Best Payoneer alternatives for Canadian businesses (2025 guide)

Navigating international payments just got more complex for Canadian businesses. With recent changes to Payoneer's services and Canada's evolving regulatory landscape, you're likely searching for reliable alternatives that can handle your cross-border financial needs. The good news? Several robust solutions have emerged to fill this gap, each offering unique advantages for different business models.

Canadian businesses face unprecedented challenges in 2025. Canada is overhauling its anti-money laundering (AML) and sanctions regime in response to the growing complexity and scale of global financial crime ¹. The Financial Action Task Force (FATF) is scheduled to begin a mutual evaluation of Canada's AML regime in late 2025 ¹. These regulatory shifts make choosing the right payment platform more critical than ever.

Whether you're paying international suppliers, receiving payments from global customers, or managing multi-currency operations, this guide breaks down the top alternatives to help you make an informed decision. We'll examine real costs, compliance capabilities, and practical features that matter for Canadian businesses operating globally.

Understanding the Canadian payment landscape in 2025

The regulatory environment for Canadian businesses handling international payments has transformed dramatically. Bill C-2, the Strong Borders Act, was tabled in Parliament on June 3, 2025, and may take effect later the same year if passed ¹. This legislation introduces significant changes that directly impact how businesses manage cross-border transactions.

Effective April 1, 2025, financing and leasing companies, factoring companies, and cheque-cashing companies are now reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFA) ¹. These expanded requirements mean your payment provider's compliance infrastructure matters more than ever.

The stakes are high for non-compliance. Bill C-2 establishes a new monetary penalty framework under the PCMLTFA regulations, with maximums rising to $40,000 for minor violations, $4 million for serious violations, and $20 million for very serious violations ¹. Penalties may be cumulative but will be capped at $20 million or 3% of global revenue, applied at the group level for affiliated entities ¹.

Top Payoneer alternatives for Canadian businesses

1. Airwallex: Built for business growth

Airwallex stands out as a comprehensive solution designed exclusively for businesses ². Established in 2015, the platform has rapidly expanded its global footprint ². In March 2025, Airwallex secured $300m in a Series F funding round that brought its valuation to $6.2bn ³, demonstrating strong market confidence.

The platform offers global accounts held in 23 currencies ², enabling Canadian businesses to receive payments like a local company in multiple markets. Airwallex provides access to interbank foreign exchange (FX) rates ², typically offering rates 0.5-1% above the interbank rate for most currency pairs.

Key advantages for Canadian businesses:

• Payment gateway accepting cards and 160 local payment methods in 180+ countries²

• Comprehensive spend management tools with real-time tracking and multi-currency support⁴

• Strong compliance infrastructure aligned with Canadian regulatory requirements

• Dedicated business support with premium accounts receiving 24/7 assistance

2. Wise (formerly TransferWise): The transparent choice

Wise, previously known as TransferWise ², has built its reputation on transparency and mid-market rates. As a publicly-traded entity on the London Stock Exchange, Wise offers stability and regulatory oversight that many Canadian businesses value.

Wise's conversion fee ranges from 0.35% to 2% depending on the currency pair ⁵. The platform provides local bank details in 10 major currencies ⁵, making it easier for Canadian businesses to receive payments from international clients.

Key advantages for Canadian businesses:

• Clear, upfront fee structures with no hidden charges

• Batch payment processing capabilities for supplier payments

• QuickBooks and Xero accounting software compatibility

• Serves millions of customers across more than 170 countries⁵

3. Revolut Business: The digital-first solution

Revolut Business brings a modern approach to international payments with its mobile-first platform. While newer to the Canadian market compared to other options, Revolut offers competitive exchange rates and innovative features that appeal to tech-savvy businesses.

The platform excels in providing real-time spending insights and automated expense management, making it particularly attractive for Canadian startups and SMEs managing remote teams. Their multi-currency accounts support holding and converting between numerous currencies at competitive rates.

Key advantages for Canadian businesses:

• Instant payment notifications and real-time transaction monitoring

• Virtual and physical corporate cards with customizable spending limits

• Integration with popular accounting software

• Competitive FX rates with transparent pricing

4. OFX: The high-volume specialist

OFX specializes in larger transfers and offers dedicated support for businesses moving significant volumes internationally. With over 20 years in the market, OFX has established relationships with major financial institutions globally, providing reliability for Canadian businesses with substantial international payment needs.

Their platform offers competitive rates for transfers over CAD $10,000, with rates improving as volume increases. OFX provides 24/7 phone support and assigns dedicated dealers to high-volume clients, ensuring personalized service for complex transactions.

Key advantages for Canadian businesses:

• No maximum transfer limits

• Forward contracts for hedging currency risk

• API integration for automated payments

• Dedicated relationship managers for high-volume accounts

5. Currencies Direct: The service-focused option

Currencies Direct combines competitive rates with exceptional customer service, offering a more traditional approach to international payments. They provide personal account managers to all business clients, regardless of transfer volume, making them ideal for Canadian businesses that value relationship-based service.

The platform supports regular payment plans for recurring international transfers, useful for businesses with ongoing supplier relationships or subscription services. Their risk management tools help Canadian businesses protect against currency fluctuations.

Key advantages for Canadian businesses:

• Personal account manager for all business accounts

• Regular payment plans for recurring transfers

• Risk management tools including forward contracts

• No transfer fees on most transactions

Cost comparison for typical Canadian business scenarios

Understanding the real costs of international payments requires examining specific use cases. Global Payments revenues grew at 11% in 2022 to another all-time high of $2.2 trillion ⁶, highlighting the massive scale of cross-border transactions. For Canadian businesses, choosing the right platform can mean significant savings.

Scenario 1: Paying international suppliers (CAD 50,000 monthly)

For a Canadian business paying USD suppliers monthly:

Airwallex: With access to interbank FX rates plus a markup of 0.3-0.6% ⁵, a CAD 50,000 transfer would cost approximately CAD 150-300 in FX fees.

Wise: With conversion fees ranging from 0.35% to 2% ⁵, the same transfer would cost CAD 175-1,000 depending on the currency pair.

Traditional banks: In the US, credit card fees are unregulated and can go up as high as 3.5% ⁶. Similar markups on FX through traditional banks could cost CAD 1,750 or more.

Scenario 2: Receiving international payments (Multiple currencies)

For businesses receiving payments in multiple currencies, the ability to hold funds without immediate conversion saves significant costs. The digital payment market is expected to grow at a compound annual growth rate of 13.5% from 2024 to 2033 ⁷, making efficient multi-currency management essential.

Airwallex offers global accounts in 23 currencies ², allowing businesses to receive and hold funds without forced conversion. This flexibility can save thousands in unnecessary FX fees annually.

Scenario 3: Multi-currency expense management

Canadian businesses with international teams need efficient expense management. Spend management software enables Canadian businesses to control expenses, automate manual tasks, and enhance visibility across departments and entities ⁴.

Compliance and security considerations

With Canada's strengthening regulatory framework, choosing a compliant payment provider is non-negotiable. Any reporting entity found to be in violation of the PCMLTFA provisions must enter into a mandatory compliance agreement with FINTRAC ¹.

Regulatory compliance features to evaluate

Airwallex maintains PCI DSS Level 1 compliance and operates under licenses from multiple regulatory authorities⁵. The platform has advanced fraud detection systems and regular security audits, aligning with Canada's enhanced AML requirements.

Wise operates under FCA regulation and implements bank-level security measures throughout their platform ⁵. They maintain segregated user accounts and regularly update their compliance protocols.

Bill C-2 introduces new requirements for compliance programs to be risk-based and effective ¹. Your chosen provider must demonstrate robust compliance infrastructure to protect your business from regulatory penalties.

Data security and privacy

Reporting entities are now permitted to share an individual's personal information with each other without the individual's consent, provided that sharing of the information is reasonable for the purposes of detecting or deterring money laundering, terrorist financing, or sanctions evasion ¹. This makes choosing a provider with strong data protection practices essential.

Integration capabilities and automation

Modern Canadian businesses need payment solutions that integrate seamlessly with existing systems. The payment gateway market is predicted to generate revenues of $276.20 billion in 2030, with a compound annual growth rate of 11% from 2023-2030 ⁶.

API and platform integrations

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 ⁵. These integrations enable automated payment workflows that save time and reduce errors.

Wise provides an open API with straightforward implementation guides and Zapier connections for workflow automation ⁵. Their developer tools support custom solution building for unique business requirements.

Automation benefits for Canadian businesses

Automation reduces manual processing time and minimizes errors in international payments. With 46% of diaspora consumers across Europe regularly sending money home ⁸, businesses serving international communities benefit significantly from automated payment processing.

Making the right choice: Decision framework

Selecting the optimal Payoneer alternative depends on your specific business needs, transaction volumes, and growth trajectory. Consider these key factors:

For high-growth businesses with complex needs

Choose Airwallex if:

• You need comprehensive financial services beyond just payments

• Your business operates in multiple countries with diverse payment methods

• You require robust API integration and automation capabilities

• Compliance and regulatory adherence are top priorities

Airwallex is approaching $900m in annualised revenue and expects to hit $1bn later in 2025 ³, demonstrating the platform's stability and growth trajectory. The company has onboarded 150,000 businesses ³, proving its scalability for growing companies.

For cost-conscious businesses prioritizing transparency

Choose Wise if:

• Transparent pricing is your primary concern

• You mainly deal with major currencies

• You prefer a simple, user-friendly interface

• You value the stability of a publicly-traded company

For businesses needing specialized services

Choose OFX if:

• You regularly transfer large amounts (over CAD 50,000)

• You need currency hedging and forward contracts

• Personal service and dedicated support are important

Choose Revolut if:

• You prioritize mobile-first technology

• Your team needs corporate cards with spending controls

• Real-time expense tracking is essential

For relationship-driven businesses

Choose Currencies Direct if:

• You value personal account management

• You have regular, predictable payment patterns

• Risk management tools for currency fluctuation are important

Future-proofing your payment infrastructure

The global digital payment sector has undergone substantial growth over the past decade, spurred by breakthroughs in technology, growing smartphone usage, and a shift toward cashless transactions ⁷. Canadian businesses must choose platforms that can adapt to evolving market conditions.

Scalability considerations

Airwallex aims to boost its monthly active customers to more than one million by 2030 ³, indicating strong platform scalability. The company enables businesses to send and receive funds across more than 150 countries ³, providing the global reach Canadian businesses need for expansion.

Emerging payment trends

In 2025, major retailers are expected to adopt account-to-account payment methods, underpinned by real-time payments (RTP) ⁹. Account-to-account transactions are cheaper than the 3% commonly paid on card fees by retailers ⁹, making them increasingly attractive for B2B transactions.

Digital wallets are forecast to be used in 61% of digital transactions in 2028, up from 50% in 2023, representing a compound annual growth rate of 15% ⁶. Your chosen platform should support these emerging payment methods to stay competitive.

Conclusion: Choosing your path forward

The shift away from Payoneer presents an opportunity to upgrade your international payment infrastructure. With Canada's regulatory landscape evolving and global payment volumes reaching $34.7 trillion in Q1 2025 ¹⁰, selecting the right platform is crucial for business success.

For most Canadian businesses prioritizing growth, compliance, and comprehensive financial services, Airwallex emerges as the strongest alternative. Its combination of competitive FX rates, robust compliance infrastructure, and extensive integration capabilities positions it well for businesses navigating Canada's complex regulatory environment. The platform's exclusive focus on business needs ² ensures features and support aligned with commercial requirements.

However, each business has unique needs. Wise offers unmatched transparency for straightforward transfers. OFX excels for high-volume transactions. Revolut brings innovation for tech-forward companies. Currencies Direct provides personalized service for relationship-focused businesses.

Evaluate your specific requirements against each platform's strengths. Consider your transaction volumes, currency needs, integration requirements, and growth plans. With 65% of respondents ranking speed as their top priority when choosing a payment method ⁸, ensure your chosen platform delivers both efficiency and reliability.

The right payment platform isn't just about replacing Payoneer – it's about positioning your Canadian business for sustainable international growth. Choose wisely, and your payment infrastructure becomes a competitive advantage rather than an operational burden.

FAQ

What are the best Payoneer alternatives for Canadian businesses in 2025?

The top Payoneer alternatives for Canadian businesses include Airwallex, Wise (formerly TransferWise), Remitly, and traditional banking solutions. Each platform offers unique advantages: Airwallex provides comprehensive business banking with competitive FX rates, Wise offers transparent pricing and multi-currency accounts, while Remitly specializes in international transfers. The best choice depends on your specific business needs, transaction volumes, and compliance requirements.

How do compliance requirements affect payment platform choices for Canadian businesses?

Canadian businesses must navigate evolving AML regulations, with FINTRAC playing a crucial role in compliance oversight. The Financial Action Task Force (FATF) is scheduled to evaluate Canada's AML regime in late 2025, and Bill C-2 (Strong Borders Act) may introduce new requirements. When choosing payment platforms, ensure they offer robust compliance features, proper reporting capabilities, and align with Canada's anti-money laundering framework to avoid regulatory issues.

What should I consider when comparing Wise vs Airwallex for my Canadian business?

When comparing Wise and Airwallex, consider transaction fees, exchange rates, business features, and compliance support. Airwallex typically offers more comprehensive business banking solutions with corporate cards and expense management, while Wise provides transparent pricing and extensive currency support. Airwallex may be better for businesses needing full financial infrastructure, while Wise suits companies primarily focused on international transfers and multi-currency operations.

How do exchange rate fluctuations impact the cost of international payment platforms?

Exchange rate fluctuations significantly affect international payment costs, especially for CAD-USD transactions. Recent data shows CAD-USD rates varying throughout August 2025, impacting the total cost of transfers. Look for platforms offering competitive exchange rates close to mid-market rates, rate-locking features, and transparent fee structures. Some platforms like Airwallex and Wise provide real-time rate information and tools to help businesses time their transfers for optimal rates.

What fees should Canadian businesses expect when using Payoneer alternatives?

Fees vary significantly among Payoneer alternatives and typically include transfer fees, exchange rate margins, monthly account fees, and withdrawal charges. Airwallex offers transparent fee structures with competitive rates for business accounts, while Wise uses a percentage-based model with clear upfront pricing. Traditional banks often have higher fees but may offer relationship-based pricing. Always calculate total costs including hidden fees like receiving charges and currency conversion margins when comparing platforms.

Do these payment platforms offer spend management tools for Canadian businesses?

Many modern payment platforms now include comprehensive spend management features beyond basic transfers. Airwallex provides integrated spend management software tools including corporate cards, expense tracking, and budget controls. These features help Canadian businesses streamline financial operations, improve visibility into international spending, and maintain better control over cross-border transactions. Consider platforms that offer these additional business tools if you need more than just payment processing.

Citations

1. https://mcmillan.ca/insights/publications/upcoming-changes-to-canadas-anti-money-laundering-regime-c2it-that-your-business-is-compliant/

2. https://www.airwallex.com/ca/blog/comparison-wise-vs-airwallex

3. https://www.fxcintel.com/research/reports/ct-airwallex-2025-growth

4. https://www.airwallex.com/ca/blog/spend-management-software-tools

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

6. https://www.merchantsavvy.co.uk/digital-payment-market/

7. 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

8. https://www.thunes.com/news/top-growth-drivers-in-consumer-cross-border-payments/

9. https://www.form3.tech/news/payment-insights/key-us-payment-trends-in-2025-and-beyond-that-banks-need-to-be-aware-of

10. https://www.bis.org/statistics/rppb2507.htm