What types of beneficiaries can I transfer CAD to?
You can send CAD payments to individual and business accounts in Canada.
Payment Types
CAD transfers are sent via local transfer.
Name Checks
No name verification is required for CAD transfers.
Is there a limit on the amount I can send?
Transfer Limit: CAD 1,000,000,000 per transfer
How long does it take for the funds to reach the beneficiary?
Cut-off Times:
Summer: 7:00 AM Singapore Time (SGT)
Winter: 8:00 AM Singapore Time (SGT)
Delivery Estimate: Typically up to 2 business days after currency conversion is completed
Notes:
Currency conversion can take up to 2 business days from the time your transfer is approved.
No payouts are processed during weekends or Canada public holidays.
Transfers submitted after the cut-off times will be processed at the next available window.
What will the sender's name be reflected as?
Your business name will be displayed as the sender on the recipient's bank statement.
What types of payments to Canada are restricted?
Aspire does not support For Further Credit (FFC) payments to Canada.
What are FFC payments? FFC payments are transfers sent to an intermediary bank account, which then forwards the funds to a final beneficiary's sub-account. This payment method is commonly used by brokerage firms and investment accounts.
Important: If you enter FFC or sub-account details for a recipient, your payment will either:
Be rejected and bounced back to your account, or
Get stuck at the intermediary bank, requiring manual intervention to resolve
Always ensure you are sending directly to the final recipient's primary account, not through an intermediary.
What information should I include when sending CAD transfers?
Recipient and Transfer Details:
When initiating the transfer in the Aspire app, Admin and Finance Users will be asked to provide:
Account holder name: English or Latin characters only
Institution number: 3 digits
Transit number: 5 digits
Account number: 7 to 12 digits
Account type: Checking or Savings
Reference up to 50 characters
Traces and Recalls
Trace and recall requests are not supported for CAD transfers. Please verify all recipient details carefully before submitting your transfer.
Bounceback
If your transfer is rejected by the recipient's bank, the funds will be returned to your Aspire account within 1-3 business days.
Questions? Chat with us by clicking on the messenger icon at the bottom right of the screen once you are logged in.