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USD transactions in Canada

Is it possible to open USD account in Canada such that I can conduct all transactions in USD either in Canada or the US by phone AND have the proceeds deposited into a USD account at a Canadian bank?

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Verified Answer

Re: Accepting US Credit Card payment int Canadian Bank Account (at daily rate)

The ability to charge your customers in different currencies using Square Point of Sale is not available at this time, @Reefertilizer.

 

We're constantly working to bring payment processing to more countries, and will definitely announce any changes related to currency acceptance here in this thread.

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Square

Re: USD transactions in Canada

Best Answer

Unfortunately not, @Zephyr. You can only process transactions in the currency of the country where your account was activated; so an account created in Canada will process all sales in CAD. 

 

It is up to the cardholders bank to determine the conversion rate and any applicable fees. Hope that info helps. 

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Message 2 of 33
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Square

Re: USD transactions in Canada

Best Answer

Unfortunately not, @Zephyr. You can only process transactions in the currency of the country where your account was activated; so an account created in Canada will process all sales in CAD. 

 

It is up to the cardholders bank to determine the conversion rate and any applicable fees. Hope that info helps. 

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Message 2 of 33
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Re: USD transactions in Canada

Do you have an estimate of how much the banks could charge?

As an example, I'm going to accept $500 USD from a customer's Amex in the U.S.

Our business is in Canada so the $500 will be converted to approximately $635 CAD in our bank account.

I wonder how much our customer will be charged.

 

Thank you.

 

Jon

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Re: USD transactions in Canada

I also have the same issue. I need to invoice US customers in US funds (from Canada). This is the only restriction that is holding me back from changing my invoicing over from PayPal. I hope you find a solution soon.

 

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Admin

Re: USD transactions in Canada

Thanks for this feedback, @klchatel. This feature request seems to be a very popular one. When there is an update to share, we will be sure to let you know! Thank you.

Joe
Community Moderator, Square
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Re: USD transactions in Canada

This thread is over two years old and there's still no change to this rather instrumental aspect of doing business outside of the US.

 

At very least being able to program taking a cash tender that is in a different currency.

 

Not being able to do invoicing or having it integrate with platforms like Cognito or Wufoo for taking online payments in USD when we are outside of the US is why I have not moved everything we do from Stripe to Square. And why we haven't moved our larger store with considerably more sales to Square POS because we would die in a pile with at least 50% of our customers showing up with nothing but USD cash. It's legal. It's possible. You're just not putting your developers on to prioritizing something that you yourself say is in high demand.

 

Americans continue to insist that the USD be accepted as a global currency wherever they go. Either change the entire culture of your country so that they don't expect to be able to use USD cash in stores in foreign countries, or give your clients outside of the US the ability to take in more than one cash currency as tender through any of the POS systems that you have (regular and Retail). It's kind of a no-brainer which one is easier.

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Re: USD transactions in Canada

Majority of posts in this thread reference sales processed through POS systems, so I just want to confirm that it is also not possible to charge customers in USD with funds settled to a US dollar bank account in Canada through Square's virtual terminal/ online invoice payment feature? 

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Admin

Re: USD transactions in Canada

You are correct here, @Encoder_955. Your Square account will opt into processing the currency that is used in the country of origin from when your account was created.

Joe
Community Moderator, Square
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Message 8 of 33
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Re: USD transactions in Canada

@Joe Thank you for confirming. Does the country of origin of the account have any other restrictions? I am wondering if it is possible to process sales via virtual terminal/ online invoicing  through a US account while physically being in Canada?

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Admin

Re: USD transactions in Canada

Hi there again, @Encoder_955 👋 Your customer can fulfill an Invoice while they are physically outside your country of origin - and you can process a card from a separate country on the Virtual Terminal. The payment will only decline if you physically try to process a payment while you are outside of the country of origin. 

Joe
Community Moderator, Square
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Message 10 of 33
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