Does Vopay offer international e-transfers to Canadian businesses? Here's a closer look

VoyPay® is a sophisticated software platform that helps Canadian business owners manage their finances.

You can’t use VoPay to make an Interac® e-Transfer outside Canada. However, you can send Electronic Fund Transfers (EFT) with VoPay’s payment API, but you may be limited to CAD or USD transactions.¹

We’ve put together a guide to VoPay’s money transfer features. We’ll also look at Wise Business, your international transfer alternative. You can make payments in 160 countries and over 40 worldwide currencies – all from just one account!

We will be looking at:
A closer look at Interac e-Transfers with VoPay’s payment API A closer look at Electronic Fund Transfers with VoPay’s payment API VoPay Instant How much does it cost to use VoPay for business payments? Make payments across the globe with your Wise business account

A closer look at Interac e-Transfers with VoPay’s payment API

You can use your VoPay account to send Interac e-Transfers in Canada, including the option to send, receive and request money as a business.

VoPay’s handy online portal facilitates single, bulk, or mass e-Transfers, including automated and recurring payouts to up to 100,000 recipients per day.¹

You can use VoPay’s API integration to:

• embed Interac payments into your platform account
• add additional security features, such as a security question
• create personalized notes for your transfers
• choose a cancellation period²
• connect VoPay to your existing accounting software¹

Interac e-Transfers are a convenient and safe way to make payments across the country. You can send your transfer at any time using just your recipient’s email address, including high-volume transactions and advanced payment tracking capabilities.¹

Your VoyPay Interac e-Transfer should arrive within 30 minutes – and you can send up to 25,000 CAD in one transfer.³

However, you’ll pay a flat fee to send your Interac e-Transfer. VoPay’s fees start at 1.50 CAD per transaction.³ These costs can add up, especially if you need to send multiple transfers for your business.

A closer look at Electronic Fund Transfers with VoPay’s payment API

If you need a payment method with global capabilities, a VoPay Interac e-Transfer may not be the best choice.

Although you can’t send an international Interac e-Transfer with VoPay, you can use the platform’s payment API to make an Electronic Fund Transfer overseas.

An EFT is a safe way to electronically send a single or bulk payment, but your recipient must have a bank account at a Canadian financial institution – and you can only transfer funds in USD or CAD.¹

Key features of sending an EFT with VoPay’s payment API include:

• a customized flow of funds for your business transactions
• encryption and data tokenization for advanced security
• payment notifications and tracking of funds
• receipt of payment within 1 to 4 business days¹

You can use an EFT for payments like subscription fees, loan repayments or invoices to suppliers, with the option to schedule recurring transactions.¹

Unlike Interac e-Transfers, your EFT transaction limit is set on a case-by-case basis** **– and you may be able to access unlimited funding. You’ll need to get in touch with VoPay to understand exactly how much your business can send at once.¹

The cost of sending an EFT with VoPay can depend on your transaction amount, but fees typically range from 0.30 CAD to 1 CAD per transfer.¹ This makes EFTs a more affordable alternative to Interac e-Transfers.

However, you’ll need to provide additional information to send your EFT, including your recipient’s routing number, transit number and institution number.¹

VoPay Instant for quick payments

VoPay gives businesses access to a range of different payment options, including Interac e-Transfer, Electronic Fund Transfer, ACH and single API.⁴

You can use VoPay’s instant transfer function to send payments to your recipients in real time, including easy integration options for different industries, such as SaaS, lending or real estate.

However, different transaction limits may apply, so make sure to look into exactly how much you can send with VoPay Instant.⁴

How much does it cost to use VoPay for business payments?

You’ll need to think about the costs and fees associated with your VoPay account. As well as paying for each Interac e-Transfer or EFT, you may also need to sign up for a VoPay membership.

You can send and collect money using the free VoPay plan, but you’ll need a paid plan like VoPay Enterprise to access direct transfers, lending management services or additional account permissions, for example.⁵

Unfortunately, Canadian businesses can’t currently access pay-as-you-go pricing at VoPay.⁶ This means you may end up paying more than expected for the account features you use.

The exact price of VoPay for your business depends on the solution you need and you’ll need to get in touch with the team for your final price.⁵

Make payments across the globe with your Wise business account

Wise is your international money transfer alternative. Send and receive global Interac e-Transfers, online wire transfers, bank payments and more.

You can use Wise Business to:

• spend in 160 countries, such as Canada, the US, Japan, and Australia
• make batch payments to up to 1000 people at once
• pay by Interac e-Transfer in over 40 currencies, including CAD, USD and JPY

Whether you’re paying an invoice in South Africa or sending an Interac e-Transfer to Australia, Wise has got you covered!

Wise always uses the mid-market exchange rate for international transactions. That’s the standard rate – no added markups or hidden fees. Sounds fair, right?

With transparent pay-as-you-go pricing starting at just 0.33%^* per transaction, you’ll always know exactly how much you’re spending with Wise.

You can even access Wise’s API token to get the most out of all your international payments. Manage your finances, pay bulk invoices and easily integrate useful software like QuickBooks® or Xero® to grow your business.

With no monthly subscription fees and convenient virtual capabilities, taking your business global has never been easier!

Final thoughts on VoPay for international payments

VoPay is a simple solution for businesses looking to send, receive and manage their financial transactions in one place. You can embed domestic Interac e-Transfers into your VoPay account or send international EFTs in CAD and USD.

However, you’ll need to think about how much it costs to use VoPay for your business – and whether VoPay’s payment API can effectively support your needs.

To start reaching out to new customers across the globe, check out Wise Business.

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Sources

1. VoPay EFT vs Bulk Transfers
2. VoPay Payment Methods
3. VoPay Blog
4. VoPay Instant
5. VoPay Pricing
6. VoPay FAQ
   Sources verified on 17 September 2024