Stripe < invoice $370 < TransferWise preferred
GUIDE FOR CANADA CLIENTS
These payment instructions serve as a guideline to help ensure that the correct details are entered for the successful payment of your invoice with CAD currency through a local bank transfer.
I prefer TransferWise (local bank transfer payment) for larger payment amounts (over USD$370) to help reduce my processing fees vs payment via Stripe checkout (Visa/Mastercard payment), but you are free to choose your own preference.
Note: $370 is a very approximate cut-off point.
Instructions for TransferWise Payment
For Transferwise payment, the process may vary, but the instructions below along with the video (scroll to bottom) should provide you with an efficient guideline to follow, especially if you are new to TransferWise payments. If you already have a TransferWise account, you can skip the sign up step.
1) Signing up via this link and get your first transfer fee free or minimized. (Check your inbox to verify your email address.)
2) Then, as per instructions in video below, after signing up close the default page and go to add my account details under “Recipients”. **
**IMPORTANT: Change the currency to DKK (Danish Kroner) when you are choosing the currency for me as the recipient.
My business account details (send to Denmark DKK currency)
Account nr: 8117 4902623
IBAN nr. DK3581170004902623
Address (if required):
3) You can then add your bank account now or later, as explained in the video instructions.
4) You will need to convert the USD invoice amount to your local CAD currency when you are ready to input sending amount. So when you are ready, come back to this page and convert the USD invoice amount to your local (CAD for this instructional page) currency using live exchange rate calculator below:
Calculate USD amount into CAD (your local Canadian Dollar) amount for sending in CAD with TransferWise:
If you sending from another currency, see instructions for your currency.
5) Copy and paste the above result to the input value from which to send in your local CAD currency on the TranferWise page you were just on. (The DKK amount I will receive will automatically be calculated from there, minus the fees.)
6) Remember, you will be completing a local payment from your local currency (CAD) to a local Canadia bank used by TransferWise. For Canada, there may be an option to quickly complete this using a payment integration system that connects to your local bank account directly. Otherwise, TransferWise will give you bank details for their local bank, and you will use those details and using *TransferWise Payment Reference* to manually make a bank transfer to those provided details via your own online banking. Once TransferWise receives the specified amount, TransferWise will then connect with the provided reference number and convert and forward the money to me and will notify you via email. Note that you may have the option to pay via card instead of bank transfer but this would increase fees on my side so I prefer local bank transfer instead when possible.
Please follow the instructions on this video in conjunction with the above instructions to ensure successful payment with TransferWise from your local currency to my DKK currency.
Time to allow yourself: The initial first setup of TransferWise account and storing of sending and recipient bank details can take several minutes for your first payment, the next time you pay will be much quicker.
Verifying Identification: At some point, verification of identity will be required, whether initially or at a later date. I have not covered this aspect in these instructions.