USD Payments to Suppliers Across the Border
Do you have a Canadian U.S. Dollar (USD) bank account? Are you sending money to businesses across the border? Whether they are a supplier, consultant or contractor, with Telpay you can now easily send money from your Canadian USD business account to any USD bank account in the US. Save on costly wire transfers and fluctuating currency exchange rates. Make your payments conveniently and efficiently.
Need to send USD payments and want to pay in CAD? Check out our International Payments section to learn how you can make payments in over 140 currencies.
Simple. Convenient. Low-Cost.
- USD payments direct to your recipient's U.S. bank account.
- Avoid costly wire fees for you and your recipient.
- Reduce currency exchange costs.
- Telpay notifies your recipient of payment by email.
- Accountant tested with clear audit trial and strong reporting.
How does it work?
Open Up an Account
Sign up for a Telpay U.S. account. Connect your USD business bank account from a Canadian Financial Institution by providing a void cheque or verification form. (No personal accounts accepted at this time).
Account Verification & Set Up
To verify your Canadian USD bank account, a small deposit will be made to your account. Make note of this deposit as it will be used as your initial PIN. Download the software. At setup, you will be prompted to enter the small deposit amount to create a new PIN.
Enter your USD recipient's complete banking details and contact information directly into Telpay's software. Telpay does not collect or manage banking information for U.S. suppliers.
(Effective Jan. 1, 2015)
All fees are in USD.
Set Up Fee
|One time charge for software and system set-up||$99.00|
|Includes system updates and support||$15.00|
USD Transaction Charges
|USD Payment Transactions||$2.00|
To make a USD payment, will I need my U.S. supplier's banking details?
Yes, to ensure payments are deposited into the correct U.S. bank account, we require complete banking details and contact information of your recipient. This includes the recipient’s street and email address. Before you initiate any USD payment, please contact your recipient ahead of time to obtain their information. Payments cannot be processed without the recipient's complete information. Telpay does not collect or manage banking information for U.S. suppliers.
How and why should I verify my U.S. supplier's details?
The U.S. banking system is much larger, and more fragmented than in Canada. We advise all customers to send a small $1.00 test payment to each recipient PRIOR to sending a final payment. This ensures that the banking details provided to you are correct. Make sure to confirm receipt of the payment with your supplier. After this – you are ready to go!
How do I fund my USD payments?
The following options are available to you for funding USD payments:
- Transfer USD to Telpay either directly into USD trust accounts Telpay holds at CIBC, BMO, RBC or TD or by a wire-transfer to our CIBC account.
- Telpay can debit your account in advance of the payment being processed (lead time varies by 3-5 business days)
NOTE: You cannot send USD funding to Telpay using your bank's online bill payment system does not exist in Canada for USD payments.
How much lead-time is required to fund my USD payment?
Advance funding times vary slightly between Financial Institutions. Telpay's software will calculate your required funding times based on who your financial institution is. On average, Telpay will debit your account 3 days prior to the payment date.
What if I need to send USD payments and want to pay in CAD?
You can send USD payments, as well as payments in over 140 currencies with our International Payments module. Check out our International Payments section to learn how to take advantage of a 1% difference compared to bank exchange rates with Payline by ICE.
Need Help? Let's Connect.
- Learn more about electronic payment solutions by joining us for a webinar.
- Call 1-800-665-0302 to get answers directly from our payment experts.
- Complete Online Form and a representative will respond within 1 business day.