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.

What should I do before the account closure date?

We encourage you to close your Zenbanx account as soon as possible so your balance is automatically transferred to your linked account.

What will happen to my money?

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.

How does the recipient pick up the money I send them?

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.

Should I close my account before June 30, 2017?

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.

What interest rate will I earn on my Zenbanx account balance?

As of June 1st, 2017 our interest rates will be changed to 0% for all currencies.

Is Zenbanx Canada closing permanently?

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”).

What will happen to my pending transactions?

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.

How do I close my Zenbanx 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.

When is the last day Zenbanx will accept deposits?

We will not be accepting any deposits or account funds transfers as of June 23, 2017.

If I want to send money to my friend or family member, what personal information do I need for the person to whom I am sending money?

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.

How do I add an external bank account?

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.

Where can I get a statement of all my transactions?

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.

How do I withdraw money from Zenbanx to a linked account?

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.

How long does it take for my funds to arrive in my external account?

Funds transfers typically complete within three business days, subject to the processing time of the receiving bank.

Can I cancel a send money transfer after I have sent it?

Yes, send money transfers that have not been picked up by the recipient can be canceled under 'Tracking' on your Zenbanx account.

How can I withdraw my funds if I don't have a working external account linked to Zenbanx?

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.

When will my account be closed?

June 30, 2017 at 12:00AM EST.

Are you planning to close Zenbanx USA?

We’ll announce a timeline for the transition to SoFi bank accounts once the product is closer to completion.

Will this impact my credit score?

No, the closure of Zenbanx will not impact your credit score.

How do I change my address to ensure that I receive my tax form?

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.

Will I get a Tax form for 2017 Tax year?

Yes, we will be mailing your tax forms to the address on your Zenbanx account in early August 2017.

If I have a question, how do I get an answer?

You can contact us at ask@zenbanx.com or 877-ZENBANX / (877)-936-2269 Monday through Friday (excluding Saturdays, Sundays, and bank holidays) 9AM-8PM Eastern Time.

How long will the recipient have to pick up the money I send?

Once the money is sent, the recipient will have until June 30, 2017 to accept the money.

How to send 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.

How to exchange cent amounts?

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.

How do I exchange money?

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.

When is the last time I can use my card? What will happen to pending transactions?

Zenbanx Card will be active until June 30, 2017 12:00AM EST.

What if I need help closing my account?

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.

Will the Zenbanx mobile app be in service after the Zenbanx closure on June 30, 2017?

No. The Zenbanx mobile app will not be in service after June 30, 2017.

What happened to the SoFi aquisition?

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.

Can I still use my account until the account closure date?

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.

Will anything happen to my account before the Zenbanx closure?

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.

What are your Send Money Fees?

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.

Why do you collect my SIN?

Financial institutions are required to collect a customer’s SIN when opening any deposit account where the customer earns interest income.

What personal information do I need for the person to whom I am sending money?

To send money you will need to know the recipient’s first and last name and their email address.

When will I get my Zenbanx Debit Card?

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.

How do I find my bank transit number so I can link my bank accounts?

At the bottom of your cheque the first set of digits is the cheque number and the next 5 digits are your Transit number.

How can I access the money in my Zenbanx account?

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.

When will my money arrive?

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.”

Can I use my Zenbanx Debit Card in other countries?

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.

What type of account can I use as a funding source?

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.

Can I send money overseas?

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.

How do I deposit money into my Zenbanx account?

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.

How are foreign currency exchange rates calculated?

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.

Can I link a prepaid debit card?

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.

Are my deposits insured?

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

What is the Zenbanx account?

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.

What is the charge for currency exchanges?

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.

What is DUCA?

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.

If I have a question, how do I get an answer?

You can contact us at ask@zenbanx.com or call 877-ZENBANX (877-936-2269)

Where can I find my Zenbanx account Transit Number?

The Zenbanx account transit number is 828-21972 and displayed on your account overview page.

What currencies are offered with the Zenbanx account?

The Zenbanx account currently supports AUD, CAD, EUR, GBP, HKD, INR, JPY, SGD and USD.

Is the Zenbanx account secure?

Absolutely! Your money is held in a regulated financial institution. Our mobile app and website feature state-of-the-art multi-factor authentication.

Are there fees for having a Zenbanx account?

No, there are no fees to sign up or maintain a Zenbanx account. Additional information here.

Are there minimum/maximum balances for my Zenbanx account?

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.

Will my foreign deposit be covered by deposit insurance?

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.

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