Customer Agreement

Last updated: 22 June 2016

This Agreement sets forth terms and conditions the use of the TransferWise services (hereinafter referred to as the "Services") provided by TransferWise Canada Inc. (hereinafter referred to as the "Company", “we,” “us,” and “our”).

Customers using the Services (hereinafter referred to as “you” and “your”) are asked to carefully read the terms and conditions of this Agreement when registering to use the Services and agree to all provisions set forth herein before using the Services. The Company recommends that you print out a copy of this Agreement to retain as a reference. Please note that if you do not accept this Agreement, you will not be able to use the Services.

1. The Company and its Affiliate

The Company is registered in Canada with the Financial Transactions Reports Analysis Centre of Canada ("FINTRAC"), registration number M15193392. The Company is registered as a money service business and is able to provide foreign exchange dealings and money transfer services to customers resident in Canada.

TransferWise Ltd. (hereinafter referred to as "TW") is a company registered in England and Wales (company number 07209813, registered office at The Tea Building, 56 Shoreditch High Street, London E1 6JJ) and it provides the Services jointly with the Company. TW is an authorised Electronic Money Institution under the prudential supervision of the United Kingdom Financial Conduct Authority (FCA) and therefore TW is not a bank and is not regulated as a bank in [either the United Kingdom or] Canada.

The main business of TW is money transfer and provision of services for making foreign currency payments internationally.

2. Your Privacy

Protecting your privacy is very important to the Company. Your passwords are stored on TransferWise servers in encrypted form. We do not disclose your personal information, including account details, postal or email addresses to anyone except when legally required to do so and as specified in our Privacy Policy. And in the event where you are requested to supply information about the Recipient, you acknowledge that you have obtained prior consent to supply such information to us.

Sensitive information between your browser and the website (the “Services Website”) is transferred in encrypted form using Secure Socket Layer (SSL). When transmitting sensitive information Services Website, you should always make sure that your browser can validate the certificate.

For further details on our Privacy Policy, please click here

3. Eligibility

To be eligible for our Services, you must be at least 18 years old, or the age of majority in your province or territory of residence. You further represent and warrant to us that if you are an individual and you open an account with us in the Services Website (an “Account”) that you are acting exclusively for your own benefit and are not acting on behalf of any third party principal or any third party beneficiary.

You will ensure that your contact details provided at registration remain accurate and up to date. We will use those contact details to contact you wherever required under this Agreement or in connection with the Services. You may update your contact details at any time by logging in to your Account in the Services Website.

The Company reserves the right to refuse to accept any new user or any transaction at its discretion.

4. Identity Verification Process

Before being able to use the Services, we have to perform mandatory customer verification. For that we may ask for credit header check together with bank account ownership verification. If credit header check fails, we request certified photo ID. This is sufficient if bank account ownership is also verified.

Acceptable forms of certified photo ID include a birth certificate, driver’s licence, health insurance card (if such use of the card is not prohibited by applicable laws), passport or other similar document. Persons who can attest include a dentist, medical doctor, chiropractor, judge, magistrate, lawyer, notary (in Quebec), notary public, optometrist, pharmacist, professional accountant (CPA [Chartered Professional Accountant], APA [Accredited Public Accountant], PA [Public Accountant] or RPA [Registered Public Accountant]), professional engineer (P.Eng. [Professional Engineer, in a province other than Quebec] or Eng. [Engineer, in Quebec]), or veterinarian.

The Company reserves the right to access various government and private databases so as to verify your information. If certain databases provide a match to the information you provide then we may not have to ask for photographic evidence of your identity.

5. Duplicate accounts

The Company reserves the right to refuse the creation of duplicate accounts for the same user due to security and client identification requirements. In a case where duplicate accounts are detected, the Company reserves the right to close or merge these duplicate accounts without notification.

6. Description of the Services

The Services enable the transmission of funds in Canadian Dollars (“CAD”) from Canada to recipients (“Recipients”) located in other countries in a currency other than CAD (“Transaction”). Funds are transmitted to Recipients via electronic funds transfer, wire transfer or other electronic methods. The Services, as described herein, may be amended by us at any time, upon notice. Moreover, we retain full discretion to refuse to accept any user or to complete any Transaction at any time.

7. Types of Payment Orders

Fixed Source. Payment orders, where you order to convert a fixed amount of source currency and transfer the resulting amount to the recipient in foreign currency.

8. Deposits

We only accept payment for your transfer via Bank Login, or, if you choose to initiate the transfer of funds from Your Bank Account, via the SWIFT international payment network. No other payment methods are accepted, including cash, mailed cheque, or electronic cheque.

Bank Login

If you choose to pay for your transfer using our Bank Login feature, you will need to provide your bank account details, including your bank account number, institution number and transit number (each such bank account is deemed “Your Bank Account”).

When you choose to pay for your transfer using our Bank Login feature and provide Your Bank Account details, you represent that Your Bank Account payment details are correct, that you are authorized to access and transmit funds from Your Bank Account, that Your Bank Account is in good standing with the account-holding financial institution, and that you have the authority to initiate an electronic funds transfer in the amount at issue to or from Your Bank Account.

When you choose to pay for your transfer using our Bank Login feature and by providing Your Bank Account details and requesting a Transaction, you authorize us to initiate electronic credits and debits to and from Your Bank Account through the Automated Clearing Settlement System network in order to process the requested Transaction, including any applicable fees and charges.

Your authorization shall remain in effect for any Transaction that you have authorized while a registered user with the Services unless canceled in accordance with this Agreement.

If for any reason your Transaction is cancelled or refused, then we will promptly return the deposit to the account from which it originated. In the event that we are unable to return the deposit, then we will promptly contact you using the most current contact information provided to us by you through your TransferWise registration.

9. Exchange Rates

We will let you know the exchange rate:
  1. when you place your payment order, if it is a guaranteed rate payment order; or
  2. when we have converted your source currency into the target currency, if it is a non-guaranteed rate payment order.

Guaranteed Rates

We offer automatic guarantee rates on certain payment orders based on the following table and conditions:

Table 1: Conversion
Guaranteed Rate From To Guaranteed Period
CAD Guaranteed Rate CAD GBP, EUR, or USD 24 hours from the time you send us your payment order or such other period as we may notify you from time to time

We will let you know the guaranteed rate at the time when you send your payment order to us. As long as we receive your money during the relevant Guaranteed Period (set out in Table 1), we will convert your money using that guaranteed rate.

If we do not receive your money during the Guaranteed Period, we will not be able to convert your money using the guaranteed rate. The rate used for your payment order will be the rate at the time of conversion.

If the relevant mid-market rate (as provided by an independent third party source, for example Reuters) changes by 5% or more during the Guaranteed Period, we can, at our option, suspend your payment for a reasonable period of time or cancel the payment order and refund the money you have sent to us.

Please note that we are not a currency trading platform, accordingly, you should not use our Services for this purpose (including sending us multiple guaranteed rate payment orders without the intention of completing all the payment orders). If we detect that you are using our Services for this purpose, we may, at our option, set a limit on the number of guaranteed payment orders you may send to us or suspend or terminate your Account.

Non-Guaranteed Rates

If we do not offer a guaranteed rate for your payment order, we will let you know of the rate used once we have converted your money.

Rate Limit on Non-Guaranteed Rates

For non-guaranteed rate payment orders, we will automatically apply a 3% rate limit. A rate limit is the maximum percentage of negative change to the exchange rate which you authorise us to convert your money. 

If the rate reaches or exceeds the rate limit, we will not convert your money until the rate has move back within the rate limit. Of course, this will delay the completion of your payment order. If your payment order is delayed by 5 Business Days or more, your payment order will be cancelled and your money will be refunded to you.

You may change the rate limit on your payment order, for more information on how to do this, please refer to our Frequently Asked Question here.

10. Transaction History

You can access the details of all your Transactions and other information relating to your use of the Services by logging into the Services Website and selecting an option from navigation bar called “Transfers”.

11. Refused Transactions

TransferWise may refuse the payment, if we cannot match the user's name and address as provided to TransferWise to your bank account details. In this case you may be liable for an administration charge, which will be deducted from your deposit.

12. Cancellation of Transactions

You may cancel your transaction for a full refund at any time before the transaction amount is converted in accordance with your instructions.

13. Fees

Transaction Fee

We charge a fee on every Transaction. Fees relating to the Transaction are fully visible to you before you accept the Transaction. The Transaction Fee is deducted from the Transaction Amount prior to conversion. Transaction Fees do not include any fees that your bank or the Recipient’s bank may charge. Those fees may be deducted from the delivered amount (in the case of Recipient’s bank).

14. Your Obligations

You are responsible for ensuring the payment details you provide are accurate. Once payment instructions have been executed by the Company, transactions cannot be reversed and we will not be liable in any way for any loss you suffer as a result of a transaction being carried out in accordance with your instructions.

In the unlikely event that you notice an error in either the payment sent or received as a result of using the Services, then you should immediately notify us at If you become aware that you have received a payment over and above what you were expecting, you must immediately notify us of this so that arrangements can be made for you to immediately return any overpayment.

You agree not to use the Services for any unlawful activity and the Company reserves the right to investigate any suspicious activity or in response to any complaints or reported violations. When investigating any such activity, we reserve the right to report suspected unlawful activity to any appropriate person or body and to provide them with any relevant information, including personal data.

The Services can only be provided subject to applicable laws, including the laws of Canada. You may only use the Services where permitted by applicable law. Please note there are stringent rules and sanctions around the provision of false information and mis-classification of information so do take care when filling in your information.

15. General Terms

Third Party Services

You acknowledge and agree that the Company may engage third party partners and providers in order to deliver you the Services.

By using our Services, you agree to be bound by any user agreements established by any third party partners and providers that the Company engages with, including the “Terms of Use” established by Thomson Reuters, which are available on This is in addition to the terms and conditions set out in this Agreement.

By accepting and agreeing to the partner’s terms and conditions you expressly acknowledge that TransferWise acts as agent of the partner and that TransferWise shall have no liability for the actions or omissions of the third party partner.


We are required to provide certain information to you in writing. By accepting this Agreement, you agree that we can communicate with you electronically either by email or by posting notices on the Services website.

Events Outside Of Our Control

If we are unable to perform our obligations under this Agreement because of factors beyond our control, including a change of law, an event of Force Majeure, withdrawal of a currency or the imposition of sanctions over a country or beneficiary, we will notify you as soon as is reasonably practicable and will use reasonable endeavours to secure the return of any money paid by you in respect of which we have been unable to discharge our obligations under this Agreement. We will not have any liability to you where we are unable to perform our obligations.


We are committed to providing you with the highest standards of service. If you feel we have not achieved that, you can find information about our complaints procedure here.

Entire Agreement

This Agreement and any document expressly referred in this Agreement constitutes the whole agreement (the “Agreement”) between us and supersedes any previous discussions, correspondence, arrangements or understandings between us.

Law And Jurisdiction

The provision of the Services and any dispute or claim arising out of the provision of the Services is governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein. Any dispute or claim arising out of or in connection with the Service will be subject to the non-exclusive jurisdiction of the courts of the Province of Ontario.


The parties have agreed that this Agreement and any related documents will be written in the English language. Les parties ont convenu que ce contrat et ses accessoires soient rédigés en anglais.