proposed 50% reduction in temporary foreign workers in Montreal directly impacts companies relying on international talent ². Organizations need payment solutions that can adapt to these evolving requirements while maintaining operational efficiency.

Understanding the impact on Quebec businesses

Quebec businesses face unique pressures that distinguish them from counterparts in other provinces. The suspension of the PEQ Workers pathway to permanent residence until November 30, 2025, creates uncertainty for companies hiring international talent ². These regulatory shifts demand payment solutions that can handle complex cross-border transactions while ensuring compliance.

The financial implications are substantial. Merchants globally paid approximately $138 billion in processing fees in 2022, with credit card fees in the US reaching as high as 3.5% ⁵. Canadian businesses operating internationally face similar cost pressures, making efficient payment processing essential for maintaining competitive margins.

Airwallex addresses these challenges through its comprehensive global account structure. The platform supports transfers to 150+ countries and regions in 60+ currencies, enabling Quebec businesses to maintain international operations despite local regulatory changes ⁶. This flexibility becomes crucial as companies navigate Quebec's evolving business environment.

Why businesses are making the switch to Airwallex

The shift toward alternative payment providers reflects broader market trends. Digital wallets are forecast to process $3.1 trillion by 2027, four times more than credit cards ⁵. Businesses recognize that traditional payment methods no longer meet their evolving needs.

Airwallex has positioned itself at the forefront of this transformation. The company raised $300 million in a Series F funding round, achieving a $6.2 billion valuation ⁷. This funding supports expansion into new markets and refinement of its software infrastructure, ensuring Canadian businesses have access to cutting-edge payment technology.

The platform's growth metrics demonstrate its market acceptance. Airwallex reached $720 million in annualized revenue in March, representing a 90% increase year over year, while surpassing $130 billion in global annualized payments volume ⁷. The company expanded its customer base by 50% last year and now serves 150,000 businesses worldwide.

Speed and efficiency advantages

Transaction speed has become a critical differentiator in global payments. Airwallex ensures that 95% of transactions arrive within a few hours or the same day, with 68% processed instantly ⁷. This speed advantage proves essential for businesses managing time-sensitive international transactions.

The platform's local network approach eliminates traditional banking delays. Payments are made using Airwallex's local network to eliminate transaction fees and deliver funds faster and in full ⁶. Funds are received quickly, securely, and in as little as one business day, ensuring businesses maintain healthy cash flow across borders.

Compare this to traditional international transfers, which often involve multiple intermediary banks and can take several days. The efficiency gains translate directly to improved working capital management and stronger supplier relationships.

Cost savings and transparent pricing

Pricing transparency has emerged as a key concern for businesses managing international payments. Airwallex structures its pricing with a foreign exchange markup of 0.3-0.6% above the interbank rate, with zero monthly account maintenance fees and complimentary domestic transfers in most cases ⁸. This transparent approach contrasts sharply with traditional providers that often hide fees in unfavorable exchange rates.

The Airwallex Business Account offers market-leading FX rates on every transaction, big or small, with zero hidden fees ⁶. For businesses processing significant international volumes, these savings compound quickly. Consider that 37% of North America's payment revenue came from consumer credit cards, totaling $150 billion ⁵. By avoiding traditional card processing fees, businesses can redirect substantial resources toward growth initiatives.

The platform's approach to currency management further enhances cost efficiency. With support for over 50 currencies and real-time foreign exchange rates for major currency pairs, businesses can optimize their international transactions ⁸.

Key features that set Airwallex apart

Airwallex's comprehensive feature set addresses the full spectrum of international payment needs. The platform provides multi-currency accounts to receive funds, high-speed international transfers, and multi-currency company and employee cards ⁹. This integrated approach eliminates the need for multiple financial service providers.

Multi-currency capabilities

The ability to hold and manage multiple currencies has become essential for international businesses. Airwallex's financial infrastructure network allows customers to generate local account numbers in more than 60 countries and send and receive funds across more than 150 countries ⁷. This capability proves particularly valuable for Quebec businesses navigating complex international relationships.

The platform's multi-currency accounts eliminate unnecessary conversions. Businesses can receive payments in local currencies, hold funds until favorable exchange rates emerge, and pay suppliers in their preferred currencies. This flexibility reduces foreign exchange costs and provides greater control over international cash flow.

Integration and automation

Modern businesses demand seamless integration with existing systems. Airwallex offers enterprise-grade REST API with extensive documentation, direct connections to major e-commerce platforms including Shopify and WooCommerce, and native integration with Xero and other accounting platforms ⁸. These integrations streamline financial operations and reduce manual processing requirements.

The platform also provides advanced payment workflow automation tools and custom webhook implementation options. For businesses managing high transaction volumes, these automation capabilities translate to significant operational efficiencies and reduced error rates.

Security and compliance

Security concerns dominate discussions about digital payments. The growing use of digital payments presents serious concerns due to increased danger of fraud, data breaches, and cyberattacks ¹. Airwallex addresses these concerns through comprehensive security measures.

The platform maintains PCI DSS Level 1 compliance and operates under licenses from multiple regulatory authorities, with advanced fraud detection systems and regular security audits ⁸. This robust security framework ensures businesses can process international payments with confidence.

Compliance capabilities prove especially relevant given Canada's evolving regulatory landscape. The Strong Borders Act requires all reporting entities under the PCMLTFA to enrol with FINTRAC and renew their enrolment periodically ³. Airwallex's compliance infrastructure helps businesses navigate these requirements efficiently.

Real-world success stories

Leading organizations have already transformed their payment operations with Airwallex. McLaren Racing modernized cross-border payments with the platform, streamlining complex international transactions across multiple jurisdictions ⁹. The racing team's global operations demand rapid, reliable payment processing across numerous countries and currencies.

RYSE provides another compelling example. The company transformed complex cross-border finances into streamlined, cost-saving, and efficient global operations with Airwallex ⁹. These success stories demonstrate the platform's ability to handle diverse business requirements across industries.

The platform's scalability supports businesses at various growth stages. From startups managing initial international expansion to established enterprises processing billions in cross-border transactions, Airwallex adapts to evolving business needs.

Making the transition: A practical guide

Transitioning to a new payment provider requires careful planning and execution. Businesses should begin by auditing their current payment processes, identifying pain points and inefficiencies. Common issues include high transaction fees, slow processing times, limited currency support, and poor integration capabilities.

Assessment and planning

Start by analyzing your current payment volumes and patterns. The largest 10 merchant acquirers processed $9.5 trillion in card payments in the US in 2023, with the top 3 processing 62% of total volume ⁵. Understanding your position in this landscape helps identify optimization opportunities.

Evaluate your international payment needs. Consider the countries you operate in, currencies you handle, and typical transaction sizes. Airwallex supports transfers to 150+ countries and regions in 60+ currencies, ensuring comprehensive coverage for global operations ⁶.

Implementation strategy

Successful implementation follows a structured approach. Begin with a pilot program focusing on specific payment flows or business units. This controlled rollout allows you to validate benefits and refine processes before full deployment.

Leverage Airwallex's integration capabilities to minimize disruption. The platform's connections to major e-commerce platforms and accounting software enable seamless data flow ⁸. Work with your technical team to establish API connections and configure automated workflows.

Train your finance and operations teams on the new platform. Airwallex provides dedicated support channels for business clients, with premium accounts receiving 24/7 assistance and specialized assistance for technical integrations ⁸. Take advantage of these resources to ensure smooth adoption.

Measuring success

Establish clear metrics to evaluate the transition's success. Key performance indicators might include transaction processing time, foreign exchange costs, payment failure rates, and operational efficiency gains. Airwallex's comprehensive analytics dashboards offer detailed insights into transaction patterns, currency exposure, and spending trends ⁸.

Monitor these metrics regularly and adjust your approach as needed. The platform's customizable report generation and automated scheduling for regular financial reviews support ongoing optimization efforts.

The future of global payments for Canadian businesses

The payments landscape continues evolving rapidly. Major retailers are expected to adopt account-to-account payment methods, underpinned by real-time payments, in 2025 ¹⁰. These shifts create opportunities for businesses that adapt quickly.

Digital transformation accelerates across industries. Digital wallets are forecast to be used in 61% of digital transactions by 2028, up from 50% in 2023, representing a compound annual growth rate of 15% ⁵. Canadian businesses must position themselves to capitalize on these trends.

Airwallex continues expanding its capabilities to meet evolving market needs. The company expects to hit $1 billion in annual run rate revenue this year and is planning to acquire banking licenses in the US and United Kingdom ⁷. These developments ensure Canadian businesses have access to increasingly sophisticated payment solutions.

Conclusion

The exit of traditional payment providers from Quebec creates challenges but also opportunities for businesses to modernize their payment infrastructure. With the global digital payment market expected to grow at a compound annual growth rate of 13.5% from 2024 to 2033, selecting the right payment partner becomes crucial for long-term success ¹.

Airwallex offers a comprehensive solution that addresses the unique needs of Canadian businesses operating globally. From market-leading FX rates and instant payment processing to robust security and seamless integrations, the platform provides the tools necessary for international success ¹¹.

As Quebec's regulatory environment continues evolving and global payment trends accelerate, businesses need partners that can navigate complexity while delivering efficiency and value. Airwallex's proven track record, comprehensive capabilities, and commitment to innovation make it the logical choice for Canadian businesses seeking to thrive in the global marketplace.

FAQ

Why did Payoneer exit Quebec and what does this mean for Canadian businesses?

Payoneer's exit from Quebec was driven by evolving regulatory requirements and compliance challenges in the province. This departure left many Canadian businesses searching for alternative global payment solutions that could handle their cross-border transactions effectively. The exit highlighted the importance of choosing payment providers with strong regulatory compliance and local market understanding.

What advantages does Airwallex offer over Payoneer for Canadian businesses?

Airwallex provides several key advantages including support for over 50 currencies with real-time foreign exchange rates, lower cross-border transaction fees, and advanced financial infrastructure. Founded in 2015, Airwallex has secured over $800 million in funding and achieved a valuation exceeding $5.5 billion, demonstrating strong market confidence and financial stability for Canadian businesses.

How do cross-border fees compare between traditional payment methods and Airwallex?

Traditional cross-border payment methods often involve hidden fees and unfavorable exchange rates that can significantly impact business costs. Airwallex offers transparent pricing with competitive cross-border fees, helping Canadian businesses save money on international transactions. The platform's real-time exchange rates for major currency pairs ensure businesses get better value compared to traditional banking solutions.

What specific features make Airwallex suitable for Canadian businesses handling international payments?

Airwallex offers comprehensive business account features including multi-currency support, competitive business bank account options, and advanced payment infrastructure. The platform supports wire transfers with transparent processes and provides businesses with the tools needed to compare different business banking solutions effectively, making it ideal for Canadian companies with global operations.

How does the current digital payment market growth affect business payment solution choices?

With the digital payment market valued at $10.18 trillion in 2024 and expected to reach $32.07 trillion by 2033, businesses need reliable and scalable payment solutions. This rapid growth means companies must choose providers that can handle increasing transaction volumes while maintaining competitive pricing and regulatory compliance across different jurisdictions.

What should Canadian businesses consider when switching from Payoneer to Airwallex?

Canadian businesses should evaluate factors including currency support, transaction fees, regulatory compliance, and integration capabilities. Airwallex's platform supports over 50 currencies and offers scalable financial solutions for SME growth, making the transition smoother. Businesses should also consider the provider's funding stability and market presence, with Airwallex's $5.5 billion valuation providing confidence in long-term service reliability.

Citations

1. https://www.globenewswire.com/news-release/2025/05/28/3089198/0/en/Digital-Payment-Industry-Report-2025-Market-to-Hit-32-07-Trillion-by-2033-Government-Initiatives-Propel-Global-Shift-to-Cashless-Transactions.html

2. https://www.cicnews.com/2025/06/quebec-announces-proposed-immigration-plan-for-2026-2029-0656220.html

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6. https://www.airwallex.com/ca/business-account/transfers/send-money-to-canada

7. https://www.pymnts.com/news/investment-tracker/2025/airwallex-valued-at-6-2-billion-after-300-million-funding-round/

8. https://www.trykeep.com/newsroom/airwallex-vs-transferwise

9. https://www.airwallex.com/ca/blog/cross-border-fees

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11. https://www.airwallex.com/ca/blog/your-guide-to-choosing-the-right-payment-provider