Many business card solutions available in Canada require businesses to fund transactions in Canadian dollars. This incurs high FX costs when used to spend with US or international vendors. Looking to free firms from this problem, Airwallex, the global payments and financial platform, has introduced a new virtual card to make easy payments across the world.
The new virtual card is called the Airwallex Borderless Visa Card in Canada. It was issued by Peoples Trust Company, part of Peoples Group and can be used everywhere Visa is accepted. The Borderless Visa card leverages Visa’s virtual card capabilities. This in turn will enable Airwallex customers in Canada to instantly generate and issue virtual cards. They will also be able to pay global expenses directly from their Airwallex multi-currency wallet, eliminating unnecessary FX conversion fees.
Ravi Adusumilli, executive general manager, Americas, at Airwallex, said: “Operating across borders is table-stakes for modern businesses, whether it’s paying a supplier overseas or managing employee expenses for international travel. With the Airwallex Borderless Visa Card, Canadian businesses gain flexibility and control to fund their card transactions in multiple currencies, making seamless, low-cost, international payments possible in a matter of seconds.”
Ensuring transactions are made
If the account has an insufficient balance in the specified currency to fund the transaction, Airwallex will automatically convert funds held in the account in other currencies at market-leading rates. Furthermore, with single- and multi-use card capabilities, the Borderless Visa card allows for stronger security. This is in addition to better control and heightened visibility of company spending.
The Airwallex Borderless Visa cards are tightly integrated with Airwallex’s Expense Management offering. It enables teams to upload receipts, submit expense reports, and send through approval flows. In turn, this gives businesses a unified view of expenses across all currencies and accounts.
Over the coming months, Airwallex plans on expanding the Airwallex Borderless Card functionality. This includes the addition of Apple Pay and Google Pay. It also includes the availability of physical multi-currency payment cards for business owners and their employees.
Chris Ferron, head of digital partnerships and fintech at Visa Canada, said: “At Visa, we are focused on bringing to life digital-first tools that help businesses scale internationally and ease their operations. We are proud to work with Airwallex to introduce this solution to their clients. Consequently, we will enable seamless, convenient, and borderless payment options for Canadian businesses.”
Since officially entering the Canadian market in April 2023, Airwallex has steadily expanded its presence in Canada and across the Americas, including entry to Mexico with the planned acquisition of MexPago.
