How do I fund my account via e-Transfer?

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.

How to send an e-Transfer:

  • Log into your Shakepay app.

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

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

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

The following information will be displayed on the Interac e-Transfer money to your Shakepay account screen:

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

  • Your shaketag (username), which will be the security question.

  • The code shown is your security answer.

Navigate to the "send e-Transfer" section in your online banking and use this information to add your Shakepay account as an e-Transfer contact.

Note: Please allow up to one hour for e-Transfers to be received.

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

What to do when Shakepay updates the email address for e-Transfers?

Our email address for e-Transfers is occasionally updated and will auto-update within the app. This is visible by clicking on the "Add Funds" button on the navigation bar. Then, click on the Interac e-transfer logo.

Though the former email addresses will always work, we recommend using the newest address as it will likely process faster.

Funding for a personal vs. business account

Funding a personal account: When funding your personal Shakepay account, funds must be sent from a bank account that is under your own name.

Funding a business account: When funding a business Shakepay account, funds must be sent from your corporate account. We will not accept funds sent from a personal account or a different corporate bank account.

Note: If you are funding from a joint bank account, you will be asked to submit proof of joint account. You can find more information on this in this article.

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