Frequently Asked Questions
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Can I transfer funds between my Canadian USD account and Truly?
Truly Financial can transfer funds to and from your Canadian CAD accounts using EFT or electronic funds transfer (to send money to your CAD external account) and pre-authorized debit or PAD (to transfer funds from your external CAD account to Truly). Note that this facility is made available to customers on a case-to-case basis, depending on the nature of your business and your history with us.
However, If you have a USD bank account with a Canadian bank, you cannot link the account for transferring funds in and out using EFT or pre-authorized debit. The best way to manage USD funds in Canada is one of the following:
- Transfer funds from your Canadian USD account to Truly through a wire transfer into the Truly USD account. Once your funds have arrived, you can use them to pay anyone in the U.S., Canada, or any international destination.
- Many customers use the Truly local U.S. based USD account to receive payments from their customers. This not only saves you the hassle of wiring USD funds to Truly but can also save you the bank fees charged for USD accounts and can yield significant savings in currency exchange costs compared to converting your USD funds to another currency when dealing with large banks.
Note that Truly U.S. based USD accounts for Canadian companies cannot process debits from payment processors like Stripe. However, if you are a U.S. company, the Truly USD account can be linked with your payment processors like Stripe, Amazon, 2Checkout, or your payroll provider, like Gusto, ADP, etc.