International Money Transfer | EQ Bank | Discussion forum

The EQ website also says you can do so. One of the US Dollar Account FAQ is as follows: “What transactions can I make with my EQ Bank US Dollar Account?” Included as one of the options is: “You can also transfer funds between your EQ Bank US Dollar Account and a US dollar account held in the United States or another country, by utilizing our International Money Transfer service, powered by Wise.”

ACH is only used in the US. It is the closest equivalent to Interac in Canada.

mikehampel said
Thanks. I am trying to find out if the linked Wise account can receive US ach and then from that transfer it into eq bank. but I have to get a wise account first to find out...  

Yes, the Wise USD account can receive funds via ACH. If you want to transfer those funds to EQ, you would first need to convert the USD to CAD within Wise, then pull the funds into the EQ CAD account via EFT. Pulling does not incur any fees, there will likely be a release hold though. The Wise USD account is domiciled in the US, hence why it can send and accept ACH transfers.

mikehampel said
Thank you. Do you know if the new EQ USD account they offer can receive the ACH from wise directly in USD ?  

No, unfortunately not. The EQ USD is a bank account domiciled in Canada, whereas the Wise USD account is domiciled in another country, that being the USA. So it means you would have to send the USD funds as a wire transfer which may end up being cost prohibitive depending on how much you're sending. What other's have done is opened a US based bank account affiliated with one of the major Canadian banks. They then have USD deposited in the US bank and then transfer the funds to the Canadian affiliate, BMO US to BMO Canada,etc,.

Does the Wise account linked to EQ bank require the account details/country be exactly the same between the eq bank account and the wise account? Can you have say a European registered Wise account in the same name linked to your Canadian EQ bank account?

That sounds correct: The arrangement EQ Bank has with Wise Payments Canada Inc. is for uploading US$ from the EQ Bank US Dollar Account to one's US$ account with Wise Payments Canada Inc.

It also looks like Wise Payments Canada only provides access to the Payment Canada ACSS system to do inexpensive C$ transfers with C$ bank accounts in Canada. Wise Payments Canada does seem to provide access to the Payments Canada USBE system to do inexpensive US$ transfers with US$ bank accounts in Canada.

Norman1 said
…
It also looks like Wise Payments Canada only provides access to the Payment Canada ACSS system to do inexpensive C$ transfers with C$ bank accounts in Canada. Wise Payments Canada does seem to provide access to the Payments Canada USBE system to do inexpensive US$ transfers with US$ bank accounts in Canada. 

That last sentence should be "Wise Payments Canada does seem to not provide access to the Payments Canada USBE system to do that does inexpensive US$ transfers with US$ bank accounts in Canada. "

mikehampel said
How about Wise Payments ? Could a foreign wise account linked to eq bank account send USD$ to Eq bank usd$ account (or any other Canadian USD$ account)?  

To answer your question, no, to the best of my knowledge. You're now starting to get into wire transfers. Had a Revolut account while it was in beta, before they shut it down and exited Canada. Worked great sending free USD wires to a bank in Canada that would not charge a fee to receive it, providing it was USD $50.00, or less.