Note: This article primarily applies to Ramp Administrators.Cardholders may find other articles in the
Ramp overview section to be more applicable.
Overview
This article answers some frequently asked questions regarding Canadian dollar-denominated cards.
Reach out to your Account Manager or sales@ramp.com if you operate in Canada and are interested in participating.
Issuing Canadian Dollar funds to employees in your Canadian entity will allow you to manage your expenses in the currency of the entity.
Frequently Asked Questions (FAQs)
What are the requirements for issuing Canadian dollar-denominated funds?
- You must have a Canadian legal entity
- You are a multi-entity business and use Ramp for Multi-Entity Companies
- You must complete the KYB check for your Canadian entity within your Ramp instance. Details on what is asked for during the KYB check are found here.
What are the benefits of using locally-denominated funds?
- Transact at local merchants with higher acceptance rates. Some merchants may have fraud/risk rules that do not allow cards of a different denomination.
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No foreign transaction fees for any transactions made with merchants in the same denomination.
What do I need to do to ensure the cardholder's physical card is CAD-denominated?
- Once a Canadian Entity has completed KYB, all users tied to a location under that Canadian entity will automatically be issued CAD-denominated cards
- Example:
- Admin creates a location called "Toronto" in Ramp and adds it under the Canadian Entity within Ramp
- Then, John Smith is invited to Ramp under the "Toronto" location. Any funds or virtual cards issued to John Smith will be CAD-denominated.
Are virtual and physical CAD cards available?
- Virtual cards can be issued in CAD and are available for online use only.
- Your physical card is how you spend any of your funds. As long as your funds are CAD-denominated, your physical card will be too.
- You can read more about Funds, cards, and spend programs here.
Is there anything different about CAD physical cards and USD physical cards that cardholders should be aware of?
- CAD physical cards have PINs. This is a standard security measure in Canada. See more here.
Is it possible for a cardholder to have cards of different denominations?
- In general, funds and virtual cards issued to a given user will be the currency that the entity has configured as its issuing currency.
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However, a cardholder can have funds and virtual cards of different denominations associated with other entities.
If a cardholder is using an international card, what billing address would they use?
- For non-USD cards, the billing address will be the cardholder's local address (Canadian address for CAD, EU address for EUR, etc.).
How are statements paid?
- You will be able to pay for the CAD entity's statement with your Canadian bank.