What are CAD account details?
These are your very own account details to receive Canadian dollars (CAD) with zero fees.
This isn’t a bank account, but the account, institution, and transit numbers we give you work in the same way when receiving money. Just share your account name and numbers with your friends, company or customers, and they can send you CAD from any Canadian bank account. And no one pays any fees.
Learn how to add money to your CAD balance.
How to receive CAD
First, you’ll need to get CAD account details.
Then, share your details with the person who wants to pay you. They can pay using EFT credits (also known as direct deposits).
They won’t be able to pay using Interac, domestic wire, or SWIFT transfers. If they do send any of these payment types to your account, they will be automatically returned with money deducted to cover return processing fees. There is a 50 CAD fee for SWIFT transfers and 25 CAD fee for domestic wires.
Most Canadians making personal transfers in Canada use Interac, so they may not be familiar with sending EFT credits. They may need to reach out to their bank for help. EFT credits are common for Canadian businesses making payments within Canada.
It usually takes 1 to 2 days to receive CAD into your account. But sometimes, it can take up to 3 days.
Payments from outside of Canada
You can’t receive payments from outside of Canada, or in currencies other than CAD to your CAD account details. If someone sends you CAD from a bank account located outside Canada, it will be returned to their account.
Set up Direct Debits with your CAD account details
You can share your details with a company, and give them the permission to take regular payments from your account.
You might use Direct Debits to pay for a monthly subscription like the gym, or to pay your phone or energy bill.