If you make a transfer from Canadian dollars (CAD) using direct debit, TransferWise will debit the money from your account automatically. It's a cheap but slower way to pay for a transfer — it usually takes 1–2 business days for the money to leave your account, and then 3–4 business days for it to reach TransferWise. Make sure you have enough money in your account when you make a transfer, otherwise it won't work.
You can pay up to 9,500 CAD per 24 hours (and there's a biweekly limit of 30,000 CAD) from personal accounts only.
Once you've set up your transfer and chosen direct debit as a payment method, all you need to do is click on the bank login tab, enter your bank details (institution number, transit number, account number and account type), then login to your online banking. This will then set up a debit from your account to ours.
At TransferWise we take security extremely seriously. Your login details are not saved and can't be seen by anyone at TransferWise — they're only used to verify your account with your bank.
Please make sure you know and trust the person you're sending money to. TransferWise can't get involved in disputes between senders and recipients, and once your transfer is completed, it can't be cancelled.
Below is a list of banks in Canada that we currently support.
Alberta Treasury Branches (ATB) — Institution number 219
Bank of Montreal (BMO) — Institution number 001
Bank of Nova Scotia / Scotiabank — Institution number 002
Canadian Imperial Bank of Commerce (CIBC), President’s Choice Financial (PC) / Simplii — Institution number 010
Coast Capital Savings Credit Union — Institution number 809
Desjardins — Institution numbers 815, 829
HSBC Bank Canada — Institution number 016
La Caisse Centrale Desjardins Du Québec — Institution numbers 815, 829, 865, 890
Meridian Credit Union — Institution number 837
National Bank of Canada — Institution number 006
Royal Bank of Canada (RBC) — Institution number 003
Tangerine Bank (ING Bank) — Institution number 614
Toronto Dominion Bank (TD) — Institution number 004
Vancity — Institution number 809
You can't pay for a business transfer using direct debit in Canada.
We can't accept out of band payments. This means, you can only initiate a direct debit within the TransferWise website or app.