How Costly Are Cross-Border Payments for Firms? Staff analytical paper 2026-49 Jiaqi Li Using proprietary FXC Intelligence data on quoted prices for Canadian business-to-business cross-border payments, this note finds that banks charge firms around 2–3.5% of transaction value. Prices vary considerably across banks for the same corridor, transaction amount, and year. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E4, E42, F, F2, F29, Y, Y1, Y10 Research Theme(s): Money and payments, Payment and financial market infrastructures, Retail payments