Entrepreneurship & Small Business

Tranfer USD between Canadian Banks

  • Last Updated:
  • Dec 9th, 2020 8:55 pm
[OP]
Newbie
Jun 18, 2018
90 posts
49 upvotes

Tranfer USD between Canadian Banks

Hi

What is the easiest way to transfer USD from one Canadian Bank to another? (under the assumption that on both ends there is an actual USD account)
I get the feeling that my options are either a Wire or USD draft. Is that correct?

Many thanks.
Thread Summary


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9 replies
Deal Addict
Jan 21, 2018
4121 posts
4208 upvotes
Vancouver
DoNotBan wrote: Hi

What is the easiest way to transfer USD from one Canadian Bank to another? (under the assumption that on both ends there is an actual USD account)
I get the feeling that my options are either a Wire or USD draft. Is that correct?

Many thanks.
You can set up direct US$ transfer links. I transfer US$ between Tangerine and BMO for my business accounts, and via Hubert for my personal accounts.
[OP]
Newbie
Jun 18, 2018
90 posts
49 upvotes
Scote64 wrote: You can set up direct US$ transfer links. I transfer US$ between Tangerine and BMO for my business accounts, and via Hubert for my personal accounts.
Hi

Thanks for the reply. My transfer needs to be from BMO eBusiness -> TD.
I am in my BMO account and a part from Interac (CAD only) and bill payments I don't see any other options. What is the "transfer link"?
Deal Addict
Jan 21, 2018
4121 posts
4208 upvotes
Vancouver
DoNotBan wrote: Hi

Thanks for the reply. My transfer needs to be from BMO eBusiness -> TD.
I am in my BMO account and a part from Interac (CAD only) and bill payments I don't see any other options. What is the "transfer link"?
The process to set up direct transfer links to your accounts at other banks is individual to each bank.

Some banks there is a form to fill out, sign, and submit by mail.

Other banks, especially online banks, you may only need to provide the account details and report the value of a small test transaction to verify the link.
Member
User avatar
Nov 23, 2014
484 posts
460 upvotes
Toronto, ON
i don't think you can wire out..directly from account.The best option is to make a USD draft and then deposit the draft into the other account
Cheapest option is to withdraw cash and deposit cash (USD bills)
Sr. Member
User avatar
Dec 20, 2017
648 posts
771 upvotes
Simplest would be EFT USD between accounts.

BMO online banking doesn't natively support EFT, so you'll need the OLBB package which is $20 monthly + associated EFT fees which is geared more for larger businesses.

You can take cash out if small and deposit it for immediate available funds.

USD Bank draft may be held up to 30 business days, so I would not recommend this route.
Deal Addict
Jan 21, 2018
4121 posts
4208 upvotes
Vancouver
Delight wrote: Simplest would be EFT USD between accounts.

BMO online banking doesn't natively support EFT, so you'll need the OLBB package which is $20 monthly + associated EFT fees which is geared more for larger businesses.

You can take cash out if small and deposit it for immediate available funds.

USD Bank draft may be held up to 30 business days, so I would not recommend this route.
That's a terrible way to do things.

Definitely bank draft if you need to do a transfer quickly and you have nothing set up. It costs a few dollars, but it's cheap enough.

If you are going to do this type of transfer often, set up an EFT link between the US$ accounts. Use Tangerine as a way-station if your bank won't do it (for business accounts, Hubert for personal).
Sr. Member
User avatar
Dec 20, 2017
648 posts
771 upvotes
Scote64 wrote: That's a terrible way to do things.

Definitely bank draft if you need to do a transfer quickly and you have nothing set up. It costs a few dollars, but it's cheap enough.

If you are going to do this type of transfer often, set up an EFT link between the US$ accounts. Use Tangerine as a way-station if your bank won't do it (for business accounts, Hubert for personal).
USD bank draft is cheap for one time transfers as long as you don't mind the hold period. Depending on your relationship with the other bank and amount being transferred, the banks have and can hold up to 30 business days (45 calendar days).

OP said he's with BMO and TD, neither of which natively support EFT sends without additional packages.
Jr. Member
User avatar
Jun 3, 2008
120 posts
120 upvotes
Newmarket
DoNotBan wrote: Hi

What is the easiest way to transfer USD from one Canadian Bank to another? (under the assumption that on both ends there is an actual USD account)
I get the feeling that my options are either a Wire or USD draft. Is that correct?

Many thanks.
One option that has worked for me. I have a TD and RBC USD account. I also have a Tangarine USD account.
I was able to link the two USD account and transfer from RBC->Tangarine->TD.
Only issue is this uses 2 of your 3 links to external accounts.
Deal Addict
Feb 25, 2007
1284 posts
745 upvotes
Ottawa
I have a corporate US (and C$) account at RBC, and a personal US account at HSBC. I have my personal account set up under "Pay employees and vendors" on the RBC site and it is able to do a no-conversion US->US transfer for a minimal ($0.85 each?) fee. I'm pretty sure it would work *to* a personal US account at any Canadian bank.

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