Virtual cards are revolutionizing the way Canadian businesses handle their finances. They make it easier to track team spending, pay international suppliers, and cut down on financial admin. Compared to traditional payment options, business virtual cards offer more control, stronger security, and greater flexibility.
In this guide, we compare five of Canada’s most popular business virtual card providers for 2026. You’ll learn how digital cards work, what features to prioritize, and how to choose the right one for your business. We’ll also introduce the OFX Virtual Card, a secure, multi-currency solution designed for businesses that are operating across borders and keen to avoid unnecessary fees.
Jump to:
• What is a virtual card?
• The business benefits of using virtual cards
• Comparing 5 of Canada’s most popular virtual cards
• How to choose the right virtual card for your business
• Virtual card FAQs
What is a virtual card?
A virtual card is a digital version of a physical payment card, designed for fast, secure business transactions. Created and stored online, it works just like a regular card, complete with card number, expiry date, and CVV, but without the plastic or postage.
Businesses can instantly create virtual cards for employees, projects, or departments, with custom spending limits and real-time controls. These cards are added to Apple Wallet, Google Wallet, or other mobile wallets, so you can use them with Apple Pay or Google Pay for in-store or online purchases. Crucially, they can be locked or cancelled instantly if needed.
Common uses for virtual cards include:
- Issuing individual cards for team members or departments
- Managing SaaS subscriptions or vendor payments
- Making secure online purchases with unique card details
- Tracking spending and categorising expenses in real time
- Reducing the risk of fraud by avoiding shared card numbers
Virtual business cards give Canadian companies greater control, improved security, and easier expense management. This is especially important in a world where remote work, digital payments, and cross-border transactions are now the norm.
The business benefits of using virtual cards.
From enhanced control to improved security, digital cards provide an agile, modern alternative to traditional business credit cards.
Here are six of the reasons why countless Canadian businesses are going virtual:
1. Instant creation and easy scaling
Create virtual cards in just a few minutes. Onboard new team members or launch new projects without waiting for physical cards to arrive.
2. Real-time visibility and spend control
Track spending as it happens. Set limits, monitor usage, and manage multiple cards from a central dashboard to reduce overspending and simplify reconciliation.
3. Enhanced security
Each virtual card has unique card details. With tokenization through Apple Wallet or Google Wallet, and no physical card to lose, you reduce the risk of fraud or theft.
4. Smarter budgeting
Assign virtual cards to specific teams, subscriptions, or suppliers to manage expenses by category and reduce unauthorized purchases.
5. Simple integrations
Link your virtual cards with accounting software like QuickBooks or Xero for real-time syncing, automated categorization, and easy month-end reporting.
6. Global payment efficiency
Providers like OFX offer virtual cards connected to multi-currency accounts, so you can pay international vendors in local currencies and avoid unnecessary foreign exchange fees.
Comparing 5 of Canada’s most popular virtual cards.
Canada’s digital payments landscape is evolving fast, and virtual cards are becoming a key part of modern business finance. Below, we compare five leading virtual card providers, each with unique features designed to help businesses manage spending, improve security, and reduce costs.
We’ll explore how each virtual card provider stacks up. If you’re a startup scaling fast, an established business with international suppliers, or a remote-first team, this comparison will help you find the ideal option.
The OFX Corporate Card 1
The OFX Corporate Card is a multi-currency virtual card designed for Canadian businesses that need to manage spending across borders without relying on credit. It draws directly from funds you hold in the OFX Global Business Account, letting you hold, pay, and manage funds in multiple currencies with full transparency and control.
Key features and benefits.
- Instant virtual card creation
Create and assign virtual cards to your team in just a few clicks. Perfect for onboarding new team members and managing campaign or department-specific budgets. - Virtual Company Cards
Get better oversight and more control of your recurring business expenses such as software subscriptions, supplier payments and advertising expenses. - Virtual Employee Cards
Give your team and employees the autonomy to spend as they need to without going over budget on purchases online or in person like travel, entertainment and resources needed for their job. - Cashback rewards
Enjoy 1% unlimited cashback on everyday card spend. - No credit risk
A virtual card where all payments are backed by existing funds in your OFX account. That means no interest charges, no debt, and complete spending control. - Multi-currency flexibility
Hold and spend in 30+ currencies. Make international payments using your local currency balances and competitive rates. - Live expense control
OFX Spend Management tools enable you to set custom spending limits per employee or department, monitor usage in real-time, and instantly lock or cancel cards. - Integrated accounting
Categorize transactions, automate reporting, and sync with your accounting software for simple and accurate reconciliation. - Enhanced security
Each virtual card comes with unique credentials and can be added to Apple Wallet or Google Wallet for secure contactless payments, reducing fraud risk of using or losing the physical card.
This card is ideal for Canadian businesses that need to manage cross-border payments, reduce FX costs, and control company expenses without adding complexity. It’s a flexible solution for global businesses that want to stay secure, agile, and cost-efficient.
The Float Card 2
Float is a Canadian expense management platform that offers virtual and physical corporate cards to help businesses streamline spending, automate approvals, and control employee expenses. Its virtual cards are designed for real-time visibility, with powerful admin tools that make it easy to issue, track, and manage card usage across departments.
Key features and benefits.
- Instant virtual card issuance
Create unlimited virtual cards for employees or expense categories with custom spending limits and expiry dates. - Automated approval workflows
Build approval chains and spending policies directly into the platform, ensuring compliance and accountability. - Live transaction tracking
Monitor spending in real-time, assign receipts, and categorize transactions for simplified financial reporting. - Accounting software integration
Sync seamlessly with QuickBooks, Xero, and other platforms to reduce admin and accelerate reconciliation. - Mobile and web app access
Employees can access their virtual cards through the Float app, allowing for secure in-store or online purchases using mobile wallets.
Float is ideal for Canadian businesses looking to modernize their expense processes without using personal credit cards. However, it lacks multi-currency support, which may limit its usefulness for companies making frequent international payments.
RBC Commercial Virtual Credit Card 3
The RBC Commercial Virtual Credit Cards are issued as part of the RBC Commercial Credit Card Program and are designed for Canadian businesses that want to issue virtual card numbers for vendor payments or employee use, while leveraging the same credit-card infrastructure, limits and rewards as their main commercial credit-card account.
Key features and benefits.
- Virtual card security: Generate single or multi-use card numbers to protect your main account and reduce fraud risk
- Customisable controls
Set spending limits per card, restrict merchant types, and choose where and how cards can be used. - Virtual or physical card option
Issue cards in digital format for online purchases or use physical cards for in-store transactions. - Cash flow flexibility: Up to 51 days of interest-free credit to help manage expenses, sharing the same credit limit as the RBC Commercial credit card program.
- Integrated management: Manage all cards through the RBC NextLogic platform alongside an existing commercial card program.
- Earn rewards: Virtual card purchases contribute to the RBC commercial card rewards and benefits.
The RBC Commercial Virtual Credit Card is a secure and flexible solution for managing business payments within an existing credit framework. It’s ideal for companies that want tighter control over spending and simpler supplier payments through virtual card numbers.
However, it’s best suited to businesses already using RBC’s commercial banking services, as it lacks standalone debit or prepaid functionality or multi-currency support for global operations.
BMO Payment Controller 4
Virtual cards can be issued via the Extend for BMO platform: businesses can generate virtual card numbers tied to their existing corporate/commercial card programme.
Key features and benefits.
- Virtual card numbers:
Securely generate virtual card numbers for purchase requests, for either one-time use or a specified number of uses. - Granular spend controls: Virtual cards support restrictions by amount, merchant category, usage count, expiration and geography.
- Mobile-wallet & contactless capability: Push virtual cards to mobile wallets (via Extend5) for in-store and contactless use, extending beyond just online payments.
- BMO Spend Dynamics
Provides real-time visibility and control over business card spending, with custom limits, reporting, and data export to ERP systems. - Integrated rewards
Virtual spend ties into the underlying card programme with a choice of BMO Rewards, CashBack or Airmiles Reward Miles.6
Payment Controller from BMO provides businesses with a flexible way to generate and manage virtual card numbers as part of their existing corporate card program. It’s ideal for companies looking to increase control, security and efficiency of payments to vendors, employees or one-off expenses.
The Wise Business Card 7
Wise offers a business debit card that supports virtual card functionality and multi-currency accounts. Canadian businesses can issue both physical and virtual cards tied to their Wise Business Account, making it easy to pay online, manage international expenses, and reduce currency conversion costs.
Key features and benefits.
- Multi-currency virtual cards
Spend in over 40 currencies directly from your Wise account, using exchange rates with low conversion fees. - Instant virtual card creation
Generate up to three active virtual cards per user and start using them right away for secure online purchases or subscriptions. - Real-time controls and alerts
Set spending limits, freeze or cancel cards instantly, and get notified about every transaction. - Apple Pay and Google Pay compatibility
Add Wise virtual cards to your mobile wallet for convenient in-store payments while travelling or working remotely. - No monthly account fees
Wise offers a transparent fee structure with no ongoing monthly account fee, making it cost-effective for international transactions. - One-time fee for local account details
Pay a one-time fee of $558 to unlock local account details around the world
Wise is a smart choice for Canadian businesses that make frequent cross-border payments or operate with global vendors.
However, it lacks deeper spend management tools like team-level controls, approval workflows, or advanced reconciliation features, which may be limiting for larger companies. Similarly, the limit of three cards per user9 may be overly restrictive.
How to choose the right virtual card for your Canadian business.
Choosing the best virtual card for your business depends on how your company spends money, manages teams, and processes payments. Start by assessing your business size, spending volume, and if your operations require multi-currency payments or advanced expense control.
If your team needs oversight and flexibility, look for features like real-time tracking, custom spending limits, and integration with accounting software such as QuickBooks or Xero. These features help reduce admin time and increase financial accuracy.
For companies operating globally, multi-currency support and low foreign exchange fees are essential. Some providers, like OFX, link virtual cards directly to global currency accounts, helping you avoid unnecessary conversion costs.
Whether you need a card for recurring subscriptions, international supplier payments, or funding employee travel, choose a solution that aligns with your financial goals and gives you total control over every dollar.
Smarter spending starts with OFX.
Simplify your business payments with the OFX Corporate Card. Issue virtual cards instantly, assign spending limits, and track every transaction in real-time, all backed by funds in your OFX Global Business Account.
With support for 30+ currencies and easy integration into your global payment workflows, OFX helps Canadian businesses reduce fees, stay in control, and move money beyond borders with confidence.
And it gets better. With OFX Corporate Cards get instant cashback rewards. Earn 1% unlimited cashback on everyday card spend. So while your team stays productive, your bottom line benefits as well. Take our virtual tour and book a free demo today to discover how OFX can elevate the way your business manages spending, locally and internationally.
Frequently asked questions about virtual cards.
What are business virtual cards, and how do they work?
Business virtual cards are secure, digital payment tools used for online or in-store purchases. Each card has unique card details and can be issued instantly with custom spending limits to different employees, teams, or projects.
Can I use a virtual card for in-store purchases?
Most virtual cards can be added to Apple Wallet or Google Wallet, allowing secure, contactless in-store payments through Apple Pay and Google Pay without needing a physical card. They offer added security and convenience when shopping or travelling.
How many virtual cards can my business create?
With issuers like OFX, you can create unlimited virtual cards for your team, each with specific spending limits and usage rules. This helps streamline spending and gives you total control over business expenses.
Are virtual card transactions secure?
Virtual card transactions are normally highly secure, with unique card details, real-time tracking, and the ability to lock cards instantly. These features help protect your business from fraud and unauthorized purchases.
Can virtual cards help manage international payments?
Virtual cards like the OFX Corporate Card let you pay suppliers and staff in 30+ currencies directly from your account. This gives you competitive FX rates and simplifies your global spending.
What are the benefits of using virtual cards for business?
Virtual cards offer flexible spending control, faster onboarding for employees, better visibility over transactions, and improved security. They’re ideal for managing subscriptions, vendor payments, or day-to-day business expenses without relying on a physical card.
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Sources
- https://www.ofx.com/en-ca/busainess/virtual-card/
- https://floatfinancial.com/platform/virtual-credit-card/
- https://www.rbcroyalbank.com/business/credit-cards/commercial-cards-program/virtual-credit-cards.html
- https://www.bmo.com/main/business/cash-management/payment-controller/
- https://www.paywithextend.com/banks/bmo
- https://www.bmo.com/main/business/cash-management/commercial-card/
- https://wise.com/ca/business/card
- https://wise.com/ca/pricing/business/receive
- https://wise.com/help/articles/1AqrRndtxosydM2GLR3U6T/getting-started-with-your-wise-digital-card
© 2025 CanadianForex Limited trading as OFX.
OFX is registered with the Financial Transactions and Reports Analysis Centre FINTRAC under registration number M08560392. OFX is registered as a money services business with Revenue Québec under registration number 10713.
Visa is a trademark owned by Visa International Service Association and used under license.
Apple Pay is a service provided by certain Apple affiliates, as designated by the Apple Pay privacy notice. Neither Apple Inc. nor its affiliates are a bank. Any card used in Apple Pay is offered by the card issuer.
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* 1% Cashback Offer Terms: Effective as of April 30, 2025. The OFX Business Account linked to the OFX Card must be approved, open and in good standing while this offer is in effect. In the first 90 days following the OFX Business Account being opened and able to transact, and upon being issued OFX Cards linked to the OFX Business Account, you will earn an additional 4% in cash back on Qualifying Purchases made using any OFX Card linked to the OFX Business Account until a total collective spend of $2,500 CAD have been made (“Bonus Spend Cap”). Once the Bonus Spend Cap is reached, any further Qualifying Purchases will earn the regular 1% in cash back that applies to Qualifying Purchases using any OFX Card linked to the OFX Business Account. We reserve the right to amend the offer to reflect the current offer available at the time your OFX Business Account is activated and able to transact if your OFX Business Account has not been activated and able to transact while this offer is in effect. Your OFX Business Account and any linked OFX Cards to that OFX Business Account must be in good standing at the time the cash back redemption is awarded. This offer is not available to business clients who have activated and deemed ready to transact and/or closed an OFX Business Account in the last 12 months.
