Personal Finance

EQ Bank Savings Plus Account can now use TransferWise for low-cost FX payments

  • Last Updated:
  • Jan 12th, 2019 3:23 pm
[OP]
Deal Expert
Jan 7, 2002
16436 posts
8775 upvotes
Waterloo, ON

EQ Bank Savings Plus Account can now use TransferWise for low-cost FX payments

TransferWise + EQ Bank Savings Plus Account = The Solution To Sending Money Overseas
Every year, Canadians send billions of dollars overseas through international money transfers. Whether you’re travelling or sending money to your loved ones, that’s a lot of money and with it — a lot of fees and inconvenience.

But now there’s a better way!

TransferWise makes international money transfers fair, fast, and up to 8x cheaper than the competition. Learn more about using your EQ Bank Savings Plus Account to send money overseas quickly and cheaply.

Now that’s (international) Money Well Banked®!
For more info: Sending money to loved ones overseas shouldn’t be painful
TransferWise works seamlessly with the EQ Bank Savings Plus Account. You can add TransferWise as a biller on the EQ Bank Savings Plus Account and send funds quickly to your TransferWise account...

Fees
TransferWise
Small fee based on transaction size, plus the cost of transferring funds. Fees generally depend on how much money is being transferred, as well as the destination country. It typically costs 0.5% plus $0.75 to send $100 USD to a recipient in the US, and there is no foreign exchange spread.

Traditional Money Transfer Options
Service fee, percent of the total transaction amount, spread on exchange rate. Fees generally depend on how much money is being transferred, as well as the destination country. It typically costs anywhere from 5% to 10% to send $100 USD to a recipient in the US, not including the foreign exchange spread.
veni, vidi, Visa
4 replies
[OP]
Deal Expert
Jan 7, 2002
16436 posts
8775 upvotes
Waterloo, ON
Never heard of central1 and didn't know that TING offers this as well.

In any case how is this not good news that benefits those with EQB accounts?
veni, vidi, Visa
Deal Addict
Jul 15, 2009
1556 posts
652 upvotes
titaniumtux wrote:
Jan 8th, 2019 3:00 pm
but all central1 + Tang allow bill pay to TW.
Also BMO and NBC.
Member
Mar 7, 2008
436 posts
104 upvotes
Leask
I saw this new offering from EQ Bank as well, not sure how it works but intereste to know!

EQ bank has been great ever since they updated the iOS app.

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