I think ultimately Canada is just way behind on Fintech. It's harder to open such businesses, harder for them to get enough customers and be profitable, and harder for them to be viable compared to their US operations. Ever heard of "Venmo"? No? Every American has heard of it. In Canada the space that would be occupied with Fintech is largely occupied by the incumbent banks and credit unions launching new things (hence the involvement of DUCA here). This was probably just incompatible with the SoFi business model. Once they took a look at what it would involve to maintain the Canadian side, of course they shut it down.angel_wing0 wrote: ↑ Either that or Sofi is never interested on the Canadian side from the very beginning.
Locked: Zenbanx to close all Canada accounts by June 30th
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- queerasmoi
- Sr. Member
- Sep 29, 2009
- 706 posts
- 325 upvotes
- Toronto
- noproblem
- Member
- Dec 29, 2007
- 487 posts
- 289 upvotes
Can you guide me through the step-by-step process of transferring to a US account?angel_wing0 wrote: ↑ If you want CDN, then yes. I sucked it up and paid the fee to transfer to my US account.
I have a US savings account with RBC. But I think I need to open the RBC cross-border US account (chequing account) in this case to transfer out the money.
- angel_wing0 [OP]
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- Mar 23, 2004
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- Markham
It's not hard really, it's just like sending an EMT. But yes, u will need an actual US account to receive the money.
- noproblem
- Member
- Dec 29, 2007
- 487 posts
- 289 upvotes
Perfect. Thanks!angel_wing0 wrote: ↑ It's not hard really, it's just like sending an EMT. But yes, u will need an actual US account to receive the money.
- MGSayah
- Newbie
- Oct 29, 2013
- 54 posts
- 13 upvotes
- Montreal
What I can't quite seem to understand with regards to SoFi acquiring Zenbanx just to close down all operations weeks later in Canada is this... close to half of Zenbanx’s 53 employees work in Toronto, and 60 percent of its 40,000 customers are in Canada.
Why keep the US operations running when they represent 40% of your customer base, while shutting down and losing 60% of your clientele?!
Why keep the US operations running when they represent 40% of your customer base, while shutting down and losing 60% of your clientele?!
- angel_wing0 [OP]
- Moderator
- Mar 23, 2004
- 47725 posts
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- Markham
Well there are a few possibilities:MGSayah wrote: ↑ What I can't quite seem to understand with regards to SoFi acquiring Zenbanx just to close down all operations weeks later in Canada is this... close to half of Zenbanx’s 53 employees work in Toronto, and 60 percent of its 40,000 customers are in Canada.
Why keep the US operations running when they represent 40% of your customer base, while shutting down and losing 60% of your clientele?!
(1) The 40% US customers bring in more income than the 60% in Canada
(2) Sofi never wanted the Canadian business to begin with
(3) Talks between Sofi and Duca to continue the Canadian side broke down
And the list goes on...
- RedRon
- Member
- Dec 19, 2006
- 446 posts
- 236 upvotes
If you're looking for a no fx fee card, the Marriott Visa is still available and comes with a decent sign-up point bonus: https://forums.redflagdeals.com/chase-m ... e-1218556/b0ne wrote: ↑ Unfortunately, they're not accepting any applications as of April 2017.
See the end of this thread: https://forums.redflagdeals.com/chase-v ... 7-1160919/
- angel_wing0 [OP]
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- Mar 23, 2004
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Tonight will be the last night for my Zenbanx accounts, closing them tmr after interest posted.
- GSD
- Deal Addict
- Jul 5, 2005
- 4081 posts
- 1967 upvotes
- Toronto
Bye bye Zen just closed today so lame that u can't transfer the US funds to other Canadian based US accounts
Zen kicks us out after June 30th
Zen kicks us out after June 30th
- WHO
- Deal Fanatic
- Feb 17, 2007
- 6412 posts
- 2624 upvotes
- Mort Réal, QC
I dunno if it's because they're closing shop, but their current rates aren't nearly as interesting as they used to. I guess it's one last cash grab from them since their clients pretty don't have the choice but the close their positions.krhoff wrote: ↑ Too bad the buyers are closing the business, great way to retain customers. Even without the at par deal, zenbanx had the best conversion rates on c$ to usd. Anyone know of other reasonable services? Zenbanx was usually about half a percentage point above xe published exchange rates.
Current market FX rate for USD converting to CAD is 1.3528 as of writing this message and Zenbanx is paying 1.3382.
I can't afford to buy cheap stuff. Always on lookout for deals on quality goods and services.
- Tha DraGun
- Deal Fanatic
- Aug 19, 2003
- 5497 posts
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So I have $ usd and $cdn, do I need to move the usd over to cdn first then close the account?
- angel_wing0 [OP]
- Moderator
- Mar 23, 2004
- 47725 posts
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- Markham
Yes, either that or move the USD to an actual US account (which will cost you $6 CDN).Tha DraGun wrote: ↑ So I have $ usd and $cdn, do I need to move the usd over to cdn first then close the account?
- MoneyHypeMike
- Deal Fanatic
- Jul 22, 2015
- 6184 posts
- 4811 upvotes
- Saint-Hubert, QC
Just making sure before I convert my sister money back in CAD to transfer to her RBC account.
It is not possible to transfer from Zenbanx (USD) to the RBC U.S. High Interest eSavings® account (USD), even if you link them?
It is not possible to transfer from Zenbanx (USD) to the RBC U.S. High Interest eSavings® account (USD), even if you link them?
- angel_wing0 [OP]
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- Mar 23, 2004
- 47725 posts
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- Markham
Not possible.MoneyHypeMike wrote: ↑ Just making sure before I convert my sister money back in CAD to transfer to her RBC account.
It is not possible to transfer from Zenbanx (USD) to the RBC U.S. High Interest eSavings® account (USD), even if you link them?
- macnut
- Deal Fanatic
- Oct 26, 2008
- 7022 posts
- 2907 upvotes
- Victoria, BC
I thought it was clear from their email notification what will happen on June 30th:Tha DraGun wrote: ↑ So I have $ usd and $cdn, do I need to move the usd over to cdn first then close the account?
At 12AM EST on the Account Close Date, all your foreign currency positions will automatically be converted to Canadian Dollars (CAD) at our prevailing exchange rates and your total CAD balance will be transferred to your linked account.
So you don't have to do anything. Unless you suspect that with normal day-to-day currency fluctuations the exchange rate now might be more beneficial to you than at the end of the month.
As noted above by WHO, the exchange rate that SoFi now uses may not be as competitive as it was under the original Canadian ownership - so withdrawing your entire USD position at a surcharge-free ATM in the U.S. (such as at Harborstone) can be best for some.
But Harborstone ATMs seem to vary in whether they dispense $20 bills or $50s. So total may need to be a multiple of 20 or a multiple of 50 depending on location. Up to daily max of course ($500USD).
Note that if ATM only presents two options of withdrawing from Savings or Checking it is the latter if no Debit option.
Or if in the U.S. anyway you can of course try using debit at a participating merchant and asking for extra cash. YMMV.
- Daijoubu
- Deal Guru
- Dec 11, 2004
- 11150 posts
- 3859 upvotes
- Montreal, QC
Can we cash out in USD if we visit the states? How's the border/custom nowadays? Plan on going on a camping trip south
Fees?
Fees?
- L4cky
- Deal Fanatic
- Nov 18, 2008
- 9291 posts
- 2352 upvotes
- Mont-Royal
I use agilityforex anything over 3k gives the best rate I can find so far.
"Every marathon you run, your heart scars and you will die faster. If you think running a marathon is fitness, then you know NOTHING ABOUT HEALTH & FITNESS."
- Training 101
- Training 101
- angel_wing0 [OP]
- Moderator
- Mar 23, 2004
- 47725 posts
- 13890 upvotes
- Markham
You can find a bunch of atm's that you can withdraw with no fees...forgot what the network name is though.
Or if you dont care about fees, any exchange/cirrus atm's will work:
- Daijoubu
- Deal Guru
- Dec 11, 2004
- 11150 posts
- 3859 upvotes
- Montreal, QC
Is it the Accel network?
http://www.accelnetwork.com/accel-atm-cash-locator.aspx
As per zenbanx-what-has-your-experience-been-l ... #p25250091
http://www.accelnetwork.com/accel-atm-cash-locator.aspx
As per zenbanx-what-has-your-experience-been-l ... #p25250091
- angel_wing0 [OP]
- Moderator
- Mar 23, 2004
- 47725 posts
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- Markham
Correct yes thats the one.Daijoubu wrote: ↑ Is it the Accel network?
http://www.accelnetwork.com/accel-atm-cash-locator.aspx
As per zenbanx-what-has-your-experience-been-l ... #p25250091