What is Bank Wire Withdrawal?

Modified on: 2017-07-14 14:52:20 -0400

Bank Wire withdrawals are primarily utilized by Canadian clients withdrawing more than $20,000, or clients located internationally.  Similar to EFT where funds are sent via matching a combination of name, account and transit numbers, bank wire mandates you also provide a SWIFT (Society for Worldwide Interbank Financial Telecommunication) code to ensure the funds get routed through the correct financial institution and into your account.  

In order for your withdrawal to be successful, the following conditions must be met:

  1. Transit and account numbers entered must match exactly as the bank has on record. 
  2. Name on the account you are sending funds to matches the name within your QuadrigaCX profile
  3. If you are sending to a business bank account you must have first created and verified a business account within our platform
  4. Financial institution name you enter as the beneficiary institution should be the same name relative to the SWIFT code. Most Canadian credit unions use Central 1 Credit Union or Caisse Centrale Desjardins to route their funds.

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