On this page:
How to link your bank account for CAD withdrawals | How much can I withdraw in Canadian dollars?
When will I receive my Canadian dollar withdrawal? | Why is there a wait period to withdraw my funds?
How to link your bank account for CAD withdrawals
We now offer CAD withdrawals via e-Transfer, direct bank deposit (EFT), and wire transfer. To use the direct bank deposit and wire transfer method, you must link a bank account.
Please use the following instructions:
Step 1
Navigate to the Settings section on your Bitbuy app. You can do this by tapping on More in the bottom navigation bar and then clicking on Settings.
On Bitbuy web, the Settings section is on the top right-hand menu under your name.
Step 2
Scroll down to the bottom to find Connected Bank Accounts. Then click Add Bank Account.
Step 3
Next, you will be asked to enter your institution, transit and account numbers. You can also add a nickname for this bank account to help you quickly identify it. Hit confirm when you're finished.
Done! The connected bank account will now appear under your list of bank accounts.
You can always add or delete bank accounts under Settings. Your bank account will also become automatically visible as an option when you carry out your next CAD withdrawal.
How much can I withdraw in Canadian dollars?
There are three methods for Canadian Dollar (CAD) withdrawals.
- The minimum amount you can withdraw from your account via e-transfer is $20 and the maximum amount is $2,000 per request. Please note that you can only submit 1 e-Transfer withdrawal per 24-hour period.
- The minimum amount you can withdraw via direct bank deposit (EFT) is $20, with a maximum amount of $100,000 per request.
- The minimum amount you can withdraw via Wire Transfer is $10,000. This method does not have a maximum amount.
Withdrawals that are sent as e-Transfers may require a password to be accepted, depending on your bank account settings.
Remember, there is a 72-hour wait period after your first deposit before you can make a withdrawal in any currency, including CAD.
When will I receive my Canadian dollar withdrawal?
e-Transfer Withdrawals
Our goal is to process all outgoing transfers by the end of the same business day. This means we'll send an Interac e-Transfer to the email address we have on file within 24 hours. If you have auto-deposit, your funds will be deposited right away. Remember, first-time deposits will have a 72-hour wait period before you can make a withdrawal in any currency.
Direct Bank Withdrawals (EFTs)
For withdrawals made via direct bank deposit, the standard processing time is 1-3 business days. This takes into account our processing time, as well as any processing time required by your bank.
Wire Transfer Withdrawals
For withdrawals made via wire transfer, the processing time is also 1-3 business days. This takes into account our processing time, as well as any processing time required by your bank.
Why is there a wait period to withdraw my funds?
There are a few reasons why a withdrawal wait period may appear on your Bitbuy account:
First fiat deposit
To help keep our platform secure, a 72-hour withdrawal wait period is triggered once you make your very first Canadian Dollar deposit. This means that from the time of your first deposit, you will have to wait for 72 hours before you can take any funds out of your account, whether those funds are in digital currency or Canadian Dollars.
Password Changes
If there is a change to your password, a withdrawal wait period will be active for 72 hours.Changes to email or 2-factor authentication
If there was a change to your email address or if 2-factor authentication (2FA) was disabled for your Bitbuy account, a withdrawal wait period will be active for 7 days.
New Device Sign-In
When we notice a new device sign into an account for the first time, withdrawals are automatically restricted for 72 hours.
Other
There are other security-related reasons your account may have a wait period on it. Please reach out to our Support team if none of the above reasons apply.
Our Support team can help you remove restrictions (except in the case of a first fiat deposit) but note that you may be asked to do a brief security check beforehand. You can contact us by filling out a contact form.
Note that when a withdrawal wait period is active, trading is unaffected. You will still be able to buy and sell coins throughout the withdrawal wait period. Any profits you make during the wait period can still be withdrawn once the wait period has ended.