AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
A US-dollar wire is credited in Canadian dollars when it is paid into a Canadian-dollar account, because that account can only hold CAD; the bank converts at its own rate on arrival. Once converted, the bank is not usually obliged to reverse it, and converting back means a second margin at a new rate. Ask the bank promptly whether it will re-credit in USD, and next time give the sender a US-dollar account number.
You expected USD 5,000 and your statement shows a Canadian-dollar credit that looks smaller than you worked out. Nothing went missing; the money was converted. Knowing why helps you decide whether to argue, accept it or change the set-up for next time.
The usual causes
- The account number was for a CAD account. This is the most common reason. Many people only have a Canadian-dollar account, or give the number they know by heart.
- The wire instructions pointed to the wrong account. Foreign-currency accounts can carry their own instruction set. If the sender used the bank's general instructions, the bank may have credited your main account.
- The sender's bank converted first. Sometimes the Nigerian bank sends in another currency, or an intermediary changes it. Check the sender's confirmation for the currency sent.
- No USD account existed. If you hold no US-dollar account, the bank has nowhere else to put dollars.
Working out what you were charged
Compare the rate the bank applied with the Bank of Canada daily rate for that day. The Bank of Canada publishes rates each business day and calls them indicative only, so the comparison shows the margin rather than a rate you were entitled to. Also look for separate fees: an incoming wire fee from your bank and deductions by intermediary banks, which reduce the amount before it reaches you.
Worked example
| Item | Amount |
|---|---|
| Sent from Lagos | USD 5,000.00 |
| Intermediary deduction (example) | USD 25.00 |
| Arrived at your bank | USD 4,975.00 |
| Converted at the bank's example rate of 1.3550 | CAD 6,741.13 |
| Same USD at the example indicative rate of 1.3800 | CAD 6,865.50 |
| Margin in this example | CAD 124.37 |
Of the gap between what you expected and what you received, part is the intermediary fee and part is the conversion margin. Both are worth identifying before you call.
Can the conversion be undone?
Ask, but expect a no in many cases. Once a bank has converted and credited money as the instruction directed, it has done what it was asked. Some banks will reverse and re-credit in USD if you call quickly and the error was theirs, for example if the wire named your USD account and they credited CAD. If the sender named your CAD account, the bank followed the instruction.
Converting the Canadian dollars back to USD yourself means a second margin at a new rate, so you rarely end up where you started. Decide whether you need dollars at all; if the money will be spent in Canada, leaving it in CAD may be the sensible end of it.
If you think the bank made the error
- Get the sender's confirmation showing the currency and the beneficiary account number used.
- Get your bank's credit advice showing the rate and fees applied.
- Raise it with the bank's complaints process in writing.
- If it is not resolved, ask the bank for its escalation route; FCAC's account-opening page names OBSI as the ombudsman for banking complaints. See complaining to OBSI about a wire.
FCAC's rights page (modified 16 October 2025) says the bank must give you a list of all charges when you open an account. If a fee was applied that you were not told about, say so.
Stopping it next time
- Open a US-dollar account and get its own wiring instructions.
- Send those instructions to the sender in writing and ask them to confirm USD.
- Under the CBN FX Manual 2026, domiciliary holders can send up to USD 10,000 a day without Form A (Pavestones Legal on Mondaq, 24 June 2026), so the sender can wire dollars directly.
- Check the first transfer before relying on the route for larger sums.
Our guide to keeping USD in USD after it lands in Canada walks through the set-up.
Questions to ask your bank on the phone
- What currency did the incoming wire arrive in, and which account number did the instruction name?
- What exchange rate was applied, and at what time?
- Was an incoming wire fee charged, and were any amounts deducted before the money reached you?
- Will the bank reverse the conversion and credit a US-dollar account, and on what terms?
- What are the correct wiring instructions for your US-dollar account, if you have one?
Write down the answers, the date and the name of the person you spoke to. If you later complain, that note is your record.
Where Pryme fits
Pryme keeps money in the currency it arrived in. A Personal Account has its own US-dollar details, and nothing converts until you choose to with Swap, which shows the rate first and the fee on its own line before you approve. See how it works.
Questions people ask
Why did my USD wire arrive in Canadian dollars?
Usually because it was sent to a Canadian-dollar account number. The bank must convert to credit a CAD account, at its own rate.
Can my bank reverse a currency conversion on an incoming wire?
Sometimes, if you ask quickly and the bank made the error. If the sender named your CAD account, the bank followed the instruction and is unlikely to reverse it.
How do I know how much the conversion cost me?
Compare the bank's rate with the Bank of Canada daily rate for that day, and check for incoming wire and intermediary fees.
Who do I complain to about a Canadian bank wire?
Start with the bank's complaints process in writing. If unresolved, the bank must tell you how to escalate to the ombudsman, OBSI.
Sources
- Bank of Canada: Daily exchange rates (table dated 23 Oct 2026) · accessed Oct 2026
- FCAC: Opening a personal bank account, your rights (modified 16 Oct 2025) · accessed Oct 2026
- FCAC: Opening a bank account (modified 23 Oct 2026) · accessed Oct 2026
- Mondaq (Pavestones Legal): Key regulatory update, the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.