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June 13, 2015
1:41 pm
Loonie
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http://zenbanx.ca/about/

Does anyone have any experience with this institution?

Apparently it was started by the person who founded ING Canada, which used to be a leader in the banking world.

They appear to offer good currency exchange rates through mobile banking, but I have no experience with it.

They also offer interest-bearing accounts in several currencies - rates vary. People on this forum have sometimes asked for these.

If you have worked with them, please tell us how it works.

June 13, 2015
5:39 pm
Yatti420
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Interested.. Saw an ad the other day.. Note services via ZenBanx is via DUCA.. Probably a legal requirement..http://zenbanx.ca/faq/

June 14, 2015
10:41 am
Yatti420
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So I've broken down the FAQ.. Not really good for the average user.. If you have the need to send money internationally it can be good (see fee schedule).. One of my biggest peeves with traveling is being unable to get a local currency cheaply.

My goal without having to carry two cards with split accounts (like TD complete pack) is to have one card I can use everywhere in NA..

Sadly ZenBanx doesn't have this.. I can have USD holding but using my card (in the US) pulls from CAD postion..

Cirrus/Maestro fees.. And is on the Exchange in Canada..

Interesting but not going to be useful enough for me.. I already have a purple colour themes bank with ZagBank :)

June 14, 2015
4:11 pm
Loonie
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thanks for the review.
I am wondering if this would help a relative who is anticipating some money from overseas. I have no experience with this sort of thing. Is this likely to help? She may not be able to specify how the money is sent. It may come as a bank transfer, money order, etc. She doesn't know yet.

June 14, 2015
8:05 pm
Norman1
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I had a look at the US ZenBanx and Canadian ZenBanx sites.

It's not clear how one would use ZenBanx to receive money from someone who is neither a US nor a Canadian ZenBanx customer.

Supposedly, I can use ZenBanx to send €200 to a friend in Greece who is not a ZenBanx customer. The service fee is C$5.95. How my Greek friend will receive the €200 is not clear, though.

Doesn't look like the Greek friend could send me €200 using ZenBanx! If the friend were to wire it, would the €200 end up in the euro part of my account? Could the service be silly enough to force a conversion to C$ and add it to C$ part of the account?

If the friend were to send it by cheque drawn on a Greek bank, would I be able to deposit it into the euro part of the account, not be charged foreign cheque collection fees, and not have to wait weeks for the funds?

Seems like a half baked service to me.

June 14, 2015
8:36 pm
Norman1
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Norman1 said
...
Supposedly, I can use ZenBanx to send €200 to a friend in Greece who is not a ZenBanx customer. The service fee is C$5.95. How my Greek friend will receive the €200 is not clear, though.
...

I found an answer to one of my questions:

When will my money arrive?

Domestic transfers arrive within 1-2 days. International transfers will vary by country, but funds should arrive in your recipient's bank within 2-3 business days. In-network transfers made to other ZenBanx customers are available as soon as they receive the email asking them to pick up their money.

July 1, 2016
8:42 am
rfdm4g4g9
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Does anyone care about Zenbanx anymore since the new kid on the block EQ bank came along with a higher rate ?

Haven't heard much from Zenbanx either through advertising, marketing or social media or forums. After the initial frenzy, I think things have died down considerably.

I guess if people don't want to be with PC Financial or Tangerine, they are probably thinking about EQ bank as far as online only high interest rate banks are concerned. Zenbanx is probably not even on their radar anymore.

Please write your comments in the forum.