There are some restrictions. Currently, you can send a maximum of $9,500 (CAD) per transaction every 24 hours, to your choice of 70 countries and regions in 32 currencies.
What you need to know about signing up for an EQ Bank account
If EQ Bank’s high-interest savings account, GICs and international money transfers are tempting you, read on to find out what the requirements are to sign up for an account, as well as the process, which is quite straightforward.
Opening a Savings Plus Account* at EQ Bank is fairly simple; however, in order to sign up, you need to be a Canadian resident, be of the age of majority where you live, and have a Social Insurance Number (SIN). Unfortunately, Quebec residents aren’t able to bank with EQ Bank.
You will also need government-issued photo ID, and if that piece of ID doesn’t list your current address, you will have to provide a proof of address document, such as a recent utility bill or your most recent income tax assessment (a full list of options is posted on the EQ Bank site).
In addition, the account you plan to link to your EQ Bank account must be with an approved financial institution. Those include the Big Six Canadian banks, as well as several others, such as Tangerine, Laurentian and Vancity credit union. A full list of approved banks is available in the FAQ section of the EQ Bank site.
The first step when applying to open an EQ Bank account is to visit their website to start the process. Make sure you have your Social Insurance Number ready; it’s required information for anyone opening a bank account that earns interest.
To verify your identity, they will perform a soft credit check, which won’t affect your credit rating. If they’re not able to confirm your identity that way, then you’ll need to visit a Canada Post outlet to verify your ID. When you do so, you’ll be asked to show a piece of government-issued photo ID. If that ID doesn’t list your current address, you will also have to show a proof of address document as well as what’s known as a Canada Post DSS number, which will be emailed to you.
While EQ Bank’s phone lines are currently down because of the COVID-19 pandemic, if you have questions or need help with the process, you can chat with the bank’s personnel online.