How do I add CAD to my Shakepay account?
Adding CAD to your Shakepay account
Updated over a week ago

You can add CAD to your Shakepay wallet by sending an e-Transfer from your online banking account!

When funding your personal account:

Funds must be sent from your own personal bank account. We will not accept funds sent from a corporate bank account or any other person. If you have sent funds from a joint bank account, you will be asked to provide a recent bank statement as proof.

When funding your business account:

Funds must be sent from the corporate bank account that is under your company's name. We will not accept funds sent from a personal bank account or a different corporate bank account.

To do this:

  • Log into your Shakepay app.

  • On the Main wallet screen, click on the "Add funds" button.

  • After this, click on the "Interac e-Transfer" field. 

  • Tap on the information in each field to copy it as needed. 

Some important information to note is displayed as follows:

  • The email address that you will send the e-Transfer to.

  • Your username, which will be the security question.

  • The code shown, as the security answer.

Go to your online banking, navigate to your "send e-transfer" section, and create your Shakepay account as a contact! Use this information when filling out the recipient details.

Send the e-transfer! 

Please note: Though transfers are usually instant, depending on the sending institution, the timeline for us to actually receive the transfer may vary.

If you want to use wire transfers to fund your Shakepay account, once on the "Add funds" page, just click on "Bank wire transfer". 

What is Proof of Source of Funds and when will it be requested from me?

Proof of Source of Funds (POSOF) is a document or a set of documents that shows the source of incoming funds.

POSOF can be requested for incoming CAD sent from a bank account or to confirm the origin of cryptocurrency that has been sold for a cash withdrawal.

Shakepay reserves the right to request POSOF from customers depositing or withdrawing funds in excess of:

  • $250,000 CAD for personal accounts

  • $500,000 CAD for business accounts

Any POSOF document submitted needs to cover all deposits or withdrawals made 24 hours prior to the most recent high volume transaction.

Acceptable POSOF documents that may be requested include, but not are limited to:

  • Bank statement showing the deposit

  • Proof of Wire

  • Void Cheque

  • Consent letter from both parties on account for Joint accounts

  • ID of the co-owner of the bank account, showing the name and the signature

  • The Bitcoin or Ethereum wallet address that funded the Shakepay account

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