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How do I make a Canadian Dollar withdrawal using the direct bank deposit method?

  • Updated

Bitbuy now offers the direct bank deposit method using Electronic Fund Transfer (EFT).

Here are a few things to note about Bank Transfer withdrawals:

  • The minimum amount for a direct bank transfer withdrawal is $20 CAD.
  • The maximum amount for a direct bank transfer withdrawal is $100,000 CAD.
  • The fee for a direct bank transfer withdrawal is 1.5%
  • The processing time for a direct bank transfer withdrawal is 0 - 3 business days.

*Please note that processing times may be longer than normal outside of business hours.

Follow these steps to safely send your CAD withdrawals directly into your bank account:

Step 1 

On the Bitbuy app, navigate to the More section using the bottom menu, and find the Withdraw button. 

On Bitbuy web, select the Withdraw tab from the menu at the top of your screen.

Step 2

On the Withdrawals page, select Canadian Dollars from the list of available currencies.

Step 3

Enter an amount to withdraw and click Continue. You also have the option to withdraw the maximum amount in your available CAD balance with a single tap.  
Next, choose your linked bank account. If you don't see your preferred bank on the list or you haven't connected a bank account to your profile, follow this guide to set one up.

Step 4

Finally, enter the 2FA code from your authenticator app in the box when prompted. If 2FA is not enabled, you will receive an SMS with the code to your phone number on file. 
Once complete, you'll be shown a confirmation screen. Please allow up to 3 business days for your withdrawal to be processed once you see the confirmation screen, as bank processing times may vary.

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