Personal Finance

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

  • Last Updated:
  • Jan 1st, 2020 7:54 pm
[OP]
Deal Expert
Jan 7, 2002
20718 posts
14553 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
12 replies
Deal Guru
User avatar
May 8, 2009
13463 posts
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Leask
but all central1 + Tang allow bill pay to TW.
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[OP]
Deal Expert
Jan 7, 2002
20718 posts
14553 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
Sr. Member
Mar 7, 2008
586 posts
150 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.
Newbie
Nov 9, 2019
3 posts
1 upvote
It's through Bill Pay with Tangerine, BMO, NBC, etc which means you then have to log into Transferwise and then send the money....But through EQ Bank's new service you can make the international money transfer directly through their platform and receive the Transferwise rate right then and there. Faster and easier than the aforementioned banks via bill pay. I mean you can do the bill pay method if you like wasting time lol.
Deal Fanatic
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Aug 29, 2012
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Isn't bill pay now useless and for that, they require you to first feed your borderless bank account with money, at which point they take a big cut?

It seems the best option for lowest fees is by pre authorized payment.

I don't use it with my main bank account, I use it with a dummy one that is used almost only for this purpose.

You have to login through the app in your bank account, which might be against the bank's TOS. But if there's nothing in the bank account and it's linked to nowhere, there is nothing to lose.
Sr. Member
Feb 4, 2019
898 posts
1339 upvotes
BC
TW charges a higher fee when using bill payment
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Screen Shot 2019-12-12 at 5.39.54 PM.png
Deal Addict
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Mar 30, 2004
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EQ Bank as of last week now employs the TransferWise API in their online banking, so you can send transfers directly that way without incurring TransferWise's direct debit or bill pay fees. Saves a few bucks, not significant, but we're all penny pinchers here anyways.
Sr. Member
Feb 4, 2019
898 posts
1339 upvotes
BC
CorSter wrote: EQ Bank as of last week now employs the TransferWise API in their online banking, so you can send transfers directly that way without incurring TransferWise's direct debit or bill pay fees. Saves a few bucks, not significant, but we're all penny pinchers here anyways.
Nice. I suppose it's faster too this way. I have a German bank account with N26 and their app integrates with TW as well.
Sr. Member
Oct 8, 2006
553 posts
339 upvotes
Okanagan Valley
CorSter wrote: EQ Bank as of last week now employs the TransferWise API in their online banking, so you can send transfers directly that way without incurring TransferWise's direct debit or bill pay fees. Saves a few bucks, not significant, but we're all penny pinchers here anyways.
Used Transferwise with EQ account and was very impressed....requested transfer last Sunday about noon and it was in my Mexican Bank Account in pesos by 3:00pm on Monday....great rate.

In addition, if you get a referral from somebody and use that link to set up Transferwise account , the first[/u] transfer you do up to equivalent of approx $850 is free. You can also refer other people and you will get $75 if 3 of your referrals sign up and send money.

I did note that to get your initial free transfer, you need to access Transferwise directly using the link and then have direct debit charged to your EQ account. If you don't care, using Transferwise through your EQ account direct is almost seamless once you have set up your transferwise account.
Newbie
Dec 19, 2015
51 posts
21 upvotes
Toronto, ON
Earlier this week, I signed up for TW through an invite and transferred some money to my US bank account using EQ via a bill payment. It took a total of 3 days. Just now, I signed up for international money transfers through EQ (via TW) and the bill payment fee is not charged. The exchange rate was slightly better at EQ but the TW fee was slightly higher (i.e. pennies). Fortunately, the discount from the invite covered the bill payment fee and some of the TW fee for the first transfer. Signing up via EQ when you already have a TW account allows you to link your TW and EQ accounts together so that you can access your payee list from TW. Great service. I have another reason to keep my EQ bank account around.
Deal Addict
Jul 23, 2002
4343 posts
877 upvotes
rhw123 wrote: Nice. I suppose it's faster too this way. I have a German bank account with N26 and their app integrates with TW as well.
Yeah; I was happy with TW last year sending money to Hong Kong but EQ integration makes it almost seamless as it saves a couple days of transferring money to TW first (to reduce the debit fee). And the total fee charged this year was slightly less too, even though I sent a bit more CAD.

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