Is Float Financial a bank?

No, it is not a bank. Float Financial is registered with FINTRAC as a money services business. The CAD and USD funds you deposit are held in dedicated accounts at Tier 1 Canadian banks. The Float Visa Prepaid Card and Float Mastercard USD Card are issued by Peoples Trust Company and Thread Bank respectively.

Is there a minimum balance requirement or monthly spend with Float?

No. There are no minimum balance requirements or minimum monthly spending requirements with Float Financial.

Can I open a Float Financial account for my startup?

Yes. There is no minimum time in business requirement you need to meet to open an account. Provided your business is legally registered and passes verification, you'll be able to open an account.

How long does it take for my business to get verified?

You'll need to allow 1-3 business days for Float Financial to verify your business details and paperwork. If Float requires any additional information or documentation, you'll be contacted during the verification process.

Home Authors Tim Falk

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.