International Money Transfers

Send money abroad for less

We’ve partnered with TransferWise to make sending money abroad even cheaper. Up to 8× cheaper^‡—and fast and simple too—when you send it using TransferWise direct from your EQ Bank account. It’s just another way we’re making banking better.

What is TransferWise?

TransferWise is a money transfer platform that offers a cheap, fast way to send money around the world. And just like us, TransferWise believes in having nothing to hide.

That’s why we’ve integrated TransferWise into our online and mobile banking, so you can send money abroad at the real exchange rate, just like the one you see online. Full transparency. No surprises.

What you see is what you get

Check out the real exchange rate for yourself—that means no sneaky markups, because it’s only fair.

Get a quote for an international money transfer.

You Send:

CAD

Recipient Gets:

will be converted at a rate of —the real exchange rate
TransferWise will charge —that’s all it would cost!
The full amount you will send is —based on quoted rate

Ready to send money?

Why should I send money abroad with EQ Bank powered by TransferWise, and how does it really work?

For starters, it’s up to 8× cheaper^‡ than other banks. It also doesn’t take a lot of time, and it’s easy!

Let’s see how it really works.

I need to send money overseas; how do I know I’m not over-paying?

While other banks have a habit of sneaking in markups and extra charges, that’s not something you’ll have to worry about with us.

EQ Bank and TransferWise share the values of transparency and fairness, so here’s how we arrive at the TransferWise service charge versus estimated costs with the other guys:

EQ Bank Powered by TransferWise

Zero markups

You get the real exchange rate—zero markups
You pay once (and only once)

There’s just one clearly outlined small charge for sending a transfer.
Result

We’re up to 8× cheaper^‡.

Other Banks in Canada

You pay a hidden markup

The exchange rate you get is inflated—which means your hard-earned money is being put towards a fee you can’t be sure of.
You could pay again

You may be charged by your bank before the money leaves the country.
You could pay a third time

You may be charged again by the bank in the recipient’s destination country.
Result

The charges can pile up without the full transparency of knowing what you’re paying each time or where it’s coming from.

**Reality check:** this is how much you would have been charged with the others if you sent $500.00 CAD on December 4, 2019.
Cost¹ to send:	INR	USD	EUR
Recipient country	India	United States	France
EQ Bank²	$5.42	$5.46	$4.61
TD CanadaTrust³	$17.86	$33.30	$50.02
Scotiabank⁴	$18.87	$34.30	$49.52
BMO⁵	$18.11	$35.79	$47.02
CIBC⁶	$7.11	$13.85	$16.05
Simplii⁷	$7.11	$13.85	$16.05
RBC⁸	$29.83	$24.88	$28.46
¹ The sum of the exchange rate spread and any transaction fee(s). Service provider: ² TransferWise; ³ Global Money Transfers (using Western Union Money Transfer); ⁴ Western Union Money Transfers; ⁵ Western Union® Money Transfer™; ⁶ CIBC Global Money Transfer; ⁷ Simplii Financial™ Global Money Transfer; ⁸ International Money Transfer

Ready to stop over-paying? See today’s real exchange rate in action with our handy calculator at the top of the page.

How soon can they get their money?

Depending on the currency route, your money could get there instantly!

No matter where your money needs to go, your international money transfer should arrive in your recipient’s hands within 3 business days.

So whether you’re…

Sending money to loved ones back home
Are an expat with money to move between countries
Have a child studying abroad who needs financial support

…your international money transfer can get there in a hurry.

How easy is it to send the money from here to there?

Great news, you can send it in a snap!

Why is it so simple? Because this service is powered by TransferWise so you can send it from your EQ Bank account (convenient, right?)

All you have to do is open an EQ Bank Savings Plus Account, click on “Transfers,” and choose “Send International Transfer.” From there, you’ll be able to send your money in a few easy steps!

How much money can I send?

While daily limits can be very restrictive, with EQ Bank powered by TransferWise, you can transfer up to $9,500 every 24 hours. So whether you’re sending a gift or financial support, send more all at once for up to 8× cheaper^‡!

Is there any other benefit to sending money abroad with EQ Bank powered by TransferWise?

We’re glad you asked.

Not only is our service the cheap, fast way to send money around the world, but having an EQ Bank account also means earning 2.00%* until the moment you hit send (you didn’t forget about our high interest rate that isn’t a promo, did you?).

You’ll also get unlimited transactions, which is just another reason why the EQ Bank account gives you more.

2.00% interest*

Real talk

What if I already have a TransferWise account?

Not a problem! If you already have a TransferWise account, you can connect it to your EQ Bank account online or from within our mobile app—nice and simple.

What do you mean by “the real exchange rate”? Is the exchange rate really more expensive with another bank?

Yes, it really is. Other banks in Canada often overinflate fees and none of them give you the real exchange rate. Like EQ Bank, TransferWise likes to do things differently.

How many currencies do you support/where can I send an international money transfer?

We currently support 32 currencies but it's a growing list—we'll add more when they become available! To see which countries are included, you can click on the handy list below.

See which countries/regions we cover

^‡ Based on research conducted by an independent research company engaged by Equitable to compare exchange rates and transaction fees across TransferWise, Canada’s Big 5 Banks and Simplii Financial. Research considered comparable online global money transfer services and was conducted using the top five currencies remitted by Canadians (USD, INR, CNY, PHP, and EUR, as published by the World Bank) and typical transaction amounts ($100, $250, $500, $999 CAD). Research took place between November 25th, 2019 and November 27th, 2019. Promotions excluded.