Cross-Border Payments, Redefined: Why Canadian Companies Prefer MTFX

In today’s global economy, cross-border payments have become a day-to-day necessity. Whether you're paying international suppliers, managing remote payroll, or receiving client revenue from overseas, transferring funds across borders is no longer optional- it’s foundational.

Yet, many Canadian businesses still rely on traditional banks for their cross-border business transfers, unknowingly incurring high foreign exchange (FX) markups, opaque fees, and avoidable delays. These inefficiencies add up- impacting profit margins, supplier relationships, and operational flexibility.

That’s where MTFX comes in. As a leading provider of cross-border payment solutions, MTFX offers businesses a faster, cheaper, and more transparent way to transfer money abroad. In this blog, we explore why companies are shifting from legacy banking systems to MTFX- and how this move is helping them scale smarter in a connected world.

The problem with traditional banks for cross-border payments

Before we get into the benefits of MTFX, let’s look at what holds businesses back when using conventional banking channels for cross-border money transfer:

• High FX markups: Most banks charge 2%–4% above the mid-market rate, reducing your margins.
• Hidden fees: From wire charges to intermediary bank fees and currency conversion costs, the real cost of a transfer is rarely upfront.
• Slow processing times: Bank wires can take 3–5 business days, or longer, causing friction for time-sensitive transactions.
• Lack of automation: Legacy systems offer limited options for scheduling, batch processing, or real-time FX rate tracking.
• Limited currency support: Banks typically focus on major currencies, restricting access to emerging markets.

For globally minded businesses, these drawbacks can hinder supplier trust, delay deliverables, and drain resources. That’s why Canadian companies are turning to fintech platforms like MTFX for more efficient global payment solutions.

Why MTFX? A fintech solution built for business

MTFX is more than just a foreign exchange provider- it’s a full-service platform designed for business-to-business international money transfer and FX risk management. Built to support growth-oriented companies, MTFX makes cross-border payments simpler and more cost-effective.

What makes MTFX different

• Bank-beating exchange rates: Get competitive FX rates with minimal markups and complete transparency.
• Fast global transfers: Most payments settle within 24–48 hours, supported by real-time status updates.
• No hidden charges: Enjoy clear, upfront pricing- no surprises after the transaction.
• Always-on access: Send and manage your international business transfers anytime via a secure, cloud-based portal.
• Global reach: MTFX supports over 50 currencies and services 190+ countries, ideal for expanding operations.
• Live exchange rates: Check and compare real-time FX rates before every transfer to help maximise value.

Whether you’re looking to transfer money for business, improve cash flow, or optimise international payroll, MTFX delivers an edge over outdated banking models.

Streamline key international business operations

MTFX strengthens three critical areas for global business management:

Supplier payments to international vendors

Paying overseas suppliers through MTFX means faster turnaround, better FX rates, and improved cash flow visibility. Whether importing electronics from Asia or raw materials from Europe, our cross-border payment solutions help avoid shipment delays and build long-term supplier loyalty. 

Payroll for remote teams and freelancers

Managing international payroll? With MTFX, you can automate recurring payments, send in multiple currencies, and reduce manual intervention. This is especially useful for companies with distributed teams, contractors, or remote service providers across borders.

Global revenue repatriation

If your company earns revenue abroad, MTFX can help you bring those funds home at the right time and rate. Our platform supports foreign currency accounts and FX tools so you can convert revenue back to CAD or USD without eroding earnings. Convert CAD to USD, GBP, EUR, or others directly through your dashboard- on your schedule, at the best rates. These features make MTFX the go-to for cross-border money transfer that’s both practical and scalable.

Tools that put your finance team in control

What sets MTFX apart is its digital treasury suite- built to help CFOs and finance teams optimise their cross-border transactions.

• Rate alerts: Monitor your desired FX rate and act when market conditions align.
• Lock in rate: Choose your desired exchange rates for future transfers to protect budgets from fluctuations in exchange rates.
• Automated recurring cross-border payments: Ideal for monthly payroll or vendor invoices.
• Custom reporting and reconciliation: Keep track of cash flow, export payment histories, and simplify auditing.
• Monthly and daily FX forecast: Market insights are also available, helping businesses make smarter decisions and hedge currency exposure.

These tools turn FX from a cost burden into a strategic financial advantage.

Real-time insights with MTFX tools

In today’s volatile FX landscape, staying informed is essential. MTFX equips businesses with tools to:

• Access live exchange rates and daily FX movements across multiple currencies.
• Track market performance using interactive currency charts.
• Use our foreign exchange calculator to estimate the cost of your business transfers in seconds.
• Review historical trends with our historical exchange rates feature to time your transfers more effectively.

These digital tools give businesses the ability to make proactive decisions that reduce costs and improve financial planning.

Check live exchange rates in real time for your desired currency and make informed decisions for your cross-border payments.

Trusted, secure, and fully compliant

MTFX is registered with FINTRAC and adheres to strict AML (Anti-Money Laundering) and KYC (Know Your Customer) protocols. The platform uses advanced encryption, two-factor authentication, and secure banking integrations to protect your transactions.

As your B2B cross-border payments partner, we understand that trust and compliance are critical, especially when moving large sums across jurisdictions.

How to get started with MTFX

Opening an account with MTFX is free and simple:

1. Sign up online in minutes.

2. Upload KYC documents (business registration, personal ID, etc.).

3. Speak to your dedicated FX specialist.

4. Start sending payments via the MTFX platform.

There are no account maintenance fees, and onboarding support is always available.

Don’t let outdated banking hold your business back

In an era of real-time commerce and thin margins, there’s no room for delays, hidden fees, or FX guesswork. Switching to MTFX allows your business to simplify international business transfers, save on FX costs, and gain better control of cross-border workflows.

Whether you're a start-up scaling to new markets or an enterprise managing complex international flows, MTFX is your modern solution for cross-border payment solutions that deliver measurable impact. 

Ready to take your global payments to the next level? Join thousands of Canadian companies that trust MTFX for seamless, secure, and cost-effective online money transfer to abroad. Sign up today and transform how you move money across borders.

FAQs

1. How can I check today’s exchange rate for CAD to USD, EUR, or GBP?

You can use MTFX’s live exchange rates tool to view real-time rates across 50+ currencies. It provides near mid-market rates updated continuously throughout the day.

2. What affects today’s exchange rate for CAD and other currencies?

Exchange rates are influenced by interest rate decisions, inflation, economic data, and geopolitical events. MTFX offers tools to help businesses monitor daily FX forecast and plan accordingly.

3. Where can I find a daily exchange rate lookup tool?

MTFX provides a daily exchange rate lookup feature on its platform. You can quickly check updated CAD exchange rates and historical trends for better decision-making.

4. How do I know if I’m getting a good FX rate?

Compare your bank’s rate with the live market rate using MTFX’s platform. Businesses often save 2–5% per transaction by switching to fintech providers with lower markups.

5. Does MTFX charge hidden fees on FX conversions?

No, MTFX is fully transparent with pricing. All fees are disclosed upfront before confirming a transaction, helping businesses avoid costly surprises.

6. How often do exchange rates change during the day?

FX rates fluctuate throughout the trading day based on global market movements. MTFX updates rates in real-time, ensuring you always transact at a fair market value.

7. What currencies can I convert with MTFX?

MTFX supports over 50 currencies including USD, EUR, GBP, INR, JPY, AUD, and more. Whether you need to convert CAD to USD, GBP, EUR, or others, we’ve got you covered.

8. Can I view historical exchange rate trends?

Absolutely. MTFX provides access to historical exchange rates so businesses can track trends and make more informed currency exchange decisions.

9. Does MTFX provide real-time FX updates for bulk payments?

Whether you’re doing batch payroll or supplier payments, you can access real-time rates, bulk upload features and fast settlement for efficient business transfers.

10. How do I get started with MTFX for business FX transfers?

Create a free MTFX business account online, verify your documents, and you can start booking FX deals and sending payments globally within minutes.

Join thousands of Canadian companies that trust MTFX for seamless, secure, and cost-effective online money transfer to abroad. Sign up today and transform how you move money across borders.