payment, canadaThe bank is quoting me $10 a transaction to send money to my vendor using electronic payment. I need to send $5,000 to $10,000 once a month to a vendor across the country. (Interact e-transfers only go up to 3000$)
Both the seller and I are in Canada and so far we’ve been using checks but I want to do it electronicly.
In the world of technology we live in there must be a solution to this problem.
From what I have read, many Canadian banks have a service called the email money transfer. Apparently EMT is available at the Royal Bank of Canada, TD Canada Trust, the Canadian Imperial Bank of Commerce, the Bank of Montreal and the Bank of Nova Scotia.
RBC seems to have a feature called interac e-transfer which they charge $1.50 per transaction.
Investopedia has a list of low cost money transfer methods.
We ended up using paypal's 'mass payment' solution. It wasn't very well published but it means we only pay $1.50 a transaction (no limit that we have encountered).
HyperWallet was another solution we came across but because it doesn't have transparent costing we opted for paypal.
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