Anyone knows how to transfer CAD out of Canada?

Seriously… Canada doesn’t believe in wire transfers so all we have is “interac” (kinda like TWINT, but not as good) or a special kind of Canadian wire transfer that is used to pay bills but has been subverted by certain companies to act as a poor man’s domestic wire transfer.

When I tell IBKR I want to send them CAD (and convert it there), they just give me the address of their bank and an account number. However, that doesn’t match the three numbers that are required for Canadian payments on Transferwise (Institution, transit, and account numbers)

I can fund Transferwise with a bill payment transaction, but I can’t find out how to send it to IBKR.

Has anyone been in this situation? How did you get your CAD to IBKR?

This is a swiss only forum if you haven’t figured it out by now

I move CAD from Canada via Transferwise. Good rates, but high fees for transfers compared to a lot of other major currencies, albeit lower than bank wire fees. No idea how to transfer to Interactive Brokers as I’m not a client. You’ll probably have better luck on reddit or some Canadian finance site… this site is exclusively Swiss (and Polish, I think :laughing:)

I think it depends on the IBKR entity that manages your account.

As far as I remember (and seems to be indicated on their funding reference page), Bill Payment and EFTs are available to clients holding an account at IB’s Canadian entity only. Other account holders have to resort to SWIFT transfer to their account at RBC.

Last time I looked into this a while ago - as I’m having a Canadian bank account myself - I was unable to find any other way.

Maybe less so, in this case, as most (virtually all) users on the canadian finance are likely to hold accounts with IB CA, and as such will be unable to reproduce the issue - i.e., they will have other funding instructions available.

Exactly, my IBKR account is Swiss so I’m only getting their RBC SWIFT details which no Canadian bank can do. My idea was to use Transferwise (without converting, CAD in CAD out) because I was hoping they could do SWIFT, but it’s the same issue. If I find a way to get the CAD to IBKR then I can convert to CHF or USD for a much lower fee.

This is completely not true. My sister (today if you can believe) transferred on my behalf a largeish sum from my TD account to RBC’s IB account (to me as beneficiary to my Swiss account). I have done this before. Other means I use is Revolut direct from TD. Send CAD currency in both cases.

TD swift code: TDOMCATTTOR

They’ll be able to - but I don’t see it online. You’ll have to visit the branch and do it the old-fashioned way (even at my bank, being one of the big banks).

Just as people have tried and found out for IBKR’s CHF account at Citibank London (which can be reached as a Swiss domestic transfers), you could try to find out (guess and convert) the details,

Institution no: 003
Transit no: 09591
Account no.: 1034289

However, the problem with Transferwise will still be that - as far as I can see - you will be unable to enter a payment reference (your IBKR account number and name) on their side. So even if IBKR accepted an incoming payment from a third party (Transferwise), they won’t be going to credit it to your account, for lack of reference.

Why not “bite over” the forex fee of Revolut or Transferwise - and get it into CHF first to your Swiss account?
Then you can send straight to IB as usual.
Yes it’s a small loss (0.71% fees on Transferwise, 0.28% on Revolut - for 50000 CAD), but there doesn’t seem to be a super straightforward way for what you want.

How did you do it? In TD Easyweb? My other banks (Tangerine and Alterna) assured me this is absolutely impossible and the only way is to visit a branch and get a paper draft/bank cheque…

Tranferwise could in theory do it (you just put the reference along with the account holder’s name), but they dont accept numbers in this field.

Did you ever try loading your Revolut with a Canadian credit card? Is it billed as a cash advance or a regular transaction?

Because it’s a lot of money when IBKR can do it for very very little. I tried converting 1 million CHF in the paper trading account on IBKR and the commission was 20 CHF…

For my particular transfer, IBKR would take 60 times less fees than TW.

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My sister (living in Toronto) did it on my behalf as always. Sorry I did not realise you were trying to do online. I did not read properly. Do you have someone on that end who you could transfer funds to and have them execute on your behalf?

And no have not tried loading Revolut with credit card. My sis does that too.

Not easily. How much did they charge you for doing the payment? TD wants 30-80$ just to send a SWIFT transfer in CAD…

$25 wire service fee + $25 wire processing fee. I’ve been doing transfers via TD for years through Transferwise and more recently Revolut and total fees are always $50 with them.

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