- 3 months: 1.50%
- 6 months: 1.45%
- 9 months: 1.40%
- 1 year 1.20%
- 15 months: 1.20%
- 2 years: 1.30%
- 27 months: 1.30%
- 3 years: 1.40%
- 4 years: 1.50%
- 5 years: 1.70%
- 6 years: 1.60%**
- 7 years: 1.70%**
- 10 years: 2.00%**
** EQ Bank GICs with a term greater than 5 years are not insured by CDIC until April 30, 2020.
Get more information about EQ Bank GICs*
How EQ Bank’s international money transfers, powered by TransferWise, work
To facilitate international money transfers for its clients, EQ Bank has partnered with TransferWise, a third-party money transfer platform. Everything is integrated, so you can easily create a TransferWise account through your EQ Bank online banking account or mobile app, provided you have an EQ Bank Savings Plus Account*. And you can check the status of your transfer on the International Transfer dashboard on the site or the app.
Even though EQ Bank works with a third party to process transfers, the bank is committed to low pricing and pricing transparency. You’re only charged once, and the exchange rate is calculated on what’s called the real exchange rate, which you can look up on a calculator on the EQ site. There is no markup or commission charged on this rate. Based on these factors, EQ Bank says, their international money transfers are up to ‘8 times cheaper than other banks’.
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).