Frequently Asked Questions
What are the fees for Naira transactions?
Here are the fees for different transactions involving Naira on CadRemit: - Depositing Naira into your CadRemit account: FREE - Transferring From your Naira wallet to Nigerian bank transfer: NGN 200
What are the fees for CAD transactions?
Here are the fees for different transactions involving CAD on CadRemit: - Depositing CAD into your CadRemit account: Free - Sending CAD via Interac e-transfer: CAD 1.5 - Sending CAD via EFT: CAD 1.5 - Sending CAD to a school: CAD 1.5
What are the daily and weekly limits for CAD transactions?
Here are the transaction limits for CAD transactions on CadRemit: Daily Limits: - Depositing CAD into your CadRemit account: Unlimited - Sending CAD via Interac e-transfer: CAD 9,000 - Sending CAD via EFT: CAD 9,000 - Sending CAD to a school: CAD ...
What are the daily and Monthly limits for Naira transactions?
Here are the transaction limits for Naira transactions on CadRemit: Daily Limits: - Depositing Naira into your CadRemit account: Unlimited - Sending Naira via bank transfer: NGN 5,000,000 Monthly Limits: - Naira Transfers: NGN 30,000,000 - Naira ...
Can CadRemit be used for bill payment?
Currently, CadRemit’s services are limited to cross-border transfers and tuition payments. Bill payment services are not available at this time.
Can I use my account statement as proof of funds?
CadRemit is not a bank, but you can download your statement of account from our platform and submit it to the institution you are dealing with. Accepting it as proof of funds depends on the requirements of the institution.
What should I do if I don’t receive the OTP verification for email?
You should Check your spam or junk folder of your mail. If issue persist, Click here to contact support
What information do I need to provide to create an account?
You will need to provide your email address, name, password, and PIN. Additional information may be required for full account verification.
Can I create an account without a BVN?
Yes, you can create an account and transfer or deposit CAD without BVN verification. However, to get a virtual account assigned to you for Naira transactions, BVN verification is required.
Who is Eligible to Register on the CadRemit App?
User has to be 18 and above to complete the verification process.
Is my personal information secure?
Yes, we take the security of your personal information very seriously. All data is encrypted and handled in accordance with our privacy policy.
Can I use an ID from a country other than Nigeria or Canada?
No, currently we only accept government-issued IDs from Nigeria and Canada.
What should I do if my verification fails?
If your verification fails, please ensure that you have submitted the correct and original documents and followed all instructions. If the issue persists, Click here contact our support team for assistance.
How long does the verification process take?
The KYC verification process is automated and typically takes between 3 to 5 minutes to complete, provided all instructions are followed correctly.
What are the charges for tuition refunds?
It is important to note that our banking provider charge CAD 200 for each school fee refund. You can choose to have us handle your tuition refunds or have them sent directly to any Nigerian or Canadian bank.
What is Interac e-transfer?
Interac eTransfer is a widely used person-to-person (p2p) transfer service embraced by Canadian banks. Initiating a transfer requires only the recipient's email address. There are two primary pathways for money delivery: 1. Auto-deposit recipients: ...
What forms of identification are accepted for KYC verification?
For Nigerian identification, we accept the following: • Driver's license • Travel passport • National ID Card For Canadian identification, we accept: • Driver's licenses • Permanent Resident Card • National ID Card • Travel passport
Can I receive CAD into my wallet from another person?
Currently third party CAD deposits are not allowed. If you want to receive money from someone, they would need to download the app, deposit funds into their own account, and then send money to you.
Is CadRemit a bank?
CadRemit operates as a financial technology company and not as a bank. Our banking services are provided in partnership with licensed banking institutions.
How long does it take to send money to a Canadian account via EFT?
Bank to bank transfers, also known as EFT transfers, typically take 48 business hours to process. For quicker transactions, we recommend using the e-transfer option, which can be completed within minutes.
How long does it take to send money to a Canadian account via Interac e-transfer?
Interac e-transfers are typically processed within minutes. However, for some recipients, additional time may be required to deposit the money into their account, especially if a security answer is required. CadRemit provides a security answer for ...
How long does school fees payment take?
School fees payments are processed on the same day they are initiated; however, it's common for educational institutions to confirm receipt within 3-5 business days. To learn how to pay school fees, click here.
Is Cadremit safe?
Cadremit is authorized, and regulated by the Financial Transactions and Report Analysis Centre of Canada (FINTRAC) to provide foreign exchange and money transfer services as a Money Service Business. Registration number: M23483684.
Why was my KYC verification unsuccessful?
To ensure successful verification, the uploaded ID must be the original copy and not expired. Reasons for ID verification failure may include: • Uploading a non-accepted form of government ID. For list of acceptable government ID, click here. • ...