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Transfer money to Canada

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  • 15-08-2023 9:38am
    #1
    mr j tayto
    Registered Users Posts: 168 ✭✭


    Hi there, I'm trying to transfer money from my acc to a friend's Canadian bank account but I believe that the banks there don't use Ivan's or bics? I was just going to add them to international payees but now im not sure if that's possible without IBAN and bic

    Can you advise on the correct procedure to make an online transfer safely.

    Thank you.



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    #2
    mr j tayto
    Registered Users Posts: 168 ✭✭mr j tayto


    Iban's not Ivan's!!! It's Canada I want to transfer money to, not Russia!!!!



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    #3
    Bank of Ireland Reps
    Closed Accounts Posts: 1,293 ✭✭✭Bank of Ireland Reps


    https://www.boards.ie/discussion/2058309358/transfer-money-to-canada

    Hi there, Thanks for getting in touch with us.

    Canada do not have IBAN's for their accounts. When transferring funds on the App to Canada you will need their BIC, this is the SWIFT address assigned to the payees bank And you will need their National sort code, this is the code used to identify your payee's bank.

    The person you are sending the funds to should be able to provide you these details.

    Hoping this helps, Sarah



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    #4
    mr j tayto
    Registered Users Posts: 168 ✭✭mr j tayto


    Thanks for your reply Sarah.

    So once I get their SWIFT details and their National Code, I can add them to international payees and transfer the funds? Is that correct.

    Finally, how long does it take for the funds to land in their account and approximately what charges are incurred on the transaction?


    Many thanks.



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    #5
    username2013
    Registered Users Posts: 177 ✭✭username2013


    I've used Currency Fair for this in the past. Much cheaper than bank charges. Basically you set up an account with Currency Fair, then add your irish bank details and the account you want to send it to. (canadian account). You then do the transfer to currency fair and they transfer it to the Canadian account. Very easy to use.



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    #6
    thebourke
    Registered Users Posts: 1,317 ✭✭✭thebourke


    why dont use the revolut app?

    I use it when i need to send money to my sisters in australia



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    #7
    Bank of Ireland Reps
    Closed Accounts Posts: 1,293 ✭✭✭Bank of Ireland Reps


    https://www.boards.ie/discussion/comment/120980315#Comment_120980315

    Yes, once you have these details you can complete the transfer on your App.

    It can take up to 10 business days for the funds to arrive with the receiving bank. The minimum charge is €12.50 and a maximum of €50. These charges are applied as the transfer will be completed in Canadian Dollars.

    Thanks, Sarah



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    #8
    FishOnABike
    Registered Users Posts: 4,469 ✭✭✭FishOnABike


    https://www.revolut.com/en-IE/money-transfer/send-money-to-canada/

    Revolut transfers to a Canadian bank account usually occur within the same day and fees are less as you can send CAD$ there's no international / foreign currency fees (sending bank + receiving bank).

    I've used it for sterling and Canadian dollar transfers and fees are less than 1 euro vs over 20 euro if I sent the same money from my Irish bank account instead of by Revolut.



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    #9
    mr j tayto
    Registered Users Posts: 168 ✭✭mr j tayto


    Thanks for all the replies lads. I didn't think Revolut was operating on Canada anymore. I'll look into Currency fair and someone else suggested Wise?

    I'll check them all out and make a decision on which one I'll use. Thanks again for all your input.



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    #10
    sprucemoose
    Registered Users Posts: 2,240 ✭✭✭sprucemoose


    https://www.boards.ie/discussion/comment/120982790#Comment_120982790

    it isnt but you can still use it for this, i use it occasionally if im transferring between my irish and canadian accounts



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