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getting money

Money sent to you is stored in your Payso Wallet. You can then use this money to pay someone else, or you can cash it out to your bank.

sending money

Money you send comes from your Payso Wallet. Add a credit card to cover payments when your wallet balance is low.

cashing out

You can cash out to any bank or credit union in Canada that accepts direct deposit whenever you want, for free.

Common Questions

You can add a debit card if it has either a MasterCard or VISA logo.

Get someone to send you some. With Payso, there is no topping up or adding money. If you don't have money in your Payso Wallet, simply add a VISA or MasterCard and money you send will be drawn from there.

Yes, you can use Payso with anyone within Canada so long as they have a phone number.

If you make a payment to someone who does not have a Payso account they will receive a text message saying you’ve sent them some money. They will then have two weeks to sign up to Payso and claim this cash. If they haven’t claimed the payment after two weeks we cancel it and refund the money to your Payso Wallet. We’ll let you know when this happens so you can follow up with your friend directly.

The same also applies to sending requests for payment to your friends. If they don’t have Payso, we send them a text with a link. They click that link, get Payso and make the payment to you.

Peer-to-peer payments are 100% free in Payso. No fee to pay friends. No fee to receive money. No fee to cash out to your bank account.

Yes, it’s pretty sweet.

Cashouts can take anywhere between 3 and 5 days to process.

Please note: You may be required to submit your ID, if you have cashed out more than $1,000. This is necessary in order to comply with anti-fraud and money laundering regulations.

Default limits are as follows:

  • Minimum single transaction: $1

  • Maximum single transaction: $130

  • Maximum daily transaction total: $250

  • Maximum weekly transaction total: $500

  • Maximum monthly transaction total: $1,000

  • Maximum annual transaction total: $1,500

If you wish to exceed these limits please contact us at We may require additional information, including a photo of your driver's license (both sides) or passport (picture page).

If you receive more than $1,000 of payments in any 12 month period you may be required to provide us with additional personal information, such as a copy of your passport, to ensure we comply with fraud and money laundering regulations. We will ask for these documents to be uploaded via a secure portal.

At any time, we reserve the right to ask for additional information if we detect suspicious behaviour on your account.