A question about multinational e-transfer
May 25, 2020 10:01 AM   Subscribe

I'll try to keep it short and simple - e-transfer from UK to USA for Canadian (more below)

I am a Canadian with Canadian and US bank accounts. I have frequently used e-transfer within Canada (paying and receiving) but have never done it internationally. I want to receive an e-transfer from the UK to my US account in a US bank. If e-transfers are based on emails, how do I direct the e-transfer from the UK to my US account rather than my Canadian account? And are there any fees involved? Thanks in advance.
posted by Joan Rivers of Babylon to Work & Money (6 answers total)
 
Are both banks actually part of the iterac network? Because that seems to be a Canadian thing? If not when I last transferred funds to an US bank account I needed the recipient‘s iban. That should be available somewhere in your US bank‘s online banking account information. I used that to initiate an international transfer from my online banking platform, no emails were involved.
posted by koahiatamadl at 10:15 AM on May 25 [1 favorite]


Etransfer/Interac is a Canadian system, it doesn’t exist internationally.
posted by mekily at 10:18 AM on May 25 [1 favorite]


You'll need a foreign exchange provider. When I used to pay a Canadian mortgage with pounds, I used Custom House, who were eventually acquired by Western Union.

The process is basically:
You set up a transaction on their forex site. That transaction will show you what your exchange rate is, what the fees are (if they aren't hidden in the rate), and when you can expect your funds to arrive.
You then transfer the funds to the forex provider, and they transfer them to your other account by the date specified in the transaction.
posted by Kreiger at 10:46 AM on May 25


If I understand correctly, the fact that you have a Canadian bank account is not relevant. In any case, as others have said, you will get blank looks if you mention e-transfer in the UK.

Can you use TransferWise? That’s the easiest way to do this. I use it in both directions (US to UK) quite regularly. You just give them a debit card at the sending end and bank account number and routing/sort code at the other end. It avoids IBAN, SWIFT, and all that other stuff. Apart from the prehistoric US banking system adding a few days to the process, it’s by far the simplest, quickest and cheapest way to move the money.
posted by caek at 10:58 AM on May 25 [6 favorites]


You can't do what it is that you want the way you want. Use TransferWise or a similar service; alternatively ask your UK bank how to process an EFT to the US.
posted by DarlingBri at 11:14 AM on May 25


There is Transferwise, OFX (depending on the amount you send, one or the other may end up cheaper), or you can ask your bank how to send a wire payment (but this usually has fees on both ends).
posted by jeather at 5:38 PM on May 25


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