FAQ
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Are there any fees associated with International Transfers?
- Most transfers over $500 CAD are free. There are a few exceptions, noted below.
- If the transfer is less than $500 CAD, a $2.50 CAD fee applies.
- Few exceptions are transfers to INR, PHP, HUF, CZK, DKK, THB, KRW, AED, BHD, IDR, MYR, ARS, RON.
How does it work?
Open the Parama Mobile App, tap the “Deposit” button, select the account you would like the funds deposited to and enter the amount, take a photo of the front and back of the cheque, confirm the details and tap “Submit”. The funds will then be deposited securely into your account however will not be available for immediate use until the cheque has cleared.
What types of cheques can I deposit?
You can deposit cheques payable in Canadian Dollars and drawn at any Canadian Financial Institution. They must be payable and endorsed by you, the account holder.
Will I be notified if there is an issue with the deposit?
After you have made your deposit, you will receive a confirmation. Should there be an issue with the deposit or clearing of the cheque, Parama will contact you.
What do I do with the cheque after I’ve made my deposit?
There is no need to mail or bring the cheque into the branch after you have made your deposit, however it might be useful to mark the cheque with the phrase “deposited via mobile” (without obscuring any material information on the cheque) to confirm you’ve already deposited it. You should keep the cheque in a safe place for a few weeks to ensure that it has cleared properly, after which it should be destroyed.
