Whether you’re using our APIs or Currencycloud Direct, local collections are our most cost-effective and transparent way to collect money globally.
What are local CAD collections?
Local CAD collections give you and your customers the ability to receive funds into your Currencycloud accounts from third-parties in CAD. You can convert these back to the required currency at competitive rates on your own terms.
Will the account be in my name?
Yes. With our local collections, the account is in the account holder's name.
What payment types can I use to collect CAD locally?
You can collect CAD locally via Electronics Funds Transfer (EFT).
Where can I collect funds from?
You can collect CAD locally within Canada.
What details are required to make a payment and where do I find them?
You can find your account details in Currencycloud Direct or via the Find VANs API.
- Using Currencycloud Direct: After authenticating, select ‘Balances’ from the left-hand navigation. Choose CAD from your option of accounts, and choose to view your CAD account details. This shows you the account name, number and the routing code you should give to third-parties wishing to make a payment. The routing code is made up of the transit number and financial institution number.
- Using Find VANs API: Call the Find Funding Accounts API with the currency you wish to receive, and select the local payment type. This will show you the account name, number and routing code you can give out to third-parties wishing to make a payment. The routing code is made up of the transit number and financial institution number.
How do I find the transit and financial institution number?
The routing code in both Direct and the API is a combination of the transit number and financial institution number - the first 3 digits are the financial institution number and the remaining 5 digits are the transit number.
How do I access my collected funds?
Once the payment is made and the funds arrive at Currencycloud, we reconcile the funds to your account and update your balance. If you have push notifications in place, you will receive a funds pending notification, followed by a funds completed notification to tell you that the funds have been credited to your account. Similarly, if you have an email notification in place, you will receive an email notifying you that your account has been credited.
How long will it take for my funds to arrive?
Payments usually arrive on the next working day.
What information can I see about the sender?
You can always see the sender’s name. For some payments, you will also see a sending reference or account number and address.
Can funds be sent in full, without bank fees?
Yes. When using our collections capability, you never have to worry that the full amount won’t land. Please be aware, the sender may be charged fees upfront by the sending bank to make the payment.
Is there a limit to how much I can collect in one transaction?
No, there is no limit.