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Frequently Asked Questions

  • Corporate Services
    • How do I open a corporate account?

      To open a corporate account, you will need to fill out an online application. This should take about 10 minutes to fill out. Once that is complete, our compliance team will review your application. Learn more about required documentation and the full process here.

    • Why do I have to provide ID?

      In order to comply with the policies and procedures governing against money laundering and terrorist financing in Canada, US and the UK, we require KYC (know your customer) forms accompanied by government issued photo ID.

    • What additional fees and charges will I incur?

      Olympia charges a flat rate of $15* per wire. If you require a wire trace, amendment or recall, or your wire is returned, additional fees will apply.

      It is important to note that the beneficiary bank and its intermediary will likely charge a fee to receive the wire which; this is deducted from the total payment. These additional fees are unrelated to Olympia’s cost and should be considered when purchasing FX for an invoice that requires the exact amount to be received.

      To avoid wire fees all together, payments within Canada and USA can be sent via PAD free of charge.

      *Fees are subject to change at any time.

    • Is there a minimum transaction amount for working with a Currency Analyst?

      Yes. The minimum transaction amount is $10,000 CAD or equivalent for corporations.

      Trading less than the minimum? PayFX – Olympia’s online trading platform may be the right solution for you.

      Learn more

    • How can I obtain a rate?

      Speak with Currency Analyst to get a rate and a free, no obligation consultation.

      Phone: 1.866.752.7135
      Email: cgpinfo@olympiatrust.com

      Please note that rates are not posted as rates can vary based on your circumstance.

    • What currencies can I buy and/or sell?

      We trade over 100 major and exotic currencies with banking partnerships in North America and the UK. Contact us to see if we can procure the currencies you are looking for.

    • If I am a corporation, partnership or trust, what criteria do I have to meet in order to enter into a forward contract with Olympia?

      In order to enter into a forward contract with Olympia you must be defined as a "Qualified Party". As a trust company organized in accordance with the Loan and Trust Corporations Act (Alberta), Olympia is considered to be a "Qualified Party" under these orders. The most commonly used category of "Qualified Party" is a corporation, partnership or trust that has total assets of at least $25 million as shown on their most recently prepared annual financial statements.

      If you are a resident of any other Province or Territory of Canada please contact Olympia and we will assist you in determining whether you can enter into a Forward Contract with Olympia.

      A "Qualified Party" is defined by British Columbia Securities Commission Blanket Order 91-501, Alberta Securities Commission Blanket Order 91-506, Saskatchewan Financial and Consumer Affairs Authority General Order 91-908, or the Manitoba Securities Commission

  • Personal Services
    • How do I open a personal account?

      To open a personal account, you will need to fill out an online application. This should take about 10 minutes to fill out. Once that is complete, our compliance team will review your application. Learn more about required documentation and the full process here.

    • Why do I have to provide ID?

      In order to comply with the policies and procedures governing against money laundering and terrorist financing in Canada, US and the UK, we require KYC (know your customer) forms accompanied by government issued photo ID.

    • What additional fees and charges will I incur?

      Olympia charges a flat rate of $15* per wire. If you require a wire trace, amendment or recall, or your wire is returned, additional fees will apply.

      It is important to note that the beneficiary bank and its intermediary will likely charge a fee to receive the wire which; this is deducted from the total payment. These additional fees are unrelated to Olympia’s cost and should be considered when purchasing FX for an invoice that requires the exact amount to be received.

      To avoid wire fees all together, payments within Canada and USA can be sent via PAD free of charge.

      *Fees are subject to change at any time.

    • What currencies can I buy and/or sell?

      We trade over 100 major and exotic currencies with banking partnerships in North America and the UK. Contact us to see if we can procure the currencies you are looking for.

    • How can I obtain a rate?

      Speak with Currency Analyst to get a rate and a free, no obligation consultation.

      Phone: 1.866.752.7135
      Email: cgpinfo@olympiatrust.com

      Please note that rates are not posted as rates can vary based on your circumstance.

    • Is an individual able to enter into a forward contract?
      In order to enter into a forward contract with Olympia you must be defined as a "Qualified Party". As a trust company organized in accordance with the Loan and Trust Corporations Act (Alberta), Olympia is considered to be a "Qualified Party" under these orders. The most commonly used category of "Qualified Party" for an individual, is an individual who either alone or with their spouse, has net assets of at least $5 million excluding their principal residence and can provide proof with supporting financial documents.

      If you are a resident of any other Province or Territory of Canada please contact Olympia and we will assist you in determining whether you can enter into a Forward Contract with Olympia.

      A "Qualified Party" is defined by British Columbia Securities Commission Blanket Order 91-501, Alberta Securities Commission Blanket Order 91-506, Saskatchewan Financial and Consumer Affairs Authority General Order 91-908, or the Manitoba Securities Commission Blanket Order 91-501, or, as applicable.
  • PayFX
    • How do I open an account?

      If you are a current client, all you need to do is sign the online Electronic Dealing Agreement.

      To open a new  account, you will need to fill out an online application. This should take 5-10 minutes to fill out. Once that is complete, our compliance team will review your application. Learn more about required documentation and the full process here.

    • Why would my account not be approved?

      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 you do not provide all required supporting documentation or if you do not provide clear information, it could lead to the account not being approved.

    • How does PayFX offer competitive foreign exchange rates?

      PayFX is an extension of the same great foreign currency exchange service that Olympia Trust has been providing for more than a decade. Currently trading over $1 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.

    • What does PayFX charge for wires?

      As a valued PayFX client, sending wires via the platform is free of charge*. Recalls, traces, amendments and returned payments however, result in additional fees charged to the client.

      *Fees are subject to change at any time.

    • Can I provide multiple users with access to the same PayFX account?

      If you would like to add multiple users to your PayFX account, you must ensure that all users are set up as an ‘Authorized Representative’ on your trading account and they must also have completed a PayFX Electronic Dealing Agreement.

    • How long does it take for a transaction to be completed?

      Transactions times vary depending on how you are funding your transaction with Olympia Trust. We strive to initiate payment to your payees within an hour (during standard business hours) once we have received your funds.

    • How do I settle/fund my transaction with Olympia Trust?

      As PayFX is an electronic dealing platform, funds to Olympia Trust must be received electronically. Electronic bill payment via your online banking, bank transfer, wire and pre-authorized payments are all acceptable methods of payment.

    • How do I enter a new payee/wire?
    • How do I lock in an exchange rate?

      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.

      Live-Quote

       

    • How do I make a payment with funds held on my account?
    • What if I make a mistake when booking a transaction?

      PayFX provides you with live access to the Foreign Exchange Market, it is important to note that you, the client user, is responsible for all transactions.

      If you make a mistake it is advised to contact us immediately at 1.888.937.0702 and we will advise what the best course of action may be.

    • When I request a quote, I get a message to contact the trade floor.

      Error message: "We are unable to provide you with a quote for a foreign exchange transaction"

      As the foreign exchange market is closed from Friday at 3:00pm MST until Sunday at 1:00pm MST, rates are unavailable during this time.

      Please note when booking a buy exotic currency (eg:DKK, CHF, PLN, NZD, NOK, MXN, HUF, HKD, ZAR, TRY, SGD, SEK) it must be entered inversely as:

      Line 1: SELL CAD / CAD amount.
      Line 2: BUY choice exotic currency.

      You will need to choose the CAD equivalent amount in order to purchase your choice exotic currency. You may then request a quote.

      If you are experiencing issues and not booking a 'buy exotic currency' the cause of the error can range from available daily trade limits on your account to market liquidity.

      For example, at 3pm MST the PayFX system is offline for approximately 5-10 minutes while global currency markets switch over to next day and reopen. If you are experiencing further issues, please contact the PayFX Support team to assist you directly.

    • I am getting an error that my payee/payment is not complete, and I am unable to submit.

      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.

    • Can I buy funds now and leave funds on account?

      Yes, 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.

    • Why doesn’t my account balance look accurate?

      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.

  • Travel Cash