International Payments FAQ
How do USD Payments 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.
- Make Payments
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.
How do International Payments?
Payline by ICE
- Sign Up & Make Payments
Sign up for an International Currency Exchange Account with Payline by ICE. Enter information payment information into the software.
- Approve Rate & Fund Payment
Review and approve payments entered then retrieve and accept your exchange rate quote. Fund your payments to Telpay with an online bank transfer. Transmit the payment to Telpay.Supplier Notified
Funds will be deposited into the identified account within 48-72 hours.
Who is Payline by ICE
Payline by ICE is a Canadian company that seamlessly combines the dedicated expertise of a boutique brokerage with one of the world’s most respected foreign exchange specialists.
The payment experts at Payline Financial combined their decades of industry experience with ICE’s over 35-year history as a world leader in foreign exchange, giving our clients unparalleled personal service and extensive market knowledge.
How Payline By ICE integrates with Telpay
Payline by ICE provides immediate exchange rate quotations for the payments you need to make. With Telpay for Business, payments can be made in the currency of the destination country. For accounting purposes, immediate conversion takes place at Bank of Canada rates. When it is time to make the payments, your broker is contacted via the internet and a quote is provided. Once accepted, the payment will be made via the broker, and Telpay will email the payment details to the supplier. Any adjustments that may be necessary between the Bank of Canada rate and actual rates will be incorporated into the journal entry generated. Employee payments are made using the funds transfer feature in Telpay for Business.