How is Transferwise for USD=>CAD

Has anyone tried transferwise for large amounts? How was the service? One complaint I am reading online is that they close your account for no reason. Let me know if anyone was successful in transferring a large amount using transferwise. Thank You!

I love these third-party FX companies. They have a much better rate than big banks like TD. I have used Transferwise several times and have no issue, the amount is btw a couple of thousands to 10k+. Revolut is another platform that also provides great rates (sometimes better than Transferwise rate) so it’s worth considering.

Regarding the service, I have contacted Revolut customer service once to check my status of fund transfer. It’s easy to chat with them online. The representative was very helpful and answered my questions thoroughly. I’m satisfied with services of both companies.

Thanks @peterc4001 for providing details, How many days it took to transfer the money? did you inform your US bank that you are scheduling a money transfer (if it’s a larger amount)?

Usually, it’s received on the same day or on the second business day. Occasionally it took 3 business days to get it. I didn’t notify my bank in the US.

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Let me know if you or anybody needs referral link for transferwise (now called wise).
I like transferwise very much for many reasons…

I used Transferwise (Now called “Wise”) to TT $60,000 last month. Was quick, easy and considerably less expensive than the banks.

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Wouldn’t Norbert Gambit be better option for a large amount like this?

Yes, but then you still would need an active local $USD account to transfer the funds locally. Also, I was doing pounds sterling so Wise makes the local transfer easier. If you’re doing conversions regularly and in large amounts then Norbert’s Gambit would be less expensive.

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I transferred 100k USD using transferwise, no issues at all. Canadian bank contacted me afterwards asking for the source of the money.

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Did the Canadian or US bank charge incoming/ outgoing money transfer fees respectively, even with Transferwise / Wise? I’m assuming using Wise is the way to avoid those fees so that shouldn’t be the case right?

No… CA or US banks don’t charge fees… Wise is pretty straightforward and simple…
It shows you the fees it charge and currency exchange rate when you do it so its transparent.

You can use my link to register to wise and you will get no fees for first transfer upto a particular amount… Let me PM you that…

I did some comparison wise vs norbert gambit and based on my calculation, the difference wouldn’t be more than $2000-$2500considering you’re transferring $300k USD. With norbert gambit, you will have to get a brokerage account, buy, sell considering fluctuation in mind. So if you care about simple process, definite exchange rate and don’t mind losing few thousand bucks, wise/knightsbridge would be your best bet.

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You have to pay taxes also with norbert gambit with that profit with conversion because you are selling