Key takeaways
- Specialists usually win on cost for regular payments.
- Banks win on branches, lending and one relationship.
- Specialist transfers often arrive the same or next business day.
- Using both is common and often the cheapest set-up.
Side by side
| Big bank | Fintech or FX specialist | |
|---|---|---|
| FX cost | Posted rates about 3.1% above market (27 Oct 2026) | Published fees from about 0.45% |
| Pricing shown | Built into the rate | Often shown separately |
| Speed | Wires often 1–2 business days | Often same or next business day |
| Extras | Branches, loans, credit lines | Multi-currency accounts, hedging tools, batch payouts |
| Support | Relationship manager for larger clients | Online support; dealers at some providers |
When to use a bank
- You need a lending relationship or credit line tied to your accounts.
- You make very few international payments.
- You’ve negotiated a competitive FX margin.
When to use a fintech or specialist
- You pay suppliers, contractors or staff abroad every month.
- You want to hold USD, EUR or GBP balances.
- You need forwards or other hedging tools.
A worked example
On a US$20,000 supplier payment (C$28,076 at the market rate), a big-bank posted rate adds about C$870, while a specialist at 0.48% adds about C$135.
Common mistakes
- Assuming your bank is cheapest because there’s no visible fee.
- Moving everything at once: keep the bank relationship and add a specialist for foreign payments.
Providers that can help
Compare these providers, then request a free, no-obligation quote.
Low-cost payments at the mid-market rate
From 0.48% Conversion fee
Multi-currency account, conversion from 0.45%
C$0 Monthly fee
Payments to 200+ countries with hedging
Forwards & options HedgingFAQs
Is it cheaper to send international business payments through a fintech?
Usually, for regular payments. Specialists publish fees from about 0.45% for CAD conversions, while big-bank posted rates are often around 3% above market, though business clients can negotiate.
Are fintech payment providers safe for businesses?
Established providers are regulated in the countries they operate in. Check how each one holds and protects client funds before you sign up.
Which is faster, a bank wire or a fintech transfer?
Specialist transfers often arrive the same or next business day, while bank wires commonly take one to two business days.
Can I use a bank and a fintech together?
Yes. Many businesses keep their bank for everyday banking and lending, and use a specialist for international payments.
Sources: Bank of Canada daily exchange rates; National Bank posted exchange rates, 27 Oct 2026; Wise, Venn and OFX published pricing.