Settlement Methods
Travelex offers a wide range of options to best fit the needs of your organization and to make settling transactions easy.
Wire Transfer
This type of settlement is considered “cleared” funds, meaning that associated transactions can be released immediately upon receipt of funds. All transactions settled by wire transfer received prior to 3:00 PM Central Time will be processed on that day.
Pre-Authorized Debit
Clients must complete and sign the brief Pre-Authorized Debit (PAD) Agreement to establish this method of settlement. Thereafter, Travelex initiates the debit to the client´s account (only US Dollar or Canadian Dollar accounts held in Canadian banks) on the trade date. PAD is not considered “cleared” funds and does take three business days to clear. The client must meet certain criteria to use this method of settlement. Criteria can be discussed with your National Account Manager.
Online Bill Payment
Clients can choose to settle transactions through online banking with their financial institution. Travelex has been added as a “Payee” on the online bill payment systems of the following: Bank of Montreal, Bank of Nova Scotia, Desjardins, National Bank of Canada, Royal Bank of Canada and TD Canada Trust. Travelex receives the funds the business day after the online payment is initiated. Online bill payment is considered “cleared” funds, meaning that associated transactions can be released immediately upon receipt of funds.
Customer Transfer System (CTS)
This method of settlement is available only to clients banking with TD Canada Trust. This method requires some setup and a visit to a local branch by the client. Thereafter, the client initiates a transfer from their account to the Travelex account. Payments are considered “cleared” funds, meaning that associated transactions can be released immediately upon receipt of funds.
Bank Draft/Certified Cheque
Payment can be made via bank draft or certified cheque. Draft and certified cheque payments are considered “cleared” funds, meaning that associated transactions can be released immediately upon receipt of funds. Your Account Manager can discuss the different delivery methods that are available.
Company Cheque
Settlement can be made via company cheque. Unlike certified cheques, company cheques are not considered “cleared” funds and will take four business days to clear. Credit facilities with Travelex must be established if this method is chosen.
