Receive local wire transfers in CAD (Canada)
Overview
A CAD wire transfer moves funds between banks in Canada in the local CAD currency. This method is valued for its reliability, convenience, and speed, since it provides a direct transfer from one bank account to another within the country.
Supported currencies
Canadian dollar (CAD)
📌 If the currency of your balance in Smartcat is different from CAD, the funds are converted to CAD at the Smartcat exchange rate on the day of the payment.
Commission
3 USD + 0.5% of the withdrawal amount. The fee is converted into the payout currency at the time of the transaction.
You can view a list of companies that are reimbursing your commission in the My Payouts section (click the Learn more button on your payout method).
Minimum and maximum payout amounts
From 15 CAD to 100,000 CAD.
Smartcat lets you set the minimum amount from which a payment is sent to you. You can learn more in the article Minimum payout amount.
Required details
| Field | Individual | Company | Description |
|---|---|---|---|
| Beneficiary type | ✓ | ✓ | Individual or company beneficiary |
| Beneficiary first name | ✓ | ✕ | Name of the individual beneficiary |
| Beneficiary last name | ✓ | ✕ | Last name of the individual beneficiary |
| Birth date | ✓ | ✕ | Beneficiary's birth date |
| Beneficiary company name | ✕ | ✓ | Beneficiary's company legal name |
| Account number | ✓ | ✓ | Beneficiary's bank account number |
| Recipient's country | ✓ | ✓ | Beneficiary's country |
| Recipient's city of residence | ✓ | ✓ | City or town from the beneficiary's address |
| Recipient's address | ✓ | ✓ | Beneficiary's address, including building number or name |
| Recipient's postal code | ✓ | ✓ | Beneficiary's postal code |
| Routing number | ✓ | ✓ | A nine-digit transit route code of the format 0XXXYYYYY, where 0 is the mandatory starting position, XXX is the three-digit beneficiary's bank code, and YYYYY is the five-digit branch code of the beneficiary's bank |
| Institution number | ✓ | ✓ | Three-digit beneficiary's bank code |
| Transit number | ✓ | ✓ | Five-digit code of the bank branch where the beneficiary's account is opened |
| Recipient's account type | ✓ | ✓ | Savings or checking |
Advantages
-
Cheaper than international transfer. There is no intermediary bank, and the commission is lower than for an international wire transfer
-
Speed. Payouts are processed within up to 3 business days on the Smartcat side and up to 1–2 business days on the bank side
-
Funds are received immediately in the local currency. You do not spend money on additional conversions and can use the money in your country right away
FAQs
I chose this method, but the payment was rejected. Why?
Act as follows:
-
Make sure you provide payment details for a local wire transfer (not an international SWIFT transfer)
-
Make sure that the postal code, city, street, and house number are specified in the corresponding fields of the details
-
Make sure that you do not enter a PO box or email address instead of your residential address
-
Check that the specified details (account number, routing number, institution number, transit number, account type) are correct
-
Make sure that the name of the account holder is entered in the details exactly as it appears in the bank details, including all spaces and symbols
If the details you provided are correct, contact your bank branch to find out the reason for the rejection of the payment on the bank's side.
I cannot find the payment. What does the payment look like on the bank statement?
The purpose of the payment indicates the payment ID in the format PO-XXXXXX-XXXXX, which you can find in the Payout History section.
SMARTCAT EUROPE B.V. or THE CURRENCY CLOUD LIMITED appears as the sender, depending on the beneficiary's bank.
For which countries is this method available?
The method is available exclusively for receiving funds to a bank account in Canada.
I received a payout from Smartcat. I need to invoice for this payment. What details should be used for issuing such invoices?
When receiving funds by local bank transfer in CAD, enter the following Smartcat details in your account:
-
Full name: Smartcat Europe BV
-
Legal address: Strawinskylaan 903, 1077 XX Amsterdam, the Netherlands
-
VAT no.: NL859832880B01
Still need help?
Our support team responds within one business day.