Personal Finance

HELP! Can't figure out how to use Transferwise...

  • Last Updated:
  • Jun 15th, 2018 10:12 pm
[OP]
Newbie
Apr 24, 2009
59 posts
5 upvotes
Surrey

HELP! Can't figure out how to use Transferwise...

Hi,

I sure would appreciate any help
figuring out how to use
transferwise. I've gone through the
site so many times, but I'm just
not sure that I'm going to do
things correctly.

I live in Vancouver, and I have
bank account across the border in
Washington state. I recently sold a
domain name and have funds in that
account.

I'd like to use transferwise to get
those US Dollars into my Canadian
bank account at CIBC in Canadian
dollars.

I've already added both Banks as my
banks at transferwise.

I did start the sample transfer
process, but I'm just not exactly
sure what to do.

I guess I somehow have to pay
transferwise from that US bank
account in Washington State. but
I've gone into my online banking
with that bank, and I can't figure
out how to pay transferwise from
that account.

I think that's where my trouble is.
I assume if I can figure out how to
pay transferwise from that account,
then they will simply send money to
my Canadian account, from their
Canadian bank account. At least I
think that's how it works.

Any help walking me through this,
or just explaining to me how it
works would be absolutely
wonderful!

Kindly,
Ed
9 replies
Sr. Member
Feb 21, 2010
573 posts
108 upvotes
Scarborough
when You set up transfer, you will see option to either choose ACH debit or wire transfer. You can use either of two to send your USD to TransferWise. Generally ACH is cheaper for amounts under 20k
Member
User avatar
Jan 16, 2007
373 posts
192 upvotes
ACH Debit pulls the money from your bank account in the US so you don't have to "send" money from your bank itself.
Deal Addict
Jul 3, 2017
2173 posts
1465 upvotes
I was expecting your post to be in the form of a poem with the formatting. :)

But yes, since you are doing a transfer from U.S. to Canada, you are dealing with U.S. Transferwise. You go through the Transferwise site first, identify your Canadian bank account as the destination you are trying to pay, then they will ask how you want to pay for that. That's where you select ACH from your U.S. bank account.
[OP]
Newbie
Apr 24, 2009
59 posts
5 upvotes
Surrey
Okay I just want to be sure, it sounds like you guys are saying that I don't have to do anything to send that payment from my US Bank in Washington State to transferwise. It sounds like you're saying that Transferwise will simply take the money from that US account via ACH.

And then I guess they have a bank in Canada, so that they can put the Canadian amount in my CIBC Canadian account.

Just double-checking if that is correct. And thank you all very much for responding.

Kindly,
Ed
[OP]
Newbie
Apr 24, 2009
59 posts
5 upvotes
Surrey
Okay, I'm back. Sorry about that. Smiling Face With Open Mouth

It looks like I have to enter my US bank account's username and password. After reading the responses above, I was thinking I would not need to do that. That transferwise would just grab the money via ACH with the US account I have listed in my Transferwise account. Am I not understanding something. Do I need to enter my user and pass to my US account to make this payment? Or is there a way not to do that. Again I'm sorry. I'm usually smarter than this.

Ed
Deal Addict
Jul 3, 2017
2173 posts
1465 upvotes
edsmithers wrote:
Jun 15th, 2018 7:11 pm
Okay, I'm back. Sorry about that. Smiling Face With Open Mouth

It looks like I have to enter my US bank account's username and password. After reading the responses above, I was thinking I would not need to do that. That transferwise would just grab the money via ACH with the US account I have listed in my Transferwise account. Am I not understanding something. Do I need to enter my user and pass to my US account to make this payment? Or is there a way not to do that. Again I'm sorry. I'm usually smarter than this.

Ed
Were you expecting Transferwise to be able to reach into your U.S. account externally and extract money via ACH? If they could, then anyone could! :)

Basically ACH transfers are initiated by you from your own account using your account login.

It is a small risk to go through Transferwise to do this, because you are sharing your login with a third party. In Canada Transferwise supports other methods of payment, like bill payment with some banks, but it costs extra. So you either accept the risk and change your password afterwards, or pay a little extra for more security.
Penalty Box
User avatar
Dec 13, 2016
1546 posts
1207 upvotes
Op, I was confused by transferwise during setup as I used sites like XE to transfer and the procedure was different.

Anyway, you do need to enter your username and password just like you are login to your US bank account. It's really very simple and safe after that. Transferred over 200k with them so far (about 30 different transfers) and no issues whatsoever.
[OP]
Newbie
Apr 24, 2009
59 posts
5 upvotes
Surrey
Thank you to all of you for your
responses!

I went through the whole process
and then at the payment part, put
in my username and password, and
everything seemed to work
perfectly.

The bank I have in Washington State
even forces me to receive an
automated phone call every time I
log into my account. The phone call
gives me a security code, that I
type in after the username and
password.

Transferwise was set up so good,
that it took my username, then the
password, then even provided the
pop-up so I could click and have
the bank send me the automated
phone call with the security code.

Then I typed in the security code
right there into another box
provided by Transferwise. And boom!
It told me the funds would be
transferred.

So everything looks great! Thanks
again to everybody for your input.

Kindly,
Ed

PS: I did change both the username
and the password for my US bank
account immediately after making
the transaction. I actually did it
so fast, that I hoped it wasn't
going to screw up the transfer,
haha. But it seems like
transferwise only needed that split
second in my account to initiate
the transfer. I guess we'll see.

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