EQ Bank Money Transfer Review
Exchange rates, Payment methods, How to, Transfer fees and much more.
EQ Bank Review
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.
History Of EQ Bank
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.
How Does EQ Bank Money Transfer Work?
Wise 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?
- Log into your account either using the browser or EQ Bank’s mobile app
- Click on the Transfers button. Choose “International Transfer”.
- Enter the details of your transfer, and confirm before submitting as it is not possible to cancel thereafter
- That’s it, your transfer is on its way.
EQ Bank Money Transfer Exchange Rates
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.
How Much I Can Transfer With EQ Bank?
Using Wise 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.
In order to send an international transfer with EQ Bank, you’ll need a Savings Plus account. EQ Bank actually uses Wise’s infrastructure to send their money transfers. However, the process is totally integrated into the EQ Bank website and app.
EQ Bank Transfer Fees
The fee for sending a transfer varies according to your destination and the amount sent. Here are some examples (rate checked 30 October 2020)
For sending $1000,00 CAD to India, the fee will be CAD $8.88
For sending CAD $1,000 to the Philippines, the fee will be CAD $9.74
For sending CAD $1,000 to the United States, the fee will be CAD $8.71
How To Open An Account With EQ Bank
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.
Other services that EQ bank offers are:
- GICs (Guaranteed Investment Certificates)
- Joint accounts
- Referral bonuses for any friends you refer who sign up
Is EQ Bank Secure?
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:
Best rates with RemitBee
Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.
Pros And Cons Of Using EQ Bank
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
Cons
Only available online
No branches to get face-to-face help
No chequing account
No debit card
How it works
How Does EQ Bank Make Money?
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.
This guarantee ensures that your transactions with RemitBee are risk-free, giving you peace of mind when sending money abroad.
Platforms where EQ Bank is available
What Countries Does EQ Bank Allow You To Send Money To?
Alternatives to EQ Bank money transfer
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.
How to contact EQ Bank?
Available 8 a.m. to midnight EST every day on the bank’s website
1-844-437-2265 or 1-416-551-3449 outside of North America
EQ Bank - Digital Banking, 30 St. Clair Avenue West, Suite 700, Toronto, ON M4V 3A1
Conclusion
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 RemitBee website.