If you want to make CAD (Canadian Dollar) payments from anywhere in the world using cryptocurrency, ZendFx on your ZendWallet Business Account provides an efficient and straightforward solution.
This guide will walk you through the setup and step-by-step process for securely completing CAD payments using popular stablecoins like USDT (Tether) and USDC (USD Coin).
By choosing ZendFx, you can benefit from lower transaction fees, faster processing times, and greater flexibility in international business payments.
From setup to confirming beneficiary details, we’ll cover everything you need to know to make smooth, secure CAD transactions with ZendFx.
What is CAD Payment?
When we refer to CAD payments, we're talking about transactions conducted in Canadian Dollars (CAD).
CAD payments are essential for businesses and individuals engaging in trade or business dealings with Canadian entities.
Unlike traditional banking transfers,CAD payments made with cryptocurrency add an innovative approach by allowing you to convert stablecoins (like USDT or USDC) directly into CAD for seamless, borderless transactions.
Setting Up ZendFx on Your ZendWallet Business Account
To use the ZendFx feature for CAD payments, start by setting up your Zend Business account:
1. Sign Up on ZendWallet.com
Head to ZendWallet.com to create your Zend Business account. Fill in the required information such as your business name, email address, and relevant details.
2. Complete the KYB Verification Process
After signing up, complete the Know Your Business (KYB) verification. This step ensures that your business meets regulatory standards, which builds trust within the payment ecosystem.
3. Submit Your Company Details
During the verification, provide accurate company information, including your business name, registration details, tax identification number, and any other documents requested. Accurate information will help avoid any verification delays.
4. Add Team Members
Invite team members to your ZendWallet account for smooth collaboration. You can assign roles to each team member according to their responsibilities in the payment process.
How to Make CAD Payments Using ZendFx
Once your account is fully set up, follow these steps to initiate CAD payments using ZendFx:
1. Access ZendFx
Log in to your Zend Business account and navigate to the ZendFx section.
2. Confirm Payment Requirements
Before proceeding, make sure the following conditions are met:
Minimum Payment Amount: CAD 1,000
Maximum Payment Amount: CAD 1,000,000 per transaction
Payment Method: Payments can only be made from a Zend Business account
Accepted Cryptocurrencies: USDT (Tether) and USDC (USD Coin)
Required Documents: Each payment must be accompanied by an invoice for verification
3. Choose Cryptocurrency
Select the cryptocurrency you wish to use for the transaction—USDT or USDC.
4. Select Payment Currency
Choose Canadian Dollars (CAD) as the currency for your transaction. This ensures the payment will be processed in CAD.
5. Enter Payment Amount
Specify the CAD amount you wish to send. The system will automatically calculate the equivalent in your chosen cryptocurrency, providing transparency and accuracy for each transaction.
Example:If you enter CAD 20,000, the system will display the amount in USDT or USDC equivalent for confirmation.
6. Provide SWIFT Code for the Recipient Bank
Input the SWIFT code for the recipient's bank to ensure funds are properly routed through the global banking network.
Example: A Canadian bank’s SWIFT code might look like this: BOFMCAM2XXX.
7. Enter Beneficiary Details
Input the recipient’s details, including:
Beneficiary Name
Beneficiary Email
Phone Number (include country code)
Example: Beneficiary Name: John Doe Email: john.doe@example.com Phone: +1 647 555 1234
8. Enter Beneficiary Bank Information
Fill in the bank details accurately to ensure smooth fund transfers:
Bank Name Account Number Bank Address Account Name (if applicable)
Example: Bank Name: Bank of Montreal Account Number: 987654321 Bank Address: 100 King St W, Toronto, ON, Canada Account Name: John Doe
9. Review and Confirm Details
Double-check all details, including payment amount, beneficiary information, and bank details, to ensure there are no mistakes. Correct information helps avoid any transaction delays.
10. Upload Required Documents
If necessary, upload any relevant documents, such as invoices or identification, to complete the transaction.
Benefits of Using ZendFx for CAD Payments
Using ZendFx for CAD payments comes with several benefits, including:
Lower Fees: Compared to traditional banking fees, transactions with cryptocurrency can reduce transfer costs.
Fast Processing: ZendFx enables quicker payment times, making it ideal for businesses needing fast transactions.
Flexibility: With support for stablecoins like USDT and USDC, you have options for managing funds in a way that works best for you.
To receive CAD payments, ensure the sender has your bank account details, including the SWIFT code and IBAN.
They can initiate the transfer, which will be deposited into your bank account in CAD.
Are there any fees for using ZendFx for CAD payments?
Fees may vary based on transaction size and market conditions. Check your ZendWallet account for up-to-date information on fees.
Can I send CAD payments to any Canadian bank?
Yes, you can send CAD payments to any Canadian bank as long as you have the correct SWIFT code and beneficiary details.
How long does it take for CAD payments to process?
CAD payments through ZendFx are generally processed within 24 to 72 business hours, but this may vary depending on the recipient bank’s processing times.
What are the transaction limits for CAD payments?
The minimum payment limit is CAD 1,000, and the maximum is CAD 1,000,000 per transaction.
Conclusion
ZendFx offers a convenient way to make CAD payments using cryptocurrency, ideal for businesses looking to simplify and speed up transactions.
With features that provide flexibility and cost efficiency, ZendFx supports smooth cross-border payments, making it a valuable tool for Canadian transactions.
For further support or questions, contact ZendWallet’s customer service team they’re here to help you every step of the way.
