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How do USD Payments work?

  1. 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).
  2. 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.
  3. 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?

 

Option 1) TelpayFX

    1. Sign Up & Make Payments
      Sign up for an International Currency Exchange Account with TelpayFX, a division of Telpay. Enter amount of payment and obtain live currency exchange quote on the TelpayFX platform.
    2. Approve Rate & Fund Payment
      Accept your currency exchange rate quote. Select your payment beneficiary. Fund your payments with direct debit, or wire transfer.
    3. Supplier Notified
      Funds will be deposited into the identified account same day to 72 hours.

 

Who is TelpayFX

TelpayFX is a partnership created between Telpay and Castle Currency Management to provide currency exchange solutions to Telpay customers. We combine our currency market expertise and payment expertise with the strength of our exchange partner, AFEX. AFEX conducts all transactions and currency conversions. AFEX is a large leading global provider of foreign exchange since 1979.

 

Does TelpayFX integrate with Telpay for Business

TelpayFX is a standalone online platform.  Simply log into the TelpayFX platform, select your outgoing payment currency, enter the amount of your payment, click to obtain and accept a live currency quote, then select your payment beneficiary.  Funds will be direct debited from your account or you can wire them in. Notifications of the payment can be sent to both you and your payee.

 

Option 2) Payline by ICE

  1. Sign Up & Make Payments
    Sign up for an International Currency Exchange Account with Payline by ICE. Enter information payment information into the software.
  2. 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.

 

How do currency conversions and forwards work?

  1. Open an Account
    Sign up for a TelpayFX Currency Conversion account with our currency provider AFEX. Connect your business bank accounts from Canadian Financial Institutions by providing a void cheque or verification form…
  2. Approve Rate & Fund Payment
    Receive a live currency quote, accept, fund, and enjoy a better exchange rate. To verify your accounts we require you make a small initial transaction.
  3. Confirmation
    Confirmation is sent and funds will typically be deposited into the identified account the same or next day.