EQ Bank review 2021 | MoneySense

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You can also do the reverse—transfer any money you need out from your EQ Bank account to your linked account.

Aside from serving as a high interest savings account, EQ’s Savings Plus Account effectively acts as a conduit account and all transfers within EQ Bank or to other banks can be done through the Savings Plus Account. For example, if you want to contribute $5,000 from another bank to your EQ Bank TFSA Savings Account, you can transfer the money to your EQ Savings Plus Account then do an internal transfer to the TFSA Savings Account.

If you hold an RRSP or TFSA GIC with EQ Banks, once the GIC reaches maturity, your money will be deposited in either EQ’s RSP Savings Account or TFSA Savings Account respectively. This is to ensure your contribution room isn’t affected once your GIC reaches maturity.

How do international money transfers work? 

To facilitate international money transfers for its clients, EQ Bank has partnered with Wise, a third-party money transfer platform. Everything is integrated, so you can easily create a Wise account through your EQ Bank online banking account or mobile app, provided you have an EQ Bank Savings Plus Account*. And you can check the status of your transfer on the International Transfer dashboard on the site or the app.

Even though EQ Bank works with a third party to process transfers, the bank is committed to low pricing and pricing transparency. You’re only charged once, and the exchange rate is calculated on what’s called the real exchange rate, which you can look up on a calculator on the EQ site. There is no markup or commission charged on this rate. Based on these factors, EQ Bank says, their international money transfers are up to “8 times cheaper than other banks.”

There are some restrictions. Currently, you can send a maximum of $9,500 (CAD) per transaction every 24 hours, to your choice of 70 countries and regions in 32 currencies.

How do you set up an EQ Bank account?

If EQ Bank’s high-interest savings account, GICs and international money transfers are tempting you, read on to find out what the requirements are to sign up for an account, as well as the process, which is quite straightforward. 

Sign-up requirements

Opening a Savings Plus Account* at EQ Bank is fairly simple; however, in order to sign up, you need to be a Canadian resident, be of the age of majority where you live, and have a Social Insurance Number (SIN). Unfortunately, Quebec residents aren’t able to bank with EQ Bank.