Entrepreneurship & Small Business

Incoming Wire Transfer Fees

  • Last Updated:
  • Aug 19th, 2021 11:39 pm
[OP]
Newbie
Mar 17, 2021
6 posts

Incoming Wire Transfer Fees

Hi Folks,

I have a Scotia Connect business account and I have been receiving wire transfers from a customer in the US. Scotiabank is charging me $17 per wire which I found odd to be charged on the receiving end. they say this is very standard and almost all banks charge it.

Does that match up with the experience of others in the forum?

Thanks!
6 replies
Member
Mar 5, 2018
367 posts
169 upvotes
We have TD Small Business account, they usually charge 17.50$ US when we receive USD wire transfer.
Deal Fanatic
Jan 21, 2018
7540 posts
8112 upvotes
Vancouver
Wire transfers are an expensive and rather antiquated way of doing business, based on the days of transfer instructions being sent via teletype machines. Banks feel free to charge high traditional fees at both ends, and in the middle if there are intermediary banks involved.

For a business account, you can ask for a waiver of the fee for receiving a wire transfer, and if you are a good customer with an agreeable account manager at the bank, you may get it - at least for a while until your account manager moves on and someone puts the fee back in place.

There are many other international transfer services these days that compete with the overpriced wire transfer service offered by the banks. Shop around. What many bsinesses here have done is to open a true U.S.-based business bank account (e.g., BMO Harris), let your U.S. customers pay by direct deposit, and then find a free way to transfer from your U.S. account to your Canadian account.
Deal Fanatic
Dec 20, 2018
7215 posts
6397 upvotes
enigmapul wrote: Hi Folks,

I have a Scotia Connect business account and I have been receiving wire transfers from a customer in the US. Scotiabank is charging me $17 per wire which I found odd to be charged on the receiving end. they say this is very standard and almost all banks charge it.

Does that match up with the experience of others in the forum?

Thanks!
yup...there's fees to send and receive wire transfers (usually higher to send) based on my experience wiring money from different banks in different countries
Sr. Member
User avatar
Mar 27, 2011
881 posts
596 upvotes
Toronto
Perhaps you can consider the Wise business account?

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