Once you've created your transfer and selected 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 and you're away! This will then set up a one-time debit from your account to ours, meaning that these login details will need to be entered each time you make a payment via Direct Debit.
How secure is paying this way?At TransferWise we take security extremely seriously and operate within regulations on using this data. In addition, all this data is kept strictly secure, and login details are not saved or accessible by anyone at TransferWise - they are only used to automatically verify your account with your bank and are not manually accessible in any capacity.
Supported BanksBelow is a list of banks in Canada of which we currently support. TransferWise is always working to add banks to this list -- if you don't see yours, it may be available soon!
Please note: Direct debiting doesn't work with overdrawn accounts so you need to make sure there's sufficient amount available on your bank account.
- Bank of Montreal (BMO) - Institution number 001
- Bank of Nova Scotia - Institution number 002
- Royal Bank of Canada (RBC) - Institution number 003
- Toronto Dominion Bank (TD) - Institution number 004
- National Bank of Canada - Institution number 006
- Canadian Imperial Bank of Commerce (CIBC) - Institution number 010
- President’s Choice Financial (PC) / Simplii (new name) - Institution number 010
- HSBC Bank Canada - Institution number 016
- Tangerine Bank (ING Bank) - Institution number 614
- La Caisse Centrale Desjardins Du Québec - Institution number 815 or 865 or 829 or 890
- Vancity - Institution number 809