Frequently Asked Questions
General Information
Banpay is a single-dashboard multi-currency account for Canadian businesses and individuals looking to make global transactions. We help our customers take control of their financial resources with digital tools available anytime, anywhere. Our unrivaled service and best-in-class global payment solutions are led by a customer-centric team ready to serve you!
Opening an Account
If you're interested in any of our services, feel free to leave your contact info in the Get Started portion of our website. Someone from our team will contact you shortly after. For Businesses: 1. Proof of identity Documents confirming the company’s legal existence in Canada that show the company’s legal name, address and business registration number. a. Corporations can provide any of the following: · certificate of incorporation · certificate of corporate status · annual report · published annual report signed by an audit firm · letter or notice of assessment from a municipal, provincial, territorial or federal government b. Not a corporation? You can provide any of the following: · a partnership agreement; · articles of association; · any other similar record that confirms the existence of the entity; · published annual report signed by an audit firm; · letter or notice of assessment from a municipal, provincial, territorial or federal government. 2. Documents identifying the company’s beneficial owners For Individuals: 1. Government Issued Picture ID 2. Proof of address
Canadian Corporations, Partnerships, and Individuals can open an account with Banpay.
Yes! We're proud to support Canadian companies and individuals from all corners of the globe.
Funding an Account
You can easily fund your CAD account by signing a Pre-Authorized Debit (PAD) Agreement or by WIRE transfer. Signing PAD agreements allow you to fund your account in a fast, convenient and cost-effective way, while a WIRE transfer provides a swift and secure method for both domestic and international transactions.
Security and Privacy
Your funds are in good hands with us! We hold all funds in Tier 1 Canadian Financial Institutions.
Funds are safeguarded by our FCA-regulated e-money partners at a financial institution. Banpay has no rights over your funds beyond whar is specified in our T&C.
For Banpay, ensuring your security is our foremost concern. Here's a glimpse into the measures we implement for your protection: 1.- We enforce HTTPS on all pages, coupled with HSTS to guarantee that your connection to Mercury is consistently secure. 2.- An external third party conducts an annual penetration test to identify and address any potential vulnerabilities. 3.- Passwords are hashed and stored using the bcrypt algorithm, ensuring they are never saved as plaintext. 4.- Two-factor authentication is fortified with time-based one-time passwords, and we abstain from sending authentication codes through insecure channels like SMS. 5.- Our commitment extends to encrypting both our database and all uploaded images, with an additional layer of encryption safeguarding sensitive data such as social security numbers.
PRICING
Banpay offers an intuitive platform that is more affordable, and faster than traditional banks. We are transparent about our pricing, ensuring that there are no hidden fees associated with our services.
Partners
The Currency Cloud Ltd is a UK-based financial technology company that specializes in providing cross-border payment solutions and currency services for businesses. They offer an API-based platform that allows businesses to manage and automate their international payments.
The Currency Cloud Ltd. is Banpay's FX partner that allows our clients to convert and hold funds in multiple currencies and to collect and make cross-border payments in multiple countries.