How to manage your banking information
Learn how to easily update your banking information and sign up for direct deposit wherever you live.
The quickest and most convenient way to receive your monthly pension payment is through direct deposit to your bank account. Sign up for direct deposit when you apply for your pension or at any time after you retire.
With direct deposit, your monthly pension payment is automatically deposited into your bank account on the pension payment date. Your payment will not be affected by any disruptions in postal service delivery, and you won’t need to make a trip to the bank to deposit your pension cheque.
For Canadian accounts, you can sign up for direct deposit or update your banking information in My Account.
Direct deposit to U.S. accounts
If you are a retired member living in the United States and would like your pension payments deposited directly into your U.S. bank account in U.S. dollars, complete and send us the U.S. direct deposit authorization form.
While we try to have your payments available on specific deposit dates, the actual deposit date may vary depending on U.S. bank processing requirements.
Direct deposit to accounts outside of Canada and the United States
If you are a retired member living outside Canada and the United States and would like your pension payments deposited directly into your local bank account in your local currency (or currency of your choice), you can register for electronic fund transfer through Western Union.
Hosted by Western Union Business Solutions in partnership with the BC Pension Corporation, the GlobalPay Payee Manager is a secure payment service that can accommodate members in more than 200 countries and deliver payment – at competitive rates – in any of 130 currencies, with especially competitive rates on the following major currencies:
- British Pound (GBP)
- Canadian Dollar (CAD)
- United States dollar (USD)
- Japanese yen (JPY)
- Swiss Franc (CHF)
- Euro (EUR)
- Australian Dollar (AUD)
- New Zealand dollar (NZD)
- Danish Kroner (DKK)
- Norwegian Kroner (NOK)
- Swedish Krona (SEK)
With this service, you can receive your international pension payment within five business days of the Canadian pension payment date – typically much faster than cashing a cheque overseas.
If the country where you reside supports automated clearing house payments, there is no charge for this service (other than your foreign currency exchange costs). In countries where automated clearing house payments are not available, a wire transfer fee of $7.00 CAD will be deducted from your pension payment for each transaction.