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Hubert now has free EFT (funds transfer) from US dollar accounts
February 6, 2017
10:48 am
Brainer
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Hubert is now doing US dollar EFT (fund transfers) at no cost.
Received this in my inbox this afternoon:
You told us what you wanted, and we listened: US dollar electronic fund transfers are officially available at happysavings.ca.
Hubert members are now able to transfer US dollars to and from external financial institutions (located in Canada) at no cost. Now go ahead and link your external account by selecting ‘manage transfer accounts’ from the left hand menu. We’ll send a small verification deposit to your US external account to confirm the account. Once you receive the small deposit log back into Hubert and confirm the deposit and viola you’re ready to transfer in US dollars!
We’re here to help if you have any questions!
Sincerely,
Hubert

February 6, 2017
9:13 pm
implode
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Nice. I was waiting for this self-help transfer before opening an account.

February 6, 2017
11:19 pm
moneyhelp
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implode said
Nice. I was waiting for this self-help transfer before opening an account.  

I echo this sentiment. Might open one tomorrow. 🙂

February 9, 2017
7:50 am
Heddie
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Another bonus: I just talked to someone at Hubert and they pointed out that the Deposit Guarantee Corporation of Manitoba covers foreign currency to an unlimited amount. The DGCM website confirms this here: http://depositguarantee.mb.ca/.....whats-not/

February 24, 2017
1:23 am
implode
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Opened my CAD account first, and then upon getting activated and my membership number, I opened a USD account. Just in the process of linking accounts. The CAD ones are complete. USD accounts still in process. Can't wait to start transferring over my parked USD at my existing institutions. 0.75% >> 0.15% at Tangerine or even less at a big 5 bank.

February 27, 2017
10:31 am
implode
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Initiated a USD transfer on Feb 25th online. Today on the 27th, I got an email confirming my request is initiated. It seems to me that Hubert Financial processes the requests manually?!?

February 27, 2017
2:56 pm
Loonie
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I don't think much really happens outside of regular banking hours, especially since a corresponding external bank is involved. Even Tangerine, which is among the most efficient, says "next business day" if you ask them.

March 5, 2017
3:54 pm
Doug
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implode said
Initiated a USD transfer on Feb 25th online. Today on the 27th, I got an email confirming my request is initiated. It seems to me that Hubert Financial processes the requests manually?!?  

I don't believe that's the case. Hubert and Tangerine's are automated while Implicity's are automated and you actually have to ask Implicity to credit you back for the small debit amount that they debited from your external bank account to be linked. 🙂

Agree this is great news for Hubert though!

If I lived in Manitoba, I'd definitely bank with them even if it meant maintaining $1000 in my chequing account to avoid service fees. They have pretty nifty Safe Deposit Boxes that can be accessed via a retina or thumbprint scan 24/7 at several branches with 24/7 video monitoring and glass that "frosts up" automatically for privacy when you swipe your debit card to enter the room. Pretty cool stuff!

Cheers,
Doug

April 1, 2017
11:51 am
implode
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First full month at Hubert. Like seeing the interest accrued is 5x what I was getting from Tangerine 🙂

April 17, 2017
8:01 am
Nehpets
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Have become a depositor at Hubert recently as well, and am impressed by their overall service and attitude.

Enjoyed receiving the cool welcome gift of the coin substitute for shopping carts too!...sf-smile

August 13, 2017
1:28 pm
moneyhelp
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implode said
First full month at Hubert. Like seeing the interest accrued is 5x what I was getting from Tangerine 🙂  

For what kind of account? GIC? or regular savings/US savings?

August 13, 2017
2:49 pm
rhvic
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moneyhelp said

For what kind of account? GIC? or regular savings/US savings?  

It is a $US savings account.

August 13, 2017
4:58 pm
semi-retired
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Hello people Just did a quick check on US $ buying rates.As of right now Tangerine 1.294 % Hubert 1.2857 % .Worth while buying at Hubert to save a few bucks.Hubert's pays way more int. in their US savings account & it is insured.

August 13, 2017
6:45 pm
moneyhelp
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semi-retired said
Hello people Just did a quick check on US $ buying rates.As of right now Tangerine 1.294 % Hubert 1.2857 % .Worth while buying at Hubert to save a few bucks.Hubert's pays way more int. in their US savings account & it is insured.  

For those who want something simple and done with, I agree, otherwise, if its >$1K, and you have a brokerage account (preferrably one that does not charge to buy ETFs) its far cheaper to do a Norbert's Gambit. Granted, it can be confusing for some, but overall, can't beat it on cost.

May 1, 2020
6:17 pm
sedul
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I've been looking for a Canadian Bank USD Account and was eyeing RBC Canada US Account (but it's not insured) and Tangerine USD (since I have other Tangerine accounts and it kinda has decent FX exchange if needed), but I read there is some limitations with the Tangerine USD account.

I want a USD intermediary account to hold any USD that I may convert from Brokerages (Questrade, Interactive Brokers, etc.) to transfer between brokerages and to withdraw in the future.

Hubert USD account is Manitoba insured too.

Could someone comment if Hubert will likely fit the needs as a central hub for USD.? Any other options worth considering

What's the difference between EFT push vs pull in terms of holds of deposits?

What's the difference between PAD (is this only Debit /Pull one) way and EFT in
terms of speed and convenience to setup?

What's the wire fee on Hubert?

Anybody with Experience with Transfer Wise Multi Currency Accounts, can that also EFT to Canadian Institutions and Brokerages?

May 1, 2020
9:12 pm
smayer97
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First, as of yesterday, Apr 30, 2020, ALL CDIC insured banks now cover foreign currency accounts, including USD, among other new changes. So any major bank will do now.

If you are looking for the best interest rate on USD account, see ICICI Bank, currently at a "whopping" 0.45%. Hubert used to be the best around at 0.75% but not long ago dropped it to 0.25%.

Check Tangerine in your online account to see if they have given you a promotional rate on all Savings accounts of 2.5% INCLUDING USD. My offer is from May 1 to Sep 30.

BTW, I am will all these banks. I like RBC for the completely flexible and instantaneous cross-border movement, as I also have a USD acct with RBC Bank (US side). Unfortunately, I believe they have added some minimum balance requirements and/or fees but I am grandfathered in with no fees or minimums.

As for EFT push vs pull, there is never holds on pushed amounts as they are cleared before they arrive BUT with several banks, you sacrifice any additional interest of up to several days they might pay using a pull. Each bank has their own policy but typically there is a 5 business day hold on pulls. Note however that the major banks typically do not provide the ability to push money to the smaller, especially online only, banks, unless you use Interac (which has daily, weekly and monthly limits).

PAD is only used for bill payment. The advantage is that it is automatic and can handle when amounts vary each time.

Wire transfer incoming fees for Hubert Financial are ~ $9.25 for Canadian wires or ~ $12.00 for U.S. wires. If you are going cross-border, you will need to account for any intermediary bank that gets used and Hubert is NO help in getting that info (I have tried extensively).

In your last question, are you asking about a type of account? I have never heard of "Transfer Wise Multi Currency Accounts"? I have never heard of this. BUT if you really are asking about general experience with doing EFTs to/from FIs or Brokerages, each has their own scope of what they can and cannot do. If they allow it, then it is simply a matter of going to the trouble of setting it up. Some banks and brokerages allow transfer of USD money without conversion , some require conversion to CAD at some point, which can cost a lot. You will have to be more specific if you need more info.

May 2, 2020
10:25 am
sedul
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Hello

Thank you for your prompt reply and information!

1. CDIC - That's great for coverage on USD deposits.

2. I am not looking for the best interest rate, looking for most flexibility and efficient interface:

Multiple Online EFT
Easy to setup PAD
Wire flexibility domestic / international and low fees
Cross Border / ATM Access

as I would primarily be using for intermediate account to transfer USD between brokerage accounts and possibly use to perform occasional international wires.

3. Tangerine - Does Tangerine allow for EFT in USD Account?
I read something that they don't do receiving Wires, but allow for PAD and EFTs.
ATM Access only at Tangerine Cafes

Sounds like Hubert USD is good for online banking EFT, PAD, Decent Wire Fees, can transfer over to either BMO, TD, RBC, CIBC, Tangerine accounts for local USD (Canadian Branch) ATM withdrawals.

Know of any of these Canadian USD accounts allow for cross border down in US Withdrawals? Not a big deal though.

4. Transferwise - Service for sending international wire and holding multi-currency accounts https://transferwise.com/ca

Can EFT to the Canadian side Account and send International Wires. I think they are linked with EQbank now too.

5. EFT vs Bill Pay.

How does Cad Bill Payments work - Can they only be in Canadian for us here in Canada? Whereas the only way to move USD in Canadian Accounts around is EFT, PAD

May 2, 2020
11:05 am
Norman1
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Yes, Tangerine Bank has US$ electronic fund transfers.

mustang reported earlier that Tangerine Bank supports EFT to and from a US$ bank account at another Canadian financial institution.

Bill payments are done using a bill payment remittance. That's different from a direct deposit.

According to the definition of "Remittance Amount" in Payments Canada ACSS Rule H6, the amount is in Canadian dollars only.

May 2, 2020
12:05 pm
smayer97
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sedul said
...

3. Tangerine - Does Tangerine allow for EFT in USD Account?
I read something that they don't do receiving Wires, but allow for PAD and EFTs.
ATM Access only at Tangerine Cafes

Sounds like Hubert USD is good for online banking EFT, PAD, Decent Wire Fees, can transfer over to either BMO, TD, RBC, CIBC, Tangerine accounts for local USD (Canadian Branch) ATM withdrawals.

Know of any of these Canadian USD accounts allow for cross border down in US Withdrawals? Not a big deal though.

4. Transferwise - Service for sending international wire and holding multi-currency accounts https://transferwise.com/ca

Can EFT to the Canadian side Account and send International Wires. I think they are linked with EQbank now too.

5. EFT vs Bill Pay.

How does Cad Bill Payments work - Can they only be in Canadian for us here in Canada? Whereas the only way to move USD in Canadian Accounts around is EFT, PAD  

3. Tangerine allows USD EFTs to//from CDN banks only
You'd have to check with them for wire in transfers (though don't see why that would be limited).
ATM access - "Free access to 3,500 Scotiabank ABMs nationwide and 44,000 ABMs worldwide through Scotiabank's Global ATM Alliance."

Hubert can work. One important factor for any bank will be fees and related minimum balances.

Only major banks have USD withdrawals in US AFAIK. From what I have read, RBC has the simplest but that may have changed.

4. Never used Transferwise as have not yet had a need for such services. FYI, go to https://transfr.io to get a comparison with a few other like services.

Where do you have info of links to any banks? I cannot find this.

5. Bill payments are typically set up with each bill provider where you fill out a PAP form to automatically withdraw amount due (with credit cards, you can specify min or full balance). These are only available for CAD accts.

AFAIK for USD accounts, you can only set up PAP if your the acct is in a US based branch, i.e., follows US rules.
To move USD money around, it is either EFT (again I believe RBC provides the easiest cross-border movement between accts within the "same" bank), cheques, wires, or ACH if you have a USD acct in a US branch, as permitted but each bank.

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