Personal Finance

EQ now offers best international transfer?

  • Last Updated:
  • Jun 18th, 2020 6:42 am
[OP]
Banned
User avatar
Jul 17, 2008
11042 posts
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EQ now offers best international transfer?

EQ, through transferwise, seems to be offering the best rates for transferring money?

The rate is even better compared to doing it directly through transferwise.

I know about XE Money transfer and wanted to compare, but it seems I can't unless I create an account with them. Anyone has it and can do a comparison?

Any other companies that offers a better rate to send internationally?
25 replies
Newbie
Mar 7, 2011
70 posts
15 upvotes
I have very good experience with Remitly and skrill money transfer... skrill gives better exchange rate and both are free when you send more than 500$ I believe..
I see transferwise charges a fee for even sending 1000$, which many of the online money transfer sites are waiving...
Deal Addict
Aug 1, 2006
1667 posts
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Toronto
If it's a family member you'll be sending money regularly @titaniumtux recommends sending them a Stack Mastercard in your own name which you refill as needed, and they can withdraw money from local ATM machines. Or, a Koho Visa card if Mastercard is not accepted there, but there will be a 1.5% FX fee with Koho. If it's small sums of money Transferwise is good.

If it's large sums of money over 10K USD you should check out OFX and XE, I think they are similar and cheaper than Transferwise.
Member
Nov 12, 2009
225 posts
47 upvotes
EQ account not available in QC. Any other bank that is linked to TransferWise like EQ bank?

I send money via TW twice a month and looking to reduce the fees in any way possible.

Thanks,
Member
Jan 17, 2018
285 posts
206 upvotes
I tried transferwise through EQ. The problem was it took 5 days + to move the money. By using transferwise directly, in most cases I can do everything within a day, and once the money is in my transferwise account and I move it to local currency in another country, it is instant when you send it.
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Aug 1, 2006
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Handcake wrote: I tried transferwise through EQ. The problem was it took 5 days + to move the money. By using transferwise directly, in most cases I can do everything within a day, and once the money is in my transferwise account and I move it to local currency in another country, it is instant when you send it.
That's a huge difference. I found that by funding my transferwise borderless account from a different bank than EQ, the max loading fee was 5.50 if I chose the cheapest method, either direct debit or bill pay, which depended on how much I was funding. So it may not be worth it to save 5.50 or less if you are in a rush. I also got a notice that there will be no fee in future to send out money from Transferwise to a bank with same currency account. Last time I paid 1.49 USD I think when I sent USD from Transferwise to a USA account.
Member
Jan 17, 2018
285 posts
206 upvotes
Bull Dog wrote: That's a huge difference. I found that by funding my transferwise borderless account from a different bank than EQ, the max loading fee was 5.50 if I chose the cheapest method, either direct debit or bill pay, which depended on how much I was funding. So it may not be worth it to save 5.50 or less if you are in a rush. I also got a notice that there will be no fee in future to send out money from Transferwise to a bank with same currency account. Last time I paid 1.49 USD I think when I sent USD from Transferwise to a USA account.
With transferwise direct the other thing I like is if I move from say USD to USA account, the fee is the same if it is $1 or $10000. Makes it a waste to use for small amounts but VERY affordable for big amounts. Cheaper than the $50 or so regular banks charge (25 on each end) to wire money.

You are right, I paid something like $5 to have my debit card move the money. It was still less than $10 to move money from Canada to Asia and I did it all within an hour.
Deal Addict
Jan 21, 2018
4327 posts
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Vancouver
Bull Dog wrote: If it's a family member you'll be sending money regularly @titaniumtux recommends sending them a Stack Mastercard in your own name which you refill as needed, and they can withdraw money from local ATM machines.
That's an interesting idea. But the card has to be in your name unless the family member applies independently, right? And since you can only have one card in your name, it means you won't have the physical card in your possession.
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Aug 1, 2006
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Scote64 wrote: That's an interesting idea. But the card has to be in your name unless the family member applies independently, right? And since you can only have one card in your name, it means you won't have the physical card in your possession.
Yes, the card would be in your name, but that person you send it to could use it at an ATM and for shopping. There's also a virtual card that you could use at same time for online shopping. Some people were saying that if you only use Stack at ATM and to pay bills that they will close your account because they don't make any money on that. @titaniumtux maybe can comment on that since he's sent a card overseas.
[OP]
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Jul 17, 2008
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Bull Dog wrote: Yes, the card would be in your name, but that person you send it to could use it at an ATM and for shopping. There's also a virtual card that you could use at same time for online shopping. Some people were saying that if you only use Stack at ATM and to pay bills that they will close your account because they don't make any money on that. @titaniumtux maybe can comment on that since he's sent a card overseas.
BRIM is a better option if doing online shopping (or any transaction).

So Stack's purpose right now is literally just ATM withdrawal. Altough you could do the same with BRIM if you prepay and use the ATM in a foreign country? That's what I used to do with old Amazon VISA and their fee would be 1%.

And someone said Revolute is coming, which would make Stack obsolete, since they offer better exchange rates
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Aug 1, 2006
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Messerschmitt wrote: BRIM is a better option if doing online shopping (or any transaction).

So Stack's purpose right now is literally just ATM withdrawal. Altough you could do the same with BRIM if you prepay and use the ATM in a foreign country? That's what I used to do with old Amazon VISA and their fee would be 1%.

And someone said Revolute is coming, which would make Stack obsolete, since they offer better exchange rates
Brim is great for shopping overseas. I was suggesting to get Stack to send money overseas, since you wouldn't want to send someone your credit card. I'm not sure details about using Brim at foreign ATM if you prepay card, what fees would be involved. Revolut is complementary to Stack, since there's a CA$400/month ATM cash limit for Revolut unless you pay for premium, plus it's Visa whereas Stack is MC. Get both ! I personally drawer my Revolut now because I can't be bothered uploading my bank and credit card statements which they require if they freeze your account after you start using it for transfering money overseas. ( I had to go through that for a 1K USD transfer ) . I'll only use Revolut if I go on a trip, and I won't be relying on it, as a lot of people get frozen accounts or cards rejected by ATM when they're vulnerable in a foreign country.
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Aug 1, 2006
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Bull Dog wrote: That's a huge difference. I found that by funding my transferwise borderless account from a different bank than EQ, the max loading fee was 5.50 if I chose the cheapest method, either direct debit or bill pay, which depended on how much I was funding. So it may not be worth it to save 5.50 or less if you are in a rush. I also got a notice that there will be no fee in future to send out money from Transferwise to a bank with same currency account. Last time I paid 1.49 USD I think when I sent USD from Transferwise to a USA account.
I gave you guys false info. There's still that 1.49 fee for sending money out to a US account in USA. What I saw was the update info in Google play store for the app on my phone. There's a new feature where you click "Recipients" and find friends amongst your phone contacts who also use TransferWise and you can send money instantly to anyone with a balance open, if it's same currency it's free. ( same as peer to peer transfer in EQ bank and other FIs and Revolut )
Deal Guru
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May 8, 2009
14070 posts
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Bull Dog wrote: Yes, the card would be in your name, but that person you send it to could use it at an ATM and for shopping. There's also a virtual card that you could use at same time for online shopping. Some people were saying that if you only use Stack at ATM and to pay bills that they will close your account because they don't make any money on that. @titaniumtux maybe can comment on that since he's sent a card overseas.
oh i sent Koho cards in other people's names. train is dead since they upped KYC. next time i'll send supp Revolut cards under my name. for now doing transfers via crypto. more expensive than prepaids at atm, but still super convenient.
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Newbie
Dec 19, 2015
63 posts
31 upvotes
Toronto, ON
I used Transferwise last year to transfer money to my US account. I funded the transfer through EQ bill payment. Just recently, I did the transfer through EQ directly. Not only was the rate slightly better, but the money was delivered the next day. I'm personally quite happy with Transferwise.
Member
Mar 31, 2020
213 posts
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Toronto
Transferring via Transferwise's website also incurs a direct debit or debit card fee; this isn't the case when initiating a transfer via EQ Bank (which means you get more out of the transfer). I didn't find any delay with the couple of transfers that I have made using my EQ account.

Remitly (Economy) offers a sliiightly better rate.
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Aug 1, 2006
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titaniumtux wrote: oh i sent Koho cards in other people's names. train is dead since they upped KYC. next time i'll send supp Revolut cards under my name. for now doing transfers via crypto. more expensive than prepaids at atm, but still super convenient.
Wouldn't Stack still work if you sent a card and they had Mastercard support at the foreign country? You were using Koho because it's Visa and MC wasn't accepted. Revolut is not available officially yet, plus more of a pain when they freeze your account.
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Jul 15, 2009
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karthiks wrote: Transferring via Transferwise's website also incurs a direct debit or debit card fee; this isn't the case when initiating a transfer via EQ Bank (which means you get more out of the transfer). I didn't find any delay with the couple of transfers that I have made using my EQ account.

Remitly (Economy) offers a sliiightly better rate.
Remitly won't send to such obscure countries as USA, UK, Germany, France. Useless.
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Aug 1, 2006
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bubak wrote: Remitly won't send to such obscure countries as USA, UK, Germany, France. Useless.
Revolut is the cheapest for small amounts (<9000 per month) , if you got in as a beta tester, but you're going to have to waste time proving your funding sources if you use it a lot.

If you're sending to first world countries, I found that OFX or XE are better for larger amounts greater than 10K USD. For smaller amounts Skrill and Transferwise and World Remit are about the same.

If you're sending to third world countries, World Remit seems to have a bit better rate than Remitly.

Note: I've never used OFX,XE,Remitly or ,Skrill . It's just from online research.
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May 8, 2009
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Bull Dog wrote: Wouldn't Stack still work if you sent a card and they had Mastercard support at the foreign country? You were using Koho because it's Visa and MC wasn't accepted. Revolut is not available officially yet, plus more of a pain when they freeze your account.
ya destination requires visa. recent dp's of MC working on UK issued MC's, so we'll try Stack on the next trip. revolut should be fine, assuming they don't shut me down. i'll probably open bank accounts out there with joint users and link the main one to TW. Crypto's been convenient, cheaper than WU, but i rather something even more cost-effective.
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titaniumtux wrote: ya destination requires visa. recent dp's of MC working on UK issued MC's, so we'll try Stack on the next trip. revolut should be fine, assuming they don't shut me down. i'll probably open bank accounts out there with joint users and link the main one to TW. Crypto's been convenient, cheaper than WU, but i rather something even more cost-effective.
Good idea, less likely to have your account frozen by Revolut if destination bank account is in your name according to @rhw123

It's cheaper to transfer in larger amounts less frequently through ofx than to use transferwise but nothing can beat pricewise smaller amounts done more frequently through revolut.

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