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International Money Transfer
July 7, 2021
10:17 am
frugal lady
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Has anyone else tried to do an international money transfer online with EQ or with their mobile app? Have you been successful?
I have tried numerous times online and it doesn't work. I have contacted EQ and all they say is to clear cache, history, etc. which I have done.
I have tried with Edge, Chrome and Firefox and no luck
I tried with EQ mobile app - no luck - trying to transfer from my US bank account with EQ to a US bank account recipient. Get a message that I need to change currency.
Prior to opening US bank account I confirmed with EQ that I could transfer from US account to US direct, avoiding the conversion from Can $$ to us$$

July 7, 2021
10:46 am
Norman1
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Are you sure about that? How would EQ Bank and Wise make any money from transferring US$ from a US$ EQ Bank account to a US$ bank account in the US with no currency conversion?

July 7, 2021
1:21 pm
frugal lady
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Well I am sure that EQ told me I could transfer $US from EQ account to US$ account in the US account direct (ie no conversion).
Wise still charges a fee to do so with no conversion.

July 8, 2021
7:28 am
Norman1
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Wise's site suggests that one can only send US$ from a bank account in the US. The US$ can come from "Bank debit (ACH)" or "Wire transfer". ACH is the US clearing system. Payments Canada USBE system is the US$ item clearing system here in Canada.

Maybe EQ Bank has a special arrangement where it wires any US$ to be sent to Wise.

It is odd that both EQ Bank's web site and mobile app refuse the US$-to-US$ transfer request if that is supposed to be supported.

July 8, 2021
3:28 pm
James2
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The EQ website also says you can do so. One of the US Dollar Account FAQ is as follows: “What transactions can I make with my EQ Bank US Dollar Account?” Included as one of the options is: “You can also transfer funds between your EQ Bank US Dollar Account and a US dollar account held in the United States or another country, by utilizing our International Money Transfer service, powered by Wise.”

May 22, 2024
9:21 am
mikehampel
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Can I receive an ACH payment, sent in USD$ to my EQ bank account or via their Wise interface?

May 22, 2024
12:01 pm
smayer97
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ACH is only used in the US. It is the closest equivalent to Interac in Canada.

May 22, 2024
12:04 pm
mikehampel
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Thanks. I am trying to find out if the linked Wise account can receive US ach and then from that transfer it into eq bank. but I have to get a wise account first to find out...

May 22, 2024
4:23 pm
JohnnyCash
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mikehampel said
Thanks. I am trying to find out if the linked Wise account can receive US ach and then from that transfer it into eq bank. but I have to get a wise account first to find out...  

Yes, the Wise USD account can receive funds via ACH. If you want to transfer those funds to EQ, you would first need to convert the USD to CAD within Wise, then pull the funds into the EQ CAD account via EFT. Pulling does not incur any fees, there will likely be a release hold though. The Wise USD account is domiciled in the US, hence why it can send and accept ACH transfers.

May 22, 2024
4:53 pm
mikehampel
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Thank you. Do you know if the new EQ USD account they offer can receive the ACH from wise directly in USD ?

May 22, 2024
8:20 pm
JohnnyCash
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mikehampel said
Thank you. Do you know if the new EQ USD account they offer can receive the ACH from wise directly in USD ?  

No, unfortunately not. The EQ USD is a bank account domiciled in Canada, whereas the Wise USD account is domiciled in another country, that being the USA. So it means you would have to send the USD funds as a wire transfer which may end up being cost prohibitive depending on how much you're sending. What other's have done is opened a US based bank account affiliated with one of the major Canadian banks. They then have USD deposited in the US bank and then transfer the funds to the Canadian affiliate, BMO US to BMO Canada,etc,.

May 22, 2024
9:17 pm
smayer97
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Yes, that is the way to do is, as @JonnyCash states. It is the only way to avoid conversion and/or fees.

What he describes requires that you deal with a bank that has presence in both the US and Canada and open USD accounts on both sides of the border. Just watch out for fees for holding USD accounts on either the Canadian and the US side. Try to pick one with no fees.

May 23, 2024
9:15 am
mikehampel
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Does the Wise account linked to EQ bank require the account details/country be exactly the same between the eq bank account and the wise account? Can you have say a European registered Wise account in the same name linked to your Canadian EQ bank account?

May 23, 2024
10:33 pm
mikehampel
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JohnnyCash said

No, unfortunately not. The EQ USD is a bank account domiciled in Canada, whereas the Wise USD account is domiciled in another country, that being the USA. So it means you would have to send the USD funds as a wire transfer which may end up being cost prohibitive depending on how much you're sending. What other's have done is opened a US based bank account affiliated with one of the major Canadian banks. They then have USD deposited in the US bank and then transfer the funds to the Canadian affiliate, BMO US to BMO Canada,etc,.  

I saw this as the first thing on a google search,

"The EQ Bank US Dollar Account links with Wise, meaning you can easily transfer your US funds – and not just to the US. Using Wise means you can send US Dollars to other countries where the recipient has a USD account - look whose life just became borderless!"

Is it referring to outbound transfers but not inbound?

May 23, 2024
11:30 pm
Norman1
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That sounds correct: The arrangement EQ Bank has with Wise Payments Canada Inc. is for uploading US$ from the EQ Bank US Dollar Account to one's US$ account with Wise Payments Canada Inc.

It also looks like Wise Payments Canada only provides access to the Payment Canada ACSS system to do inexpensive C$ transfers with C$ bank accounts in Canada. Wise Payments Canada does seem to provide access to the Payments Canada USBE system to do inexpensive US$ transfers with US$ bank accounts in Canada.

May 24, 2024
4:51 am
JohnnyCash
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mikehampel said

I saw this as the first thing on a google search,

"The EQ Bank US Dollar Account links with Wise, meaning you can easily transfer your US funds – and not just to the US. Using Wise means you can send US Dollars to other countries where the recipient has a USD account - look whose life just became borderless!"

Is it referring to outbound transfers but not inbound?  

Yes, I've used it to send USD from EQ to Wise, works quite well. Minimum transfer amount is USD $5.00. It's almost instantaneous and once the funds arrive in the Wise USD account, I make arrangements to do a ACH pull into a US based bank. Unfortunately, there's no way to do the reverse.

May 24, 2024
6:56 am
Norman1
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Norman1 said

It also looks like Wise Payments Canada only provides access to the Payment Canada ACSS system to do inexpensive C$ transfers with C$ bank accounts in Canada. Wise Payments Canada does seem to provide access to the Payments Canada USBE system to do inexpensive US$ transfers with US$ bank accounts in Canada. 

That last sentence should be "Wise Payments Canada does seem to not provide access to the Payments Canada USBE system to do that does inexpensive US$ transfers with US$ bank accounts in Canada. "

May 24, 2024
8:48 am
mikehampel
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How about Wise Payments ? Could a foreign wise account linked to eq bank account send USD$ to Eq bank usd$ account (or any other Canadian USD$ account)?

May 24, 2024
10:20 am
JohnnyCash
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mikehampel said
How about Wise Payments ? Could a foreign wise account linked to eq bank account send USD$ to Eq bank usd$ account (or any other Canadian USD$ account)?  

To answer your question, no, to the best of my knowledge. You're now starting to get into wire transfers. Had a Revolut account while it was in beta, before they shut it down and exited Canada. Worked great sending free USD wires to a bank in Canada that would not charge a fee to receive it, providing it was USD $50.00, or less.

May 24, 2024
11:08 am
Norman1
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Wise Payments Limited (UK) and Wise Payments Canada could if they did an arrangement with Equitable Bank that way.

Equitable Bank is a Payments Canada member and does have access to both the Canadian dollar ACSS and US dollar USBE systems. That's how their EQ Bank is able to push and pull C$ and US$ to and from the C$ and US$ accounts at other Canadian financial institutions.

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