BACS or CHAPS vs "bank transfer"

penners324

Do a domestic payment into a Wise Canadian Dollar account 

Brie

penners324 said:

Do a domestic payment into a Wise Canadian Dollar account 

as said previously - harder to set up and charges end up the same so no point really.

wmb194

Brie said:

penners324 said:

Do a domestic payment into a Wise Canadian Dollar account 

as said previously - harder to set up and charges end up the same so no point really.

Which Canadian bank are you using?

Brie

wmb194 said:

Which Canadian bank are you using?

TD - it's the only one I've got an account with.  I do have a Wise Canadian Dollar acct as well as the UK one but have yet to get a transfer set up with TD and now that I'm back in the UK won't be able to do so for some months yet.

wmb194

Brie said:

wmb194 said:

Which Canadian bank are you using?

TD - it's the only one I've got an account with.  I do have a Wise Canadian Dollar acct as well as the UK one but have yet to get a transfer set up with TD and now that I'm back in the UK won't be able to do so for some months yet.

I realise Canadian banks like to charge fees but I still don't understand why a domestic CAD to CAD transfer to the Wise CAD account is as expensive as you think e.g., with TD's 'everday chequing account' Interac should be free and it says 'transactions' - presumably domestic transfers - are either free or CAD1.25 each.

The CAD50 fee you mention sounds like the, "wire payment by visiting a branch fee": can you not do it online?



https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/every-day-chequing-account

https://www.tdcanadatrust.com/document/PDF/accounts/513796.pdf

Brie

wmb194 said:

Brie said:

wmb194 said:

Which Canadian bank are you using?

TD - it's the only one I've got an account with.  I do have a Wise Canadian Dollar acct as well as the UK one but have yet to get a transfer set up with TD and now that I'm back in the UK won't be able to do so for some months yet.

I realise Canadian banks like to charge fees but I still don't understand why a domestic CAD to CAD transfer to the Wise CAD account is as expensive as you think e.g., with TD's 'everday chequing account' Interac should be free and it says 'transactions' - presumably domestic transfers - are either free or CAD1.25 each.

The CAD50 fee you mention sounds like the, "wire payment by visiting a branch fee": can you not do it online?

https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/every-day-chequing-account

https://www.tdcanadatrust.com/document/PDF/accounts/513796.pdf

A transfer cannot be set up online to an unknown account which Wise is to TD.  So it has to be done in a branch which is impossible to do in the UK. I didn't get the chance to set something up when I was there - maybe once that's done in branch I could then go online to do a cheaper transfer. 

And the charge list you give is different to the one for the accounts I have where every withdrawal costs a minimum $5 - big, medium or small, in branch or by ATM.  Even transferring between TD accounts cost.  

Interestingly my brother who lives in Canada and banks with TD keeps suggesting that he transfer money by email.  I have no idea how that works but it's the method he uses to pay a lot of bills to various trades people.  He thinks it bizarre that after working in banking more years than is good for me I have never heard of this being done.  I keep reminding him we live on different continents.

robatwork

TimSynths said:

Before you use Wise look at Atlantic Money- might save you a lot on fees.

Sending money abroad, finally done right. | Atlantic Money

Are you a happy customer, as this post is a bit....shilly. Here is a live comparison as of today for Euro:

WISE



ATLANTIC



10x cheaper? I'd rather go with someone I've used 100s of times ie. Wise than risk my money for less than 2 Euro. 

Anyone using Atlantic regularly?

100 reviews on trustpilot as against 195,600. These companies live or die on trust as your money isn't guaranteed safe after it's left your account. 

wmb194

Brie said:

wmb194 said:

Brie said:

wmb194 said:

Which Canadian bank are you using?

TD - it's the only one I've got an account with.  I do have a Wise Canadian Dollar acct as well as the UK one but have yet to get a transfer set up with TD and now that I'm back in the UK won't be able to do so for some months yet.

I realise Canadian banks like to charge fees but I still don't understand why a domestic CAD to CAD transfer to the Wise CAD account is as expensive as you think e.g., with TD's 'everday chequing account' Interac should be free and it says 'transactions' - presumably domestic transfers - are either free or CAD1.25 each.

The CAD50 fee you mention sounds like the, "wire payment by visiting a branch fee": can you not do it online?

https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/every-day-chequing-account

https://www.tdcanadatrust.com/document/PDF/accounts/513796.pdf

A transfer cannot be set up online to an unknown account which Wise is to TD.  So it has to be done in a branch which is impossible to do in the UK. I didn't get the chance to set something up when I was there - maybe once that's done in branch I could then go online to do a cheaper transfer. 

And the charge list you give is different to the one for the accounts I have where every withdrawal costs a minimum $5 - big, medium or small, in branch or by ATM.  Even transferring between TD accounts cost.  

Interestingly my brother who lives in Canada and banks with TD keeps suggesting that he transfer money by email.  I have no idea how that works but it's the method he uses to pay a lot of bills to various trades people.  He thinks it bizarre that after working in banking more years than is good for me I have never heard of this being done.  I keep reminding him we live on different continents.

If you go into the Wise app and click on your CAD account number you'll see that you're not sending it to Wise but rather to institution 621 transit number 16001 which is Peoples Trust Company. Have a look to see whether you can set up a payment to this institution online.

I think your brother is referring to Interac, which Wise says it will accept.

Brie

@wmb194
Thanks - that's very helpful.