How do I get access to the USD card?
You can apply for USD Cards in one of two ways.
Option 1: When you sign up for Float as a new user, you can directly apply for both CAD and USD cards. Our operations team will manage onboarding for both cards simultaneously and you will be able to start spending in CAD and USD as soon as you are approved.
Option 2: If you are an existing Float customer, your Primary Administrator can sign up for USD Cards by navigating to the in-app Funding page and clicking “Apply for Access”.
Can I get USD added to my current cards or do I need a separate card?
Our CAD and USD cards are distinct cards, but both are seamlessly managed in the Float platform.
Do I need a credit check for the USD card?
No, there is no requirement for a credit check.
Does my team need to validate their identities again in order to get USD Cards?
We should not need to re-KYC (identity check) your Float users/employees. We can reuse the identity verification that was done for existing CAD cardholders.
Due to regulations at our US partner bank, large shareholders of your company (25+% equity stake) are required to perform an identity verification (not a credit check). This is the same identity check mentioned above that all Float spenders must complete today.
While we can reuse KYC/KYB information, we need to ensure the eligibility criteria are met. Any verifications that are missing will need to be completed prior to a customer onboarding to USD Cards.
What additional information do you need to enable USD cards on my account?
At the time of onboarding to USD cards, our operations team will review the documentation we have on file and determine if there is anything additional that we need to collect.
How is the USD card different from the CAD card?
Functionally, the spending and in-app management experience should be nearly identical to our Canadian cards.
The biggest benefits of the USD cards are:
- Spend and pay in the same currency: If a merchant charges you in USD, you are billed in USD.
- Higher acceptance rates: With cards issued by a US domestic bank, acceptance rates will be much higher outside of Canada. No more guessing how to enter a Canadian postal code when paying at the pump at a US gas station.
- PIN Setting: For Canadian cards, the PIN must be set prior to the card being shipped. For USD cards, the PIN can be set after the card is received.
Can I transfer money between CAD and USD accounts?
No, we do not provide any foreign exchange services. The CAD and USD card balances are independent.
Can I use my US bank to topup the cards?
Not right now. We support Canadian domestic bank accounts that hold USD to fund your Float USD balance.
Can I sign up for USD Cards using a US business?
At this time, we would ask that you sign up for USD cards with your Canadian business legal entity.
Is there a way to differentiate USD transactions and CAD transactions?
Throughout our entire app, we highlight the currency associated with all your cards and transactions.
There will also be a distinguishing mark on your USD Physical Card to help you identify which is which in your wallet.
Will there be cash back?
Yes, we will continue to provide 1% cash back for USD spending.
Repay your card balance in USD?
You can fund Float's USD Cards directly from your Canadian Domiciled, USD Bank Account avoiding additional charges and conversion fees in your bank account.
Can I order USD Physical Cards?
USD Physical Cards will be available starting October 27th, 2022! We expect shipping to take 5-7 days.