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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Click to view instructions to add a new payee.
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.
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.
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.
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.
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.
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.
Yes, Olympia Trust can send to any Canadian based banking institution with funds arriving within 24-48 hours.
CAD PAD payments to ATB, BMO, CIBC, RBC, Scotia and TD can be scheduled to credit the beneficiaries account same day and free of charge, if sent before 12pm MT.
USD PAD payments credit the beneficiaries account the following business day, free of charge.
Olympia Trust must have your secure settlement by 11:30 am MT. This will allow our team to process your incoming payment and prepare the outgoing PAD by 12pm MT.
If you bank with a major Canadian institution and your CAD payment is sent before 12pm MT the funds will typically credit the beneficiary account same day, before 4pm MT.
USD payment will credit the beneficiary account the following business day.
Yes, if your beneficiaries' bank accounts are denominated in U.S. dollars and held within the USA. An authorized signer on the beneficiary's account must complete a PAD-ACH Agreement Form and provide either (a) a picture or scan of a void cheque, or (b) the issuing bank's Pre-Authorized Deposit account information document.
If your secure settlement is reconciled before 3pm MST, your ACH payment will be initiated that day. The beneficiary can expect the funds in approximately 1–3 business days, as processing times vary depending on the receiving bank.