The option to fund Shakepay accounts via wire transfer is only available for fully verified accounts.
If you need to verify your account, you can follow the steps here!
Important notes regarding Wire Transfers:
For Personal Shakepay accounts, we only accept wire transfers from your personal bank accounts that match your full legal name.
For Business Shakepay accounts, we accept transfers from corporate bank accounts that also reflect the exact name of your business as listed on your Shakepay account.
Wire transfers must be in Canadian Dollars. Additionally, it's important to verify that the sending bank supports wire transfers to cryptocurrency platforms to avoid potential delays or cancellations initiated by the bank.
Follow the steps below on how to initiate a wire transfer to your Shakepay account!
Step 1: Save your bank account details
In the mobile app, click the "Add" button and select "Wire Transfer"
Click "Link a bank account" then enter your bank account details ensuring the click the "This is a Joint Account" box if your bank account is a joint Account.
Click "Confirm" once the information is correctly entered
Step 2: Create a wire transfer request
Once your bank details have been entered, click "Create Wire Cashin Request"
Select the amount to transfer and the bank account from which the funds will be sent, then click "Continue."
Confirm the information, then you’ll be redirected to the instructions page.
You will see Shakepay’s bank details along with a reference code that you must include when making the wire transfer from your bank's physical branch.
Step 3: Send your wire
Using the provided banking details from the Wire Cashin page, visit your bank's physical bank branch to initiate the wire transfer.
Include the Reference Code, as it helps us verify the transfer and process it faster! Please ensure to get a copy of your Wire Document from the bank, this document includes important information we will need to deposit your funds.
Please note: Some banks allow wire transfers to be initiated through online banking platforms or over the phone, however most require a visit to a branch. We recommend checking with your bank to understand their procedures. The bank must initiate the transaction on their end in order for the funds to be successfully sent to Shakepay.
If the bank teller is unsure where to enter the reference code, here are examples for each bank:
RBC: Remittance Information
TD: Instruction
BMO: Remittance Information
Desjardins: Payment Details
CIBC: Details of Payment
Scotiabank: Information to Beneficiary
ATB: Info for the Beneficiary
Simplii: Details of Payment
Vision Credit Union: Receipt Info
Access Credit Union: Payment Details
Innovation Credit Union: Receipt Info
Meridian Credit Union: Payment Details
HSBC: Payment Details
Please feel free to reach out to our Support Team if you have questions about where your bank should enter the Reference Code.
Step 4: Having your funds credited into your Shakepay account
Note: Once you initiate the wire transfer from your bank, it may take up to 2-3 business days for the funds to be credited to your Shakepay account. However, please note that bank holidays can cause additional delays. If transferring funds during a holiday period, consider potential processing time extensions.
Follow the steps below to provide us with the Wire Document, and notify the Shakepay Support Team of your completed Wire Transfer:
To help us locate your wire transfer, please upload the Wire Document issued by the bank using this link.
Once you have uploaded your Wire Document using the link above, please notify our Customer Support Team!
Please contact us using the steps below:
Open the Shakepay app
Click on Settings (⚙️ icon) at the bottom right of the app
Click Help
Click Support chat
Click Send us a message
I have been waiting more than 2-3 days for my wire transfer
If your wire transfer is delayed, please note that delays can sometimes occur due to factors such as incorrect transfer details, bank-specific policies, or additional account reviews during processing. Before contacting us, please check these three common areas of delay:
Check for Weekend Delays: Transfers initiated close to weekends or holidays may take longer to process. Wait until the next business day.
Contact Your Bank: Check with your bank’s fraud department to ensure the transfer was not held for additional verification.
Monitor Updates from Shakepay: Shakepay notifies you when the funds are received and processed; ensure your notifications are enabled.
If you’d like to follow up on the status of your wire transfer, please contact our Support Team!
Managing your saved bank accounts:
On the wire transfer page, click "View bank accounts."
From here, you can see the list of saved bank accounts and add new ones.
To delete a saved account, select it from the list, and you’ll have the option to remove it!
Withdrawing Funds Through Wire Transfer
To withdraw funds from your Shakepay account via wire transfer, follow these steps:
Open the Shakepay app and go to the “Send” tab.
Select “Wire Transfer”
Choose an existing bank account to receive the funds, or add a new bank account by selecting “Manage bank accounts.”
Enter the amount of Canadian Dollars (CAD) you wish to withdraw and click “Continue.”
Double-check the withdrawal amount and bank details, then confirm the transaction.
Your withdrawal request will be processed within 7 business days. You can monitor its status in the “Pending Wire Cashouts” or “Past Wire Cashouts” sections of the Shakepay app.
Additional Notes for Withdrawals
Verify with your bank if there is a fee for receiving wire transfers.
For faster withdrawals, you can use Interac e-Transfer for amounts up to $10,000 CAD per transaction.
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