Moving money on Woveo is reliable but not always instantaneous. Expect a few days for standard (EFT and Bank) transfers to complete, plan around 3–4 business days as a normal timeline, and use Woveo’s planning features to stay ahead of schedule. By loading your wallet early and keeping your bank link verified, you’ll ensure that when it’s time to pay into your community group or withdraw your funds, everything happens on time. Following these tips will help you predict and control the flow of your money with confidence.
Standard Transaction Processing Times (Canada)
When you transfer money to or from your Woveo Wallet, the timing is similar to regular bank transfers. Here’s what to expect for common transaction types on our platform:
Bank Transfers (EFTs to/from your bank): These typically take about 1–5 business days to complete, depending on your bank’s processing speed. In practice, most inter-bank transfers are around 3–4 business days, which is the standard across major Canadian banks . (This means if you withdraw funds on Monday, you might see them in your bank account by mid-to-late week. A withdrawal or contribution on Friday could arrive by the following week.)
Interac e-Transfers: If you use Interac e-Transfer to deposit funds into your Woveo wallet or cash out to your bank, it’s much faster. E-Transfers are usually instant or within the same day once initiated . For example, when you add money via Interac e-Transfer, the funds appear in your Woveo Wallet as soon as you accept the request, so you can use them right away .
Instant Cashouts (if available): In some cases, Woveo offers an instant withdrawal option. These are processed immediately and funds will be received instantly or within the same day, allowing you to move funds to your bank in minutes. (This feature depends on eligibility and support by your bank or card network.)Tips for Smooth and Timely Transactions
To make sure your money moves without surprises or delays, follow these best practices:
Plan Ahead with Group Schedules: Take advantage of Woveo’s tools to anticipate upcoming transactions. Your Woveo Wallet has a “My Money” section that shows Upcoming Cashouts (payouts from your groups) and Expected Group Contributions (future deposits you need to make). Review your group’s contribution schedule regularly so you know when money will leave your wallet or hit your bank. This forward view helps you prepare funds in advance and avoid last-minute scrambles. By knowing your payout dates and contribution deadlines, you can ensure you’ll have enough in your wallet when a payment is due, and you’ll know when to expect funds from group activities.
Load Funds a Week Early: It’s a good idea to deposit money into your Woveo Wallet several days before you actually need it. In fact, try to load funds about one week ahead of any planned payment or contribution. Why? Bank transfers can take a few business days to clear, and timing can vary. Giving yourself a one-week buffer means even a 3–4 day transfer will complete in time . For example, if you have a group contribution coming up next Wednesday, initiate adding funds by the previous Wednesday or Thursday. This ensures your Woveo Wallet balance is ready to go, and you won’t risk delays due to weekends or bank processing holds. Essentially, the earlier you top up, the more peace of mind you’ll have that your money will be available when needed.
Verify Your Bank Setup: Make sure your Woveo account is linked to a valid Canadian bank account well before you attempt any big transactions. During onboarding, you should connect and verify at least one bank account (this activates your Woveo Wallet for deposits and withdrawals). It’s important to keep this connection up-to-date. Double-check that your banking info is correct. An unverified bank link can cause failed or delayed transfers. Always ensure your linked bank account is current and correct – this way, your contributions, deposits, and payouts can be processed without delay.