Frequently Asked Questions
The security of your information is our #1 priority as such PayFX utilizes the highest level of internet security and issues at login can occur as a result of your internet browser. If you are receiving an error please ensure you are utilizing the most updated version of your browser, and if possible use Google Chrome. If you have been on other websites prior to visiting PayFX it is possible that cookies could be causing the error message. Please close out your browser and open PayFX from a new internet session, without visiting any other web pages. If you are still getting errors, please contact us.
PayFX is an online Foreign Exchange and payments platform that enables Canadians to buy and sell foreign currency and send payments globally.
To get access to PayFX you first need to be an Olympia Trust Foreign Exchange client. To become a client complete the online account application form and submit electronically via the website. Once we have received your form we will begin the process of opening your account. This normally takes 1 business day. If you are already an OTC FX client, you simply need to complete the online PayFX Electronic Dealing Agreement. Once the executed agreement has been received we will provide you with log in credentials within 2 business hours.
If you would like to add multiple users with access to PayFX you must ensure that all users are set up as an Authorized Representative on your Olympia Trust Foreign Exchange trading account and that they have also completed a PayFX Electronic Dealing Agreement.
Transactions times vary depending on how you are funding your transaction with Olympia Trust. Once your funds have been received by Olympia we strive to initiate payment to your payees within an hour (during standard business hours). To learn more about funding options, read below or contact us at 1-888-937-0702.
As PayFX is an electronic dealing platform, funds to Olympia must be received electronically. Electronic Bill Payment via your online banking, Bank Transfer, Wire and Pre Authorized Payments are all acceptable methods of payment.
Once you have booked funds or created a payment you can then add payees to your account. On the Transaction Details screen you will see the Payment Details section, simply click +New.
Now you are on the New Settlement screen, start by adding a name for this new payee.
Now you will scroll down to Beneficiary/Recipient Details.
In the event that you are required to send the wire through an Intermediary Bank, please proceed to complete Intermediary Bank fields.
Once you click the +Add New button at the bottom of the screen it will add the payee and allow you to use, these new payees will be reviewed by Olympia to ensure the information is correct. Going forward you will find this payee in your existing Settlement instructions drop down for future use.
When you log into PayFX you can Buy/Sell foreign currency. Once you have selected the currency you want to buy, the currency you are looking to sell and the amount, you can request a live market quote. PayFX will provide you with a market rate that will refresh every 5 seconds. After 60 seconds the quote will expire and you will need to request a new quote. Please note that the system will NOT book a rate until you confirm the transaction by clicking the green book button.
As PayFX provides you with live access to the Foreign Exchange market it is important to note that the client user is responsible for all transactions. If you make a mistake it is advised you contact us immediately at 1-888-937-0702 and we will advise what the best course of action may be.
If you get a message that we are unable to provide you with a quote for a foreign exchange transaction, please contact the trade floor and we will assist you directly. The cause of the error can range from available daily trade limits to market liquidity, for example at 3pm MT PayFX is down for approximately 5 minutes while global currency markets switch over to next day.
If your payee has been approved, please ensure you have included information in the purpose of payment field. This information is required to ensure we are compliant with all regulatory and banking regulations. If you are still getting an error, please contact us at 1-888-937-0702 and we will assist you in completing your transaction.
You can purchase foreign currency now and keep your funds on account until a later date. Simply book your desired foreign exchange transaction and select Leave Funds on Account as your payee. Your funds will be held in trust until you provide us with direction on what to do with the funds on account.
You can hold multiple currencies at any time for as long as you like, think of this account as your flexible currency account that you can hold over 20 currencies in.
If you have just booked a trade or made a payment it may take a few minutes for PayFX to update and provide you with accurate balances. Clicking refresh on the top of your browser will also help retrieve your balance in real-time. If your account balance still does not look accurate please contact us directly at 1-888-937-0702 and we will be happy to assist.
PayFX is an extension of the same great Foreign Exchange Service that Olympia Trust has been providing for more than a decade. Currently trading over $2 Billion annually, Olympia Trust provides our clients with rates normally reserved only for large institutions. Since we have been in business we have saved our clients millions of dollars when compared to the rates they received from other foreign exchange providers. PayFX puts control of booking the transaction in our client’s hands, with the same great rates.
Over the next 12 months Olympia will be working to add complementary products that benefit our clients. Prepaid Currency cards, FX Cash delivered to your door, Remittance and Precious metals are some of the products we are excited to bring to our clients. Keep checking PayFX.com for news about these exciting new products and services.
It is one thing to get a good rate on your FX, however moving money around the world can be a challenge. We have combined the great rates of Olympia Trust and created an efficient payments platform that allows you to direct payments worldwide at the click of a button.
On every transaction your first wire free of charge. In the event you need to send more than one wire then the cost is $15 CAD each.
Olympia Trust has an obligation to comply with the Anti money laundering and Terrorist Financing laws in Canada (FINTRAC) and every other country that we send payments to. If a client doesn’t complete the application, including providing all required supporting documentation such as identification or doesn’t provide accurate and clear information, this could lead to the account not being approved.
No if you are looking for more personalized service we can partner you with one of our currency traders on the Calgary or Vancouver trading floor. We believe that service is everything and as such we will always offer our unique direct relationship with a trader that will get to know your needs and work for you.