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Depositing funds from Canada
- Thread starter Uchiki
- Start date
Maximus
Active member
'On Ramps - (Country/ Region)
Perhaps the above could be a new thread.
For Canada I've copied from a new feature 'WISE' (Formerly TansferWise) has rolled out for the ubiquitous in Canada 'Interac' e-transfer. Perhaps a path Kinesis could emulate here.
They have set up a 'Interac payment request system...here is their help info:
"
You can use Interac e-Transfer Request Money to send Canadian dollars (CAD) to your Wise account and to fund your international transfers.
Guide to CAD transfers
Although the steps may vary from bank to bank, sending CAD with Interac e-Transfer is usually a fairly easy process.
You’ll just need to set up your transfer, and choose Interac e-Transfer Request Money as the preferred pay-in method. Then, follow these steps:
My Interac link has expired. What can I do?
The Interac link we sent you to request money expires after 24 hours. You can find your transfer in your activity feed and click on Choose how to pay. You will be able to select Interac again and send a new request.
How long does it take for my money to arrive?
The request we send you over email or text (if you shared your phone number when creating the request) usually takes a couple of minutes to arrive. This may take a bit longer depending on your network provider.
Once you approve the Interac e-Transfer request, it usually takes a few minutes to arrive. It may take longer depending on your bank.
Why is there a fee? I thought Interac was free.
Like every payment method, it's not free. Your bank usually lifts those fees for a limited amount of payments. Wise’s mission of transparency is to charge the real cost of the payments you use. The other side of Wise’s mission is to lower costs, including the ones you pay for Interac e-Transfers."
Perhaps the above could be a new thread.
For Canada I've copied from a new feature 'WISE' (Formerly TansferWise) has rolled out for the ubiquitous in Canada 'Interac' e-transfer. Perhaps a path Kinesis could emulate here.
They have set up a 'Interac payment request system...here is their help info:
"
You can use Interac e-Transfer Request Money to send Canadian dollars (CAD) to your Wise account and to fund your international transfers.
Guide to CAD transfers
Although the steps may vary from bank to bank, sending CAD with Interac e-Transfer is usually a fairly easy process.
You’ll just need to set up your transfer, and choose Interac e-Transfer Request Money as the preferred pay-in method. Then, follow these steps:
- Enter the email address that you usually use with Interac e-Transfers and confirm. You can also use your phone number.
- Wise will send you an Interac e-Transfer Request Money for the exact amount of your transfer, including fees.
- You’ll receive an email, or a text from Interac asking you to confirm that request.
- Go to your email and follow the instructions (the request may take a minute to appear):
- Log in to your bank's website or app
- Navigate to your Interac e-Transfer section
- Review the amount and transfer details
- Confirm the request
- You’re all done — wait for confirmation
My Interac link has expired. What can I do?
The Interac link we sent you to request money expires after 24 hours. You can find your transfer in your activity feed and click on Choose how to pay. You will be able to select Interac again and send a new request.
How long does it take for my money to arrive?
The request we send you over email or text (if you shared your phone number when creating the request) usually takes a couple of minutes to arrive. This may take a bit longer depending on your network provider.
Once you approve the Interac e-Transfer request, it usually takes a few minutes to arrive. It may take longer depending on your bank.
Why is there a fee? I thought Interac was free.
Like every payment method, it's not free. Your bank usually lifts those fees for a limited amount of payments. Wise’s mission of transparency is to charge the real cost of the payments you use. The other side of Wise’s mission is to lower costs, including the ones you pay for Interac e-Transfers."
Maximus
Active member
So can we get Kinesis set up as a payee? That would require some kind of Canadian entity I would imagine but how does it work adding WISE as a payee?
My Credit Union has Bill Payments. Under the Add Payee, I can search by name to find Wise or I can scroll through several hundred payees in Miscellaneous to find it.
I've just enquired about this. It seems that for the BC credit unions and possibly other CU's in Canada that the payments are processed through the Central1 credit union. It would seem that one would simply have to apply to Central1, be processed, and be accepted. Among the payees, I found Birks, Jim s Mowing, and several churches so it would seem to be fairly routine.
The banks I imagine have their own system.
"So can we get Kinesis set up as a payee?" That depends upon Kinesis.
Some Canadians have reported having some kind of global bank account. If you have a US account in Canada there might be methods to transfer into your Wise US account at a low cost to take advantage of the better KAU/USD liquidity.
I thought I could do it with BMO. I transferred funds to the BMO bank in Chicago (formerly Harris Bank before the takeover) at no cost. I can't move it by ACH from there since it is not under a US address.
I can transfer CAD to Wise by bill payment at no cost, so then I'm just looking at currency exchange costs. I guess you do much the same.
Kengan007
New member
Just did a transfer of 100 CAD from my canadian bank account ( Desjardins) to wise (cost 0.24 CAD), and then from wise to Kinesis (cost 1.09 CAD), and a good fx rate CAD-USD : 0.73303 (was on 03 Jan).
Total fees == 0.24+1.09 = 1.33 CAD. (-- 2%).
Did the same amount transfer (100 CAD) from CIBC Credit card, costs me around 4% of fees.
Surfdude23
New member
I linked my bank account in TD to Wise to do transfers to the Australian Kinesis branch, but the problem is then I have to somehow change the AUD to USD so I have to buy AG./AUD then sell it as AG/USD which creates a loss due to fees, just so I can get USD in to Kinesis. Does anyone know a better way to get USD into Kinesis? I tired sending via Wise to the Indonesian account but it wouldn't let me.
Can we make suggestions to someone at Kinesis that they set up an account in Canada and add themselves as a service that requires to be paid so we can add them as a bill payee in Canada easily through our banks' bill payment option, to allow us to easily fund our accounts.
Any help on how to fund an account by Canadians is appreciated.
Can we make suggestions to someone at Kinesis that they set up an account in Canada and add themselves as a service that requires to be paid so we can add them as a bill payee in Canada easily through our banks' bill payment option, to allow us to easily fund our accounts.
Any help on how to fund an account by Canadians is appreciated.
Sending to the Australian Kinesis account with WISE I have always sent as US funds after converting from CAD within WISE. From comments on the forum it seems that WISE will no longer send to Kinesis US or Australia. AFAIK you can still send IDR through WISE to Indonesia and upon receipt it is converted to USD. If this is the method you used and it failed please let us know.
I think that having Kinesis as a payee in Canada incurs the problem of the current low liquidity for CAD pairs. Considering the ease that Canadians have to set up US accounts and even set up US accounts in the US with Canadian banking subsidiaries that would be an easy path using PLAID or ZELLE from the US domiciled account.
We all have this problem working with this disruptive new kid on the block that all the legacy bullies want to kill.
I think that having Kinesis as a payee in Canada incurs the problem of the current low liquidity for CAD pairs. Considering the ease that Canadians have to set up US accounts and even set up US accounts in the US with Canadian banking subsidiaries that would be an easy path using PLAID or ZELLE from the US domiciled account.
We all have this problem working with this disruptive new kid on the block that all the legacy bullies want to kill.
Maximus
Active member
The way for example 'Shakepay' allows deposits from Canadian banks is by providing a general email address for all customers to send e-mail money transfers from any bank into their system, but each client unique ID is provided in the account instructions to include as the 'security answer' which once used can be reused. So a Kinesis user's HIN could be that unique ID to route funds to each individual account through one general Kinesis Canada 
receiving e-mail address if this 'Interac' system were to be used. I believe this only works with $CAD
receiving e-mail address if this 'Interac' system were to be used. I believe this only works with $CAD