Frequently Asked Questions
Here is where you will find answers to any questions about your mobile multi-currency account.
If you need any other answers, please contact us here.
We encourage you to close your Zenbanx account as soon as possible so your balance is automatically transferred to your linked account.
On June 30, 2017 at 12:00AM EST, all of your foreign currency positions will automatically be converted to Canadian Dollars (CAD) at our prevailing exchange rates and then transferred to your linked account. If you do not have a valid linked account, a cheque will be mailed to the address recorded on your Zenbanx account. We encourage you to close your Zenbanx account as soon as possible so your balance is automatically transferred to your linked account.
The recipient will receive an email to pick up the money. The email will include a clickable link where they can provide their bank information to accept the transfer. If a security question is set up, make sure to provide the recipient the answer to the question.
Yes. Close your account before June 30, 2017 in the 'My Info' section of your Zenbanx account. Any accounts active after June 30, 2017 will be automatically closed by Zenbanx. The remaining funds will be converted back to CAD and transferred to your external account or mailed to you by cheque.
As of June 1st, 2017 our interest rates will be changed to 0% for all currencies.
Yes. As we work to build an expanded line of revolutionary consumer financial products, and in conjunction with our partner DUCA Financial Services, we've made a decision to start fresh and close existing Zenbanx accounts so that we can focus our attention on creating something new with SoFi. The effective date of closure will be June 30, 2017 at 12:00AM EST, (“Account Close Date”).
Any send money transactions that have not been picked up by the recipient by June 30, 2017 at 12 AM EST will be reversed and transferred to your linked account.
Tap the "Close Account" button in the Zenbanx app, which is located in "My Info" in the drawer or clicking on the avatar beside the "Sign Out" link on the web site. Your foreign currency positions will automatically be converted to Canadian Dollars (CAD) at our prevailing exchange rates and then transferred to your linked account.
We will not be accepting any deposits or account funds transfers as of June 23, 2017.
To send money, you will need to know the recipient’s first and last name, and email address in order to add them as a 'Friend' before initiating the transfer.
To add an external chequing account: Zenbanx mobile app>Login> Drawer>My Info>Linked Accounts>Add Account. Zenbanx website>Login> My Info>Linked Accounts>Add Account. It will request for your external bank's institution, transit, & account number. Once the account is added, please allow up to 3 business days for the small test deposits to appear in your external bank account, then sign into your Zenbanx account to verify the amounts.
We do not provide bank statements. You can generate a transaction list by going to your Zenbanx account (for web) and clicking on "Timeline". Under "Refine Search Table", you will see Export: CSV and PDF.
To withdraw funds back to your linked account: Zenbanx mobile app>Login>+/- Money>Withdraw>Enter amount>Withdraw. Zenbanx website>Login> Account Overview>Click on CAD position>Withdraw>Enter amount>Withdraw.
Funds transfers typically complete within three business days, subject to the processing time of the receiving bank.
Yes, send money transfers that have not been picked up by the recipient can be canceled under 'Tracking' on your Zenbanx account.
If you do not have a linked external account, you may use the 'Send Money' feature to send CAD to your external account. You will need to add yourself as a 'Friend' first with a secondary email address. Domestic transfers in CAD are free.
June 30, 2017 at 12:00AM EST.
We’ll announce a timeline for the transition to SoFi bank accounts once the product is closer to completion.
No, the closure of Zenbanx will not impact your credit score.
Your address can be changed under 'My Info' (your circular selfie image) in your Zenbanx account. There is an option to edit your address under personal information. You must save this change.
Yes, we will be mailing your tax forms to the address on your Zenbanx account in early August 2017.
You can contact us at email@example.com or 877-ZENBANX / (877)-936-2269 Monday through Friday (excluding Saturdays, Sundays, and bank holidays) 9AM-8PM Eastern Time.
Once the money is sent, the recipient will have until June 30, 2017 to accept the money.
The money in your account can be sent electronically to family or friends domestically or internationally, or be transferred to your linked bank account.
To exchange cent amounts, you will need to close the currency position. Login into your Zenbanx account, under the home screen swipe right-to-left on the currency flag to bring up the option to 'Close'. On the website, go to Account Overview, click on the currency flag that you want to close. Under the Position Details page, select the option to close the position.
To exchange money: Zenbanx mobile app> Login> Exchange Money> Choose the 'From' and 'To' currency> Enter amount> Confirm Exchange. Zenbanx website> Login> Exchange Money> Choose the 'From' and 'To' currency> Enter amount> Confirm Exchange.
Zenbanx Card will be active until June 30, 2017 12:00AM EST.
If you require assistance , call us at 877-ZENBANX / (877)-936-2269 Monday through Friday (excluding Saturdays, Sundays, and bank holidays) 9AM-8PM Eastern Time.
No. The Zenbanx mobile app will not be in service after June 30, 2017.
We are now working as part of the SoFi team to build an expanded line of revolutionary consumer financial products, and in conjunction with our partner DUCA Financial Services, we’ve made a decision to start fresh and close existing Zenbanx accounts.
Yes. You can continue to use your Zenbanx account and Debit Card as you always have until the account closure date. You can transfer your Canadian Dollars (CAD) position to your linked account; Withdraw or spend your balance with your Zenbanx Debit Card; Or you can continue to send funds to your friends and family.
No. There will be no changes in the Terms and Conditions of your Zenbanx account between now and the account closure date and you have our commitment that we will work to minimize any disruption.
Sending money to another Zenbanx customer in the Zenbanx customer directory within Canada is no charge. It’s free to send money to someone domestically that is not a Zenbanx customer. International sends between customers in the customer directory are $1.95, $5.95 if they are not a Zenbanx customer and $3.95 for non-customers to India. Additional information here.
Financial institutions are required to collect a customer’s SIN when opening any deposit account where the customer earns interest income.
To send money you will need to know the recipient’s first and last name and their email address.
Once you have completed your Zenbanx account set up, you will automatically receive your Zenbanx debit card in 7 to 10 business days. Your PIN will follow separately in 1-2 business days.
At the bottom of your cheque the first set of digits is the cheque number and the next 5 digits are your Transit number.
The money in your account can be sent electronically to family or friends, transferred to your linked bank account, used to purchase goods with your debit card (where Interac® is accepted) or as a cash withdrawal from a participating ATM network (Interac® or Cirrus® or THE EXCHANGE®) throughout the world.
Domestic transfers usually arrive within 2-3 business days. International transfers will vary by country, but funds should arrive in your recipient's bank within 2-3 business days. In-network transfers made to other Zenbanx customers are available when they receive the email asking them to pick up their money and click “accept.”
Yes, you can use your Zenbanx debit card to withdraw from ATM’s in other countries. You will need to transfer funds from your Canadian position into the currency of the country you are visiting, as your ATM withdrawal will be taken from that currency. If you are visiting a country whose currency we don’t support, the withdrawal will come from your Canadian funds. A $3 out of country ATM fee will apply.
You can use any Canadian bank or Credit Union chequing or savings account to make deposits into your Zenbanx account. Money-market accounts, brokerage accounts, and payable-through accounts may not accept electronic transfers.
Yes. You can send money from Canada to the countries that issue the currencies we offer including the Euro, Australian dollar, Indian rupee, Great British Pound, Hong Kong dollar, Japanese yen, Singapore dollar, and the United States dollar.
You can add funds to your Zenbanx account by transferring money electronically from your linked third-party bank account. Currently, you can only deposit Canadian dollars from a Canadian Bank or Credit Union chequing or savings account that you hold in your name. Cheques can also be deposited directly into your account by taking a photo of your cheque using our Mobile Deposit Capture feature. Additionally, your Zenbanx account can accept money sent to you by other Zenbanx customers and incoming wires from third-parties.
We provide competitive exchange rates based off Wholesale Inter-Bank Market Rates, which vary by currency. Exchange rates are quoted real time and are subject to market conditions.
Zenbanx doesn't support linking prepaid debit cards to your account. You must link a valid personal checking account held in your name. We don't support business accounts, savings accounts or accounts that aren't in your own name.
Zenbanx customer accounts in Canada are held at DUCA Financial Services Credit Union Ltd. The Deposit Insurance Corporation of Ontario (DICO) insures eligible Canadian dollar deposits held at DUCA Financial Services Credit Union Ltd. up to a combined maximum of $100,000. To find out more about deposit insurance visit www.dico.com
The Zenbanx account is a mobile multi-currency account for Citizens of the World that allows you to hold up to nine currencies and exchange or send them domestically or internationally.
When you exchange your money from one currency to another within your Zenbanx account, there are no additional fees. When you exchange money it’s done at fair and competitive market rates.
DUCA Financial Services Credit Union Ltd. (or DUCA) is an Ontario credit union. DUCA is the majority shareholder of Zenbanx in Canada and Zenbanx customer accounts are offered by DUCA. As a Zenbanx customer in Canada you become a member of DUCA when you open your Zenbanx account. A $1 one-time DUCA membership fee is initially deducted from your account but reimbursed to your account by Zenbanx.
You can contact us at firstname.lastname@example.org or call 877-ZENBANX (877-936-2269)
The Zenbanx account transit number is 828-21972 and displayed on your account overview page.
The Zenbanx account currently supports AUD, CAD, EUR, GBP, HKD, INR, JPY, SGD and USD.
Absolutely! Your money is held in a regulated financial institution. Our mobile app and website feature state-of-the-art multi-factor authentication.
No, there are no fees to sign up or maintain a Zenbanx account. Additional information here.
We require a minimum initial deposit of $25; we do not require a minimum balance to maintain a Zenbanx account. The maximum account balance is $100,000 for new accounts and $500,000 for Purple Customer (established) accounts.
No. DICO deposit insurance on your Zenbanx account only covers eligible Canadian dollar deposits held at DUCA Financial Services Credit Union Ltd., up to a combined maximum of $100,000 per depositor. To find out about more deposit insurance visit www.dico.com.