Entrepreneurship & Small Business

Transferwise to CAD USD Account

  • Last Updated:
  • Jan 26th, 2022 9:28 am
Newbie
Apr 1, 2020
4 posts

Transferwise to CAD USD Account

Hi everyone,

I started a corporation earlier this year and have been browsing through these forums to learn the processes (Thanks to everyone).

I recently created a Basic USD Account with Scotiabank for my business. Up to this point I have been using Transferwise to receive funds from my clients. I didn't create a US domiciled account yet, just felt it was unnecessary paperwork before I determined if business is viable.

At this point I have approximately 7000USD in my Transferwise account and would like to deposit the funds into my Scotiabank USD account.

Should I be using the Local Bank Account feature and sending through ACH or should I be using SWIFT? If anyone has experience with this option.
- Hoping no foreign conversion
- Minimal banking fees.
9 replies
Sr. Member
Aug 16, 2020
919 posts
176 upvotes
Did you get answer?
I have similar question but for a personal account instead of business account..
Deal Addict
User avatar
Sep 19, 2005
3116 posts
2251 upvotes
Canadia
When you initiate a transfer, Wise will inform you of the fees and transfer time for each type of exchange. It will vary based on the dollar amount.

There will be no foreign conversion if you're going from an American USD account to a Canadian USD account. If you transfer from a USD to CAD account, you will see the exchange rate and fees in advance.

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Newbie
Apr 1, 2020
4 posts
I understand that just wondering if I should be using an ACH Transfer vs a Swift Transfer. I am lead to believe ACH is only for a bank physically operating in the US and I should be using Swift. But then again, I believe that business bank accounts can receive ACH payments in Canada...
Deal Fanatic
Jan 21, 2018
9652 posts
10924 upvotes
Vancouver
The above example showing payment via ACH is for the USD account that's the source of the funds. ACH is a U.S. system, so doesn't really apply in Canada, although you will sometimes see reference to iACH (international ACH). In Canada they normally use the term EFT (electronics funds transfer). In your case you should try it and see what options Transferwise offers when you want to transfer to USD to your Scotiabank account.
Member
Apr 20, 2011
422 posts
72 upvotes
Toronto
You should connect your bank account with wise and use that option. Its not called ACH, it calls interac transfer or something similar (can't recall exact name).
Deal Addict
User avatar
Sep 19, 2005
3116 posts
2251 upvotes
Canadia
ChunW32715 wrote: I understand that just wondering if I should be using an ACH Transfer vs a Swift Transfer. I am lead to believe ACH is only for a bank physically operating in the US and I should be using Swift. But then again, I believe that business bank accounts can receive ACH payments in Canada...
I have never had a problem using the "bank transfer (ACH)" option to send money to a $CAD account at TD Bank. I think the ACH is simply mentioned on the site because it's a term that Americans are familiar with. My funds typically arrive in under 24 hours (USD/CAD conversion, your mileage may vary for USD to USD xfers).
Jr. Member
May 5, 2011
100 posts
113 upvotes
Toronto
Did you find a way to send it? I would like to know as well. Right now, to send USD from Wise to USD account in Canada, it only lets me do a SWIFT transfer, with no option to enter intermediary bank details.
Banned
Mar 3, 2021
707 posts
360 upvotes
Hi...anybody know how to go about getting WISE to send 'stamped ownership document'?
Deal Fanatic
Jan 21, 2018
9652 posts
10924 upvotes
Vancouver
sffpcgtx wrote: Hi...anybody know how to go about getting WISE to send 'stamped ownership document'?
Why would Wise send you a "stamped ownership document"? If you are signing up for a new business account, maybe you have to send them a copy of your stamped certificate of incorporation?

BTW, I mentioned why Wise only supports Swift for transfers from a U.S. bank to a Canadian USD account in this post: eq-bank-usd-rfd-thread-2469729/3/#p35604401

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