Personal Finance

Wire transfers International online

  • Last Updated:
  • Oct 31st, 2020 10:14 pm
[OP]
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Feb 4, 2015
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Canada, Eh!!

Wire transfers International online

Looking for online bank account that allows for international wire transfers.

HSBC seems to have this feature:

https://www.hsbc.ca/online-banking/wire-transfers/

Has anybody used and can comment on ease, speed, reliability, etc.

Or suggest another bank option.
Selling Viking 7 winters 225/65R17 on steel wheels. Fits some Subaru, Chevrolet, Dodge, Ford, Jeep, Lexus, Toyota.
https://forums.redflagdeals.com/17-viki ... s-2561775/
15 replies
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I think Scotia, CIBC, Simplii also provide international wire transfers through their online banking but I've never used them.

I recommend at least looking into third-party services like Transferwise and Remitly. Usually they are cheaper and faster and often use local transfers, avoiding unpredictable SWIFT fees on the receiving end.
[OP]
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Feb 4, 2015
8403 posts
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Canada, Eh!!
rhw123 wrote: I think Scotia, CIBC, Simplii also provide international wire transfers through their online banking but I've never used them.

I recommend at least looking into third-party services like Transferwise and Remitly. Usually they are cheaper and faster and often use local transfers, avoiding unpredictable SWIFT fees on the receiving end.
Rather stick with major bank or FI associated with a major bank.

This is for personal account not business. Also, want ability to send CAD to Foreign currency AND send from bank USD acct to Foreign bank USD acct.


Scotia online WT in different currency seems to be business accounts.
Scotia online WT from CAD account only for personal accounts so does not seem to allow USD to USD and only on app... prefer thru desktop browser.


CIBC seems to offer something like HSBC but not sure if can send USD to USD.

What CIBC bank accounts can I send money from? Select to show or hide answer
Sending money to the U.S.:

You can send money from your Canadian bank accounts and lines of credit.


Sending money to countries other than the U.S.:

You can send money from your Canadian and U.S. bank accounts and lines of credit.


By Canadian bank accounts they mean both CAD and USD accounts or CAD accounts only as they want to make money on exchange CAD to USD?


Simplii seems to only allow CAD then have to exchange:

1. Sign on to online or mobile banking and select Global Money Transfer

2. Choose the currency, country and person you want to send money to. Enter how much you want to send in Canadian dollars

3. Your recipient receives the funds in as little as 1 to 3 business days1
Selling Viking 7 winters 225/65R17 on steel wheels. Fits some Subaru, Chevrolet, Dodge, Ford, Jeep, Lexus, Toyota.
https://forums.redflagdeals.com/17-viki ... s-2561775/
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@georvu you'll have to compare all options and decide what works best for you...

Disclaimer most of these have a referral incentive! Do sign up using a referral but do not ask for one in thread! Thank you!

CIBC & Simplii GMT
  1. Simplii doesn't offer USD accounts, so that explains part of the fine print...the rest applies to both FI's
  2. GMT is a bank wire, where they MUST convert currency. CAD->USD at 2.5% spread, anything else at a murderous 4% spread. If you want to fund the GMT with USD, you can at CIBC, but they'll convert it to local currency and they prevent you from sending USD to the US using USD account as funding source (they want their 2.5% spread)
  3. No flat fee
  4. Pro Tip: Note that you can use GMT to fund TransferWise in USD (using funding source in CAD), then wire USD from TW to anywhere
  5. No flat fee, only spread. For small amounts, this can be cheaper than a traditional bank wire

EQ Bank & TransferWise
  1. EQ Bank is a real bank that uses TransferWise (TW) for money transfers
  2. Using EQ, you can transfer from CAD to local currency using TW. There's a higher spread but no flat fee if initiating the transfer via EQ Bank
  3. Recipient account receives domestic transfer unless you're using TW to transfer a different currency to a given country (example USD to Canada or Europe), in which case they send a wire

Knightsbridge
  1. 3rd party trader who can be funded in forex via wire, USD via wire or pre-auth (if USD is in a bank account in Canada) or CAD via pre-auth or bill pay. Most people bill pay using RBC or BMO, but you can get creative in funding them
  2. Spread starts at 0.5% on buying USD, or 1% on other supported currencies. Spread is negotiable but YMMV
  3. Recipient bank account receives a wire (KBFX doesn't charge a fee, but their middle-man takes $10/USD, 15€/EUR, etc.) unless sending USD to account in Canada via direct deposit (then you have the choice of wire [lose $10] or direct deposit)

InstaReM
  1. Fund only via e-transfer
  2. No flat fee, low spread. ~1.1% to USD, ~0.6% to EUR/GBP
  3. Limited list of developing countries, but Western countries are generally there

Remitly
  1. 1% spread even on exotic currencies, flat $4-5 fee, no surcharge if funding via VISA/MC debit. 1% surcharge if funded via CC (assuming this includes prepaids)
  2. Recipient receives direct deposit, to bank or mobile wallet (in select supported countries)
  3. Don't think you can send money to other Western countries

Word Remit
  1. similar to Remitly, but a very different fee structure
  2. Fund via e-transfer or VISA/MC (no surcharge for CC payment but unless it's a prepaid, it'll probably trigger cash advance)
  3. Spreads: to USD 1.94%; to GBP 2.1%; to EUR ~1%... anything else afaik a murderous 4%
  4. Cool thing is whenever you get the $30 referral voucher, you can send $30 including the fee, pay nothing, and receive whatever's left after fee and spread at recipient address, making it an easy way to cash out those vouchers
  5. Not yet tested sending EUR, but was able to add TW EUR account (will test that next)

Western Union
  1. similar to Remitly and World Remit
  2. Flat fee of $5-15 and spread of 3+%

I no longer use WU. I was using prepaids at ATM's until those Koho cards were closed due to increased KYC requirements (whelp), then switched to crypto but the spreads were too high so now I do crypto for small amounts and the rest via Remitly...for now.
Last edited by titaniumtux on Jul 30th, 2020 7:01 am, edited 2 times in total.
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[OP]
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Feb 4, 2015
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Canada, Eh!!
titaniumtux wrote: @georvu you'll have to compare all options and decide what works best for you...

Disclaimer most of these have a referral incentive! Do sign up using a referral but do not ask for one in thread! Thank you!
Thanks for great detailed post.
Selling Viking 7 winters 225/65R17 on steel wheels. Fits some Subaru, Chevrolet, Dodge, Ford, Jeep, Lexus, Toyota.
https://forums.redflagdeals.com/17-viki ... s-2561775/
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Awesome summary. Should become a thread. There's also OFX and XE. Is it only Knightsbridge that can be funded by bill pay?
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bubak wrote: Awesome summary. Should become a thread. There's also OFX and XE. Is it only Knightsbridge that can be funded by bill pay?
OFX can be funded via BP but their spread is higher. Haven't used XE yet for money transfers.
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Update. Added InstaReM.
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Any reason why to avoid HSBC Online International Swift transfers ?
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titaniumtux wrote: @georvu you'll have to compare all options and decide what works best for you...

Disclaimer most of these have a referral incentive! Do sign up using a referral but do not ask for one in thread! Thank you!

CIBC & Simplii GMT
  1. Simplii doesn't offer USD accounts, so that explains part of the fine print...the rest applies to both FI's
  2. GMT is a bank wire, where they MUST convert currency. CAD->USD at 2.5% spread, anything else at a murderous 4% spread. If you want to fund the GMT with USD, you can at CIBC, but they'll convert it to local currency and they prevent you from sending USD to the US using USD account as funding source (they want their 2.5% spread)
  3. No flat fee
  4. Pro Tip: Note that you can use GMT to fund TransferWise in USD (using funding source in CAD), then wire USD from TW to anywhere
  5. No flat fee, only spread. For small amounts, this can be cheaper than a traditional bank wire

EQ Bank & TransferWise
  1. EQ Bank is a real bank that uses TransferWise (TW) for money transfers
  2. Using EQ, you can transfer from CAD to local currency using TW. There's a higher spread but no flat fee if initiating the transfer via EQ Bank
  3. Recipient account receives domestic transfer unless you're using TW to transfer a different currency to a given country (example USD to Canada or Europe), in which case they send a wire

Knightsbridge
  1. 3rd party trader who can be funded in forex via wire, USD via wire or pre-auth (if USD is in a bank account in Canada) or CAD via pre-auth or bill pay. Most people bill pay using RBC or BMO, but you can get creative in funding them
  2. Spread starts at 0.5% on buying USD, or 1% on other supported currencies. Spread is negotiable but YMMV
  3. Recipient bank account receives a wire (KBFX doesn't charge a fee, but their middle-man takes $10/USD, 15€/EUR, etc.) unless sending USD to account in Canada via direct deposit (then you have the choice of wire [lose $10] or direct deposit)

InstaReM
  1. Fund only via e-transfer
  2. No flat fee, low spread. ~1.1% to USD, ~0.6% to EUR/GBP
  3. Limited list of developing countries, but Western countries are generally there

Remitly
  1. 1% spread even on exotic currencies, flat $4-5 fee, no surcharge if funding via VISA/MC debit. 1% surcharge if funded via CC (assuming this includes prepaids)
  2. Recipient receives direct deposit, to bank or mobile wallet (in select supported countries)
  3. Don't think you can send money to other Western countries

Word Remit
  1. similar to Remitly, but a very different fee structure
  2. Fund via e-transfer or VISA/MC (no surcharge for CC payment but unless it's a prepaid, it'll probably trigger cash advance)
  3. Spreads: to USD 1.94%; to GBP 2.1%; to EUR ~1%... anything else afaik a murderous 4%
  4. Cool thing is whenever you get the $30 referral voucher, you can send $30 including the fee, pay nothing, and receive whatever's left after fee and spread at recipient address, making it an easy way to cash out those vouchers
  5. Not yet tested sending EUR, but was able to add TW EUR account (will test that next)

Western Union
  1. similar to Remitly and World Remit
  2. Flat fee of $5-15 and spread of 3+%

I no longer use WU. I was using prepaids at ATM's until those Koho cards were closed due to increased KYC requirements (whelp), then switched to crypto but the spreads were too high so now I do crypto for small amounts and the rest via Remitly...for now.

Actually ,you have posted money transfer services.These days most banks have this feature ,online
But the OP was inquiring about Wire Transfers..which very few banks allow through online banking

(To add to money transfer service providers list,there are Xoom,Ria,XE.com ...and many more can be found here: https://www.compareremit.com )
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unodos wrote: Actually ,you have posted money transfer services.These days most banks have this feature ,online
But the OP was inquiring about Wire Transfers..which very few banks allow through online banking

(To add to money transfer service providers list,there are Xoom,Ria,XE.com ...and many more can be found here: https://www.compareremit.com )
I'm aware...in order to give OP exposure to a wider range of options.

But ya, the sky's the limit with the money transfer 3rd parties... couldn't list them all...
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titaniumtux wrote: Using EQ, you can transfer from CAD to local currency using TW. There's a higher spread but no flat fee if initiating the transfer via EQ Bank
Transferwise has a higher spread via EQ bank? Really? I don't think many people are aware of that. I thought Transferwise always quoted the same exchange rate for any payment method, plus an explicit fee for their services.
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Scote64 wrote: Transferwise has a higher spread via EQ bank? Really? I don't think many people are aware of that. I thought Transferwise always quoted the same exchange rate for any payment method, plus an explicit fee for their services.
Based on my calculations, TW embedded in EQ has higher spread, since they don't charge flat fees. Still cheaper than CIBC GMT, but it'd be wise to compare rates before triggering a transfer.
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I attempted to send a $100 wire transfer to Europe. Their fee was $40. THAT didn't happen. Scotiabank.
I'm glad that I finally found the button.......
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titaniumtux wrote: Based on my calculations, TW embedded in EQ has higher spread, since they don't charge flat fees. Still cheaper than CIBC GMT, but it'd be wise to compare rates before triggering a transfer.
I'm not seeing that:
Screen Shot 2020-10-31 at 2.22.17 PM.png
Screen Shot 2020-10-31 at 2.22.26 PM.png
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rhw123 wrote: I'm not seeing that:

Screen Shot 2020-10-31 at 2.22.17 PM.pngScreen Shot 2020-10-31 at 2.22.26 PM.png
Interesting. I'd have to check again then. Looks like what I thought was the case is inconclusive.

Thank you for the DP @rhw123
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