Exchange rates, Payment methods, How to, Transfer fees and much more
Senders in Canada have many choices for international money transfers. So much so that it can be overwhelming to figure out which is best. If you are considering how to send money overseas to friends or family, there’s a lot you need to know.
One of the options you have is EQ Bank, an online banking platform that offers bank accounts and international money transfers. First though, you’ll need answers to some questions. Is EQ Bank a real bank? How much does it cost to send money with EQ Bank? If you’re considering money transfer providers, keep reading to find out everything you need to know about EQ Bank’s international money transfers.
In order to send an international transfer with EQ Bank, you’ll need a Savings Plus account. We detail how to open one below. EQ Bank actually uses Transferwise’s infrastructure to send their money transfers. However, the process is totally integrated into the EQ Bank website and app.
Using Transferwise through EQ Bank, you can transfer a maximum of $9,500 every 24 hours. This is also the maximum amount you can send in one transaction.
The fee for sending a transfer varies according to your destination and the amount sent. Here are some examples (rate checked 30 October 2020)
You can check the fee upfront by requesting a quote on the EQ Bank website.
Uses the “real” mid-market exchange rate that banks use
The cost of transferring can be up to 8 times cheaper than other banks
Quick transfers, with a quarter of all transactions happening instantly
EQ Bank accounts earn high interest
Only available online
No branches to get face-to-face help
No chequing account
No debit card
EQ Bank partnered with Transferwise in order to provide an international money transfer service. Since the two companies have integrated their systems, you can send directly from your EQ account.
Transferwise is a specialist global transfer company. It is unique in the way it works as it promises to use the real exchange rate on every transaction. It covers a wide network of countries worldwide and has earned the trust of many customers since it was founded in 2011. The company processes $5 billion in payments each month.
So, how do you send a transfer?
In all cases your recipient will have the money in 3 business days maximum. They do not need a Transferwise account as the transfer will go to the bank account you specified.
EQ Bank, through Transferwise, offers the real mid-market exchange rate, this is the rate banks use among themselves. Usually, this is the rate you’ll see when you search through a search engine. However, banks and other companies do not offer this rate to consumers. Transferwise is especially recommended for their transparency on this point.
EQ Bank makes money on deposits from customers. They use that money to loan to other customers and earn interest on the loans. Since it’s a digital-only bank, there’s no expensive operating costs, which means customers pay less. Transferwise, on the other hand, earns money from the fee on every international money transfer that it processes for EQ Bank.
You can bank with EQ Bank through your browser. Alternatively you can use the bank’s mobile app for iOS and Android. The Android app is rated only 3.5 stars out of 5, but the iOS version has excellent reviews at 4.6 out of 5.
Yes, EQ Bank is secure. It is a federally regulated institution. This means the money you deposit with EQ Bank is protected by the CDIC for amounts up to $100,000.
EQ Bank also offers the following to enhance the security of your account:
At present, EQ Bank’s International Money Transfer is available in 31 currencies. It is expected that this will increase in the future. See the bank's website for the most up to date list. Some of the popular countries covered include the Eurozone, the Philippines, Mexico, India, Pakistan, USA, and Brazil..
You can contact EQ Bank through the following methods:Online chat:
Available 8 a.m. to midnight EST every day on the bank’s websitePhone:
1-844-437-2265 or 1-416-551-3449 outside of North AmericaEmail:
EQ Bank - Digital Banking, 30 St. Clair Avenue West, Suite 700, Toronto, ON M4V 3A1
If you don’t feel comfortable using an online platform, there’s always the option to send an international money transfer using a traditional bank. While this may see like a secure trusted option, it can be inconvenient and expensive. In most cases you’ll need to go to a branch unless the bank offers transfers online. The fees are also high and oftentimes you won’t know the exchange rate you’re getting. Even when you are shown the exchange rate, it is not competitive.
Like EQ Bank, there are Canadian companies that have realised customers want more efficient digital services. If you’re comfortable with managing your money digitally, an online bank may be for you.
Other than EQ Bank, Simplii Financial is the main choice offering online accounts and global money transfers.
Another popular choice is a traditional money transfer company. They have locations in convenient places. Note however that this means, like banks, that they have expenses that they pass onto customers. In many cases your transfer with companies like Ria, Western Union or MoneyGram will be with your receiver in minutes. However you will pay high fees and not get a great exchange rate.
There are companies that specialise in international transfers like Remitbee. They operate online, just like EQ Bank. However, money transfers are their main area of business. This means they know the wants and needs of senders and receivers well. You can model your transfer on the Remitbee site before sending to find out exactly what the exchange rate and fee will be for your transaction.
There is a limit per transaction of CAD $9,500. In a 24 hour period, CAD $9,500 is also the maximum amount you can send using the service.
In many cases in as little as one business day. If not, three business days is the maximum.
You cannot cancel an EQ Bank transfer after you click submit. This is true even if the transaction is shown as “Pending”. Ensure all the details are correct before submitting your transfer.
Yes, simply connect the Transferwise account to your EQ Bank account when you are logged in.
Equitable Bank, a Schedule I bank, launched EQ Bank in 2016. The idea behind it was to give Canadians a choice of banking services that worked for them no matter where they were. Since there are no branches, the costs that are associated with other offline banks don’t exist. Equitable Bank has over 40 years of history and experience in dealing with clients’ money.
The Savings Plus Account is the prime jewel in the EQ Bank crown. It offers just about everything you need for everyday banking. The biggest draw, however, is the high interest you can earn with this account. At the time of this article, it was 1.50 percent. Some other reasons you may want to bank with them are no monthly fees, no minimum balance, free transactions, and the cheap money transfers.
To apply for an account, simply visit the EQ Bank website at www.eqbank.ca and fill out the application.
The basic requirements you must fulfill are: being a Canadian resident, of the age of majority in your province, and having a Social Insurance Number.
Verification is done through TransUnion, a credit check company. If EQ Bank cannot verify you this way, you’ll need to visit a Canada Post branch and present your identification. If you already bank with one of the major Canadian banks, you can also verify yourself by signing into your online banking.
EQ Bank can be a great option for those looking to earn high interest on their savings and send money abroad cheaply. While there are limitations to what you can do with the account, it is a good basic bank for those who don’t need much from their account. If you’re not convinced, check out some of the other bank and money transfer reviews on the Remitbee website.
Best exchange rates, one-day delivery, free transfers over 500$ and amazing customer support! Too good to be true? How about a sweet 15$ bonus towards your first transfer? Just give us a shot!