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| Which Canadian do you most trust to do fast/cheap wire transfers? |
| CIBC |
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33% |
[ 1 ] |
| TD (Toronto Dominion) |
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66% |
[ 2 ] |
| Scotiabank |
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0% |
[ 0 ] |
| Royal Bank |
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0% |
[ 0 ] |
| Bank of Montreal |
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0% |
[ 0 ] |
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| Total Votes : 3 |
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| Author |
Message |
.res.ipsa.loquitor
Joined: 16 Oct 2008
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 Posted: Sun Feb 15, 2009 12:10 pm Post subject: Which Canadian bank does fastest/cheapest wire transfers? |
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This question has been asked before, but because bank fees are changing all the time, and Dave's search function is almost useless, I hope you will tolerate this question again. It's mainly for people with experience sending money from Korea to various Canadian financial institutions.
My teaching position begins on March 1st, and I'm trying to decide if I should open a bank account at one of the other "big five" Canadian banks before I leave. I am currently with CIBC, but I've heard that it is known to be one of the slowest in processing wire transfers and other international banking requests.
My question: of the five major Canadian Banks, which do you use, and how long do they take to process your transfers? Which would you recommend based on your overall satisfaction as a Canadian working abroad?
CIBC
Scotiabank
TD
Bank of Montreal
Royal Bank
If there are other options that people are using (online checking accounts, etc.) I would be happy to hear about them as well).
Thanks in advance!! |
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Ice Tea
Joined: 23 Nov 2008
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| Posted: Sun Feb 15, 2009 3:51 pm Post subject: |
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From Shinhan to Scotiabank takes 5 business days.
Shinhan hits me for a 18,000 won fee. Scotiabank hits me for another $10 when it arrives. |
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polonius
Joined: 05 Jun 2004
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| Posted: Sun Feb 15, 2009 4:19 pm Post subject: |
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| I have received my money in 2-3 business days. TD. They charge $10 on incoming, and the banks here charge various fees depending on how much you send. Generally no more than $20, and that is on the high end. |
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Chamchiman
Joined: 24 Apr 2006
Location: Digging the Grave
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| Posted: Sun Feb 15, 2009 4:34 pm Post subject: |
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| polonius wrote: |
| I have received my money in 2-3 business days. TD. They charge $10 on incoming, and the banks here charge various fees depending on how much you send. Generally no more than $20, and that is on the high end. |
Same.
One bank I've never heard reports on is Korea Exchange Bank of Canada. They have branches in Vancouver, so they probably have branches in other major cities as well. The fees on this end and that end might be cheaper because you could open an account here and send it to Canada while keeping the funds in the same financial institution. If you're really concerned about five bucks here, ten bucks there, it might be worth checking out. |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Sun Feb 15, 2009 5:39 pm Post subject: |
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I would suggest staying away from Royal Bank if you want cheap wire transfers. They charge you $15 for every transfer, which when you add the 8,000 Won fee on this end means you're paying about $25 in fees every time you send money home. It gets there quickly though, usually within one business day.
I once had an account with Toronto Dominion Bank and if I remember correctly they didn't charge anything as long as you paid a fee on the Korean end. That was a few years ago though, so things might have changed.
Not sure about the other big banks. |
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polonius
Joined: 05 Jun 2004
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| Posted: Sun Feb 15, 2009 7:28 pm Post subject: |
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| Big Mac wrote: |
I once had an account with Toronto Dominion Bank and if I remember correctly they didn't charge anything as long as you paid a fee on the Korean end. That was a few years ago though, so things might have changed.
Not sure about the other big banks. |
A few years back, they didn't charge. Now they do. $10 each transfer. |
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.res.ipsa.loquitor
Joined: 16 Oct 2008
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| Posted: Tue Feb 17, 2009 3:22 pm Post subject: |
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| Sounds like TD is the way to go! Thanks folks, I'll check into that! |
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