Thanks, that is really good info. I am with RBC and for international wires under 3000.00 they charge me 15.00 usd to send the monies, over 3000.00 it is 20.00. For the monies I send to carriers in Canada I set them up as a vendor and it is .85 cents to transfer. The only nice thing about bank fees is that they are an expense come tax time.Here's what my bank (Caisse) said when I asked:
CAD to Canada : $9.53
CAD to other countries: $15.17
USD to US: $12.36 USD
USD to Canada or other countries: $15.17 USD
Other currencies: $10.17 CAD
Service charges for:
Wires within Canada: $15.00,
To US: $25.00
I also deal with Scotia and waiting for a reply from them.
And that is why we still send cheques in 21 days...
If we can get the costs to .50 like some other posters have said, we're on it like flies on ****
I forgot to mention that we do a lot of E-Transfers and banks charge us $1.00 per but they are not as secure as EFT.Thanks, that is really good info. I am with RBC and for international wires under 3000.00 they charge me 15.00 usd to send the monies, over 3000.00 it is 20.00. For the monies I send to carriers in Canada I set them up as a vendor and it is .85 cents to transfer. The only nice thing about bank fees is that they are an expense come tax time.
Still have a cheque in the mail since end of August and still waiting........crazy......Why do they insist on cheques?
Simple ... time is money.
It takes on average 5 days for a cheque to go through the mail. The broker gets to use that money for an extra 5 days.
Thanks I just emailed our local Scotia bank to see what they can offer. The only good thing about bank fees is you can write them as an expense. ....ScotiaBank just came back with a deal we just couldn't pass up...
Absolutely no monthly charges for either CDN or USD EFT
EFT to anywhere in Canada, CDN and USD - $1.00 per transaction
Wire transfers to a US bank - $5.00 per transaction
The amount of time we wasted writing cheques, envelopes, paper, stamps, etc (shakes head)
We are on our 3rd week and no glitches yet. Carriers are happy
How long does it take to write cheques, run to the mail, paper, evelope, stamps, etc?I fully agree electronic payments is the way to go, however we just haven't found an effective way to implement it. We do offer EFT to 'preferred carriers' but it takes between 5-10 minutes per transaction for me to process. I can't imagine the time and margin of error if i had hundreds to do in one sitting. Can someone explain the step by step that would actually make it an effective tool? It is the main reason I can't work from home now.
I'm checking them out right now, thanks!Check out TELPAY www.telpay.ca. We receive payments from numerous clients as well as using their services for EFT payments. Cost is $0.50 per payment; takes seconds to process one. So far, we have not found any other EFT payment processor that as cost effective and practically does not take time.
Telpay provides the software. Once populated with Billers bank info it's only a matter of few clicks and amount entry to process each EFT payment (it takes me longer to pull out my cheque book from the drawer).