Wire Transfers, US funds to Canadian bank accounts,

Taxi298

Newbie member
Joined
Dec 27, 2009
Location
Atlantic Canada
Hello all, I haven't posted here before; (long time lurker) so bear with me if I'm in the wrong forum or going about this in the wrong way.:confused:

I recently made my second or third deposit ($100) with an RTG casino, not accredited here, they will remain nameless for now, but they have much positive feedback in the forums. I used a bonus promotion, made playthrough requirements and with a few lucky hits got my balance up to about $2000 US

I recently made a withdrawal request by wire transfer. The routing for wire transfer of US funds into Canadian accounts typically takes several intermediary steps; ie; a correspondent US bank to a correspondent Canadian bank, to the beneficiary bank for deposit into the customer's account.

I have never had problems with this routing, it is a standard, Canadian practice for effecting US wire transfers. I have done this 4 times over the past few years with never a problem. This particular RTG casino, who shall remain nameless for now, is insisting that I give wire instructions for a one step transfer with no intermediary steps. This seems impossible for routing US funds into a Can. account. I talked to reps. from 4 of the 5 largest banks in Canada and they describe an identical process for this intermediary routing of US funds.

I suggested they simply send me a check, but they said they don't operate with checks, even though their website withdrawal page lists it as a withdrawal option for all countries within 15 business days.

Question - Has any other Canadian player had similar problems doing a US wire transfer?
Do any Canadian players know if it is even possible to internationally wire US funds directly into a Canadian account? If so, how do you go about this?
Any advice as to how I might resolve this?

Thank You, and Good Luck to all, Taxi298
 

Jasminebed

Game old gal
Joined
Mar 13, 2008
Location
Ontario
I have received US funds wired directly to my account. I've found that I usually fare better to withdraw to Moneybookers, let them handle the foreign exchange conversion and have funds wired to my account in CAD. Moneybookers will also send you a check if you want to avoid the incoming wire fee that is charged by your bank.
 

Taxi298

Newbie member
Joined
Dec 27, 2009
Location
Atlantic Canada
Wire Transfers, Con't

I have received US funds wired directly to my account. I've found that I usually fare better to withdraw to Moneybookers, let them handle the foreign exchange conversion and have funds wired to my account in CAD. Moneybookers will also send you a check if you want to avoid the incoming wire fee that is charged by your bank.


Thank You for your reply, May I ask which institution you have used for transfer? I am having trouble finding one that doesn't have several steps involved. I will check out Moneybookers, and again Thanks.
 

Jasminebed

Game old gal
Joined
Mar 13, 2008
Location
Ontario
I bank BMO. If I receive a US wire, there's a surcharge for a foreign wire, a charge for currency conversion, plus of course the exchange rate.

Moneybookers uses a competitive exchange rate, there is no extra fee for the conversion itself, and my wire is sent in CAD. I've found that MB transfers usually take 4 banking days, they charge a fee of around $3 and my bank charges an incoming wire fee of $14. If a cheque is sent from MB, the charge is around $5. Personally, I've never taken a cheque, but I know other members that use that option.

I also use a prepaid Visa credit card from Moneymart most times to fund my casino accounts. I can fund Moneybookers that way, although it costs an extra fee.

Some casinos offer Instadebit as an option for funding, which many players like as its quick and low fee, and payments back to your account are speedy. Personally, I like to NOT have access to my bank account to fund my gambling immediately.

Perhaps more disciplined players would be happier with that choice. I like having to load my card, either by going myself or waiting a couple of days for a bill payment via my bank account to be loaded. No opportunity for me to chase a loss.

I leave my bank card at home or in my room at the B&Ms for the same reason.
 

Taxi298

Newbie member
Joined
Dec 27, 2009
Location
Atlantic Canada
I bank BMO. If I receive a US wire, there's a surcharge for a foreign wire, a charge for currency conversion, plus of course the exchange rate.

Moneybookers uses a competitive exchange rate, there is no extra fee for the conversion itself, and my wire is sent in CAD. I've found that MB transfers usually take 4 banking days, they charge a fee of around $3 and my bank charges an incoming wire fee of $14. If a cheque is sent from MB, the charge is around $5. Personally, I've never taken a cheque, but I know other members that use that option.

I also use a prepaid Visa credit card from Moneymart most times to fund my casino accounts. I can fund Moneybookers that way, although it costs an extra fee.

Some casinos offer Instadebit as an option for funding, which many players like as its quick and low fee, and payments back to your account are speedy. Personally, I like to NOT have access to my bank account to fund my gambling immediately.

Perhaps more disciplined players would be happier with that choice. I like having to load my card, either by going myself or waiting a couple of days for a bill payment via my bank account to be loaded. No opportunity for me to chase a loss.

I leave my bank card at home or in my room at the B&Ms for the same reason.

Thank you again, I think I will take your advice and open a Moneybookers account, it sounds like a much simpler solution. I have used mostly UKash vouchers to fund my gaming, but I have also used my prepaid VISA also from MoneyMart.
 

me_and_ed

Paleo Meister (means really, really old)
CAG
MM
Joined
Jun 2, 2006
Location
Vancouver
I have never seen this issue either myself and have had numerous wires sent, I would go the MB's route as well though, once your account is verified with MB it is a piece of cake and cheap, I deal RBC, they charge me either $15or $35 depending on ammount which is tenfold what MB charges but I get my $$.
 

Taxi298

Newbie member
Joined
Dec 27, 2009
Location
Atlantic Canada
Thank You for your advice, I'm looking into Moneybookers. I'm beginning to wonder if my local bank reps. know what they are talking about, it seems it's entirely possible to wire US funds directly into a Canadian account. The ones I talked to have all described a multi-step process involving both US and Canadian banks. I live in a rural area of Atlantic Canada, but we have local branches for all of the major Canadian banks. It seems they have this figured out in larger centres so it stands to reason that the process shouldn't be any more difficult here. Thanks Again
 

miket2112

Newbie member
Joined
Dec 31, 2005
Location
Tampa, Florida, United States
As seen on TV

I was watching the news the other night and long story short, ALL international money transfers always are routed through......wait for it.... WALL STREET, NYC BANKS!! Then they go on to where ever. Just an observation that I heard on the news. Take it for what its worth.

Mike
 

Taxi298

Newbie member
Joined
Dec 27, 2009
Location
Atlantic Canada
That's what all the bank reps keep telling me, but the casino tells me they routinely wire US funds into Canadian banks, RBC, Scotiabank, HSBC etc;, players seem to agree this can be done but I haven't found a bank yet that can give me a direct one step transfer from SWIFT code to my account. It can only be done if the funds are wired in CAN dollars, start to finish. The issue remains unresolved. I'm hoping that Moneybookers will make a wire transfer unnecessary.
Thanks for your response.

Can anyone describe how they got US funds wired directly into their Canadian bank account using only one SWIFT code with no forwarding steps through the US?
 

Jasminebed

Game old gal
Joined
Mar 13, 2008
Location
Ontario
To be perfectly honest, I'm not sure just how everything works behind the curtain. I know I have given my SWIFT code, and had US funds sent to my account, and the bank has taken the accompanying currency exchange fees . All banks use some kind of clearing house, even domestically.

Think BOM uses Wachovia as an intermediatary.
 

me_and_ed

Paleo Meister (means really, really old)
CAG
MM
Joined
Jun 2, 2006
Location
Vancouver
To be perfectly honest, I'm not sure just how everything works behind the curtain. I know I have given my SWIFT code, and had US funds sent to my account, and the bank has taken the accompanying currency exchange fees . All banks use some kind of clearing house, even domestically.

Think BOM uses Wachovia as an intermediatary.

SWIFT is generally for banks overseas, ABA or Routing number is what is needed when receiving wires from the U.S
 

Taxi298

Newbie member
Joined
Dec 27, 2009
Location
Atlantic Canada
Thanks Again, Jasminebed, this has been helpful. I gave the casino the instruction sheet for wiring US funds, which has several steps. The instructions for CAN funds are much shorter, one SWIFT code then directly to the bank account, but supposedly it's for wiring CAN funds only. I'll ask them to route it that way, hopefully the bank will work out the exchange and process it without a fuss.
 
Top