Depositing funds from Canada

Please add your experiences below.

 

[Lozion]

Wealthsimple -- > Crypto --> Kinesis is a way for Canucks. Its
free to fund your account, then buy LTC/ BCH send to KMS and trade for KAU/KAG.

Here is a referal for anyone looking to join:

Wealthsimple | Smart investing

Wealthsimple is the smart way to invest, trade, save, spend and file your taxes. Do more with your money with our smart financial tools and expert advice.

my.wealthsimple.com

 

[Uchiki]

Several of the above posts suggest using Wise as an intermediary.
This no longer works.

International bank transfers are the fall back method for fiat.

If you have access to a crypto provider, then using a crypto supported by the Kinesis exchange can be an efficient deposit method. Take care with USDT and USDC as Kinesis only currently supports ERC20 deposits.
The above post by Lozion falls into the crypto deposit category.
If considering crypto deposits, the following post may also be of interest:

Which is the most cost effective crypto to deposit to exchange for KAU and KAG?

There are a few elements to consider the transaction fee to transfer in the specific crypto the spread for that crypto at the Kinesis Exchange the speed of deposit/volatility of the specific crypto the size of your transfer/trade The smaller the amount, the more important the transaction fee...

forum.kinesis.money

 

[caroldon]

I don't have crypto. Any other suggestions? I think my only option is to convert to US funds then do wire transfer as they & Wise will not transfer to anyone involved in Bitcoin.

 

[Maximus]

Yes, I wouldn't recommend sending in CAD as the liquidity in the Kinesis exchange pairs with CAD is not great. So USD is a better option.

 

[caroldon]

Thanks

 

[SteveW]

I don't have crypto. Any other suggestions? I think my only option is to convert to US funds then do wire transfer as they & Wise will not transfer to anyone involved in Bitcoin.

My bank, BMO, which offers both CAD and USD-denominated accounts has a feature called global money transfer, available online for a set $5. I have not yet tried this method. BTW I get a better forex rate at the currency exchange.

I understand most, if not all, of the big 5 offer this type of service.

 

[caroldon]

My bank, BMO, which offers both CAD and USD-denominated accounts has a feature called global money transfer, available online for a set $5. I have not yet tried this method. BTW I get a better forex rate at the currency exchange.

I understand most, if not all, of the big 5 offer this type of service.

Thanks I will check it out

 

[Dante Roman]

Hoping our big partnership can make it easier to Inject fiat into the system easier going forward

 

[SteveW]

My bank, BMO, which offers both CAD and USD-denominated accounts has a feature called global money transfer, available online for a set $5. I have not yet tried this method. BTW I get a better forex rate at the currency exchange.

I understand most, if not all, of the big 5 offer this type of service.

When I checked they convert CAD$ to the currency of the receiving country, no doubt with fees. Yuk.

 

[caroldon]

Thanks I will look into it. I exchanged $ to US through Knightsbridge & saved alot. Pd $45 for wire transfer

 

[Nunner]

My RBC bank allows an International money transfer up to $7500 Canadian per day which I convert to USD when transferring. The cost is $10. It usually takes about 2 business days to go thru to my minting account.

 

[caroldon]

Wow ok good to know thanks

 

[Lozion]

My RBC bank allows an International money transfer up to $7500 Canadian per day which I convert to USD when transferring. The cost is $10. It usually takes about 2 business days to go thru to my minting account.

How 's the FX rate?

 

[caroldon]

Not sure what fx is?

 

[Lozion]

Conversion rate from
$CAD to $USD..

 

[Nunner]

Today it would be 1.3735

 

[caroldon]

At the RBC?

 

[Nunner]

Yes that was the rate at RBC when I posted it.

 

[caroldon]

Thanks