Anyone know about international direct deposit? Possible?

[JimsX]

I figured this would be a good board to ask something like this

I am in Canada and I work as a contract copy editor for an American company. Currently I receive my pay by cheque, but that is frustratingly slow. My company has given me a form to fill out to receive cheque, electronic payment, and wire transfer. The catch is I would be charged $35 for each wire transfer.

So I called my local bank branch to ask about direct deposit and the lady said it's impossible for international payments, that I can only get wire transfers. So then, why would my company even offer this as an option? I am thinking the bank employee is wrong, but I am having trouble finding info on the web.

Can anyone help me out here? Is it possible to get a direct deposit payment internationally?

 

[Red7227]

Re: Anyone know about international direct deposit? Possible

I figured this would be a good board to ask something like this

I am in Canada and I work as a contract copy editor for an American company. Currently I receive my pay by cheque, but that is frustratingly slow. My company has given me a form to fill out to receive cheque, electronic payment, and wire transfer. The catch is I would be charged $35 for each wire transfer.

So I called my local bank branch to ask about direct deposit and the lady said it's impossible for international payments, that I can only get wire transfers. So then, why would my company even offer this as an option? I am thinking the bank employee is wrong, but I am having trouble finding info on the web.

Can anyone help me out here? Is it possible to get a direct deposit payment internationally?

Get a better bank. There is no reason why you cannot have your money paid into your bank account in the US and have it accessible anywhere. I can stick my Visa debit card in an ATM anywhere in the world and take money out of my bank account.

 

[JimsX]

Re: Anyone know about international direct deposit? Possible

I figured this would be a good board to ask something like this

I am in Canada and I work as a contract copy editor for an American company. Currently I receive my pay by cheque, but that is frustratingly slow. My company has given me a form to fill out to receive cheque, electronic payment, and wire transfer. The catch is I would be charged $35 for each wire transfer.

So I called my local bank branch to ask about direct deposit and the lady said it's impossible for international payments, that I can only get wire transfers. So then, why would my company even offer this as an option? I am thinking the bank employee is wrong, but I am having trouble finding info on the web.

Can anyone help me out here? Is it possible to get a direct deposit payment internationally?

Get a better bank. There is no reason why you cannot have your money paid into your bank account in the US and have it accessible anywhere. I can stick my Visa debit card in an ATM anywhere in the world and take money out of my bank account.

I should make it clear that the money would go from the company's US account into my Canadian account. But yeah, I don't really see why it should matter.

 

[Red7227]

Re: Anyone know about international direct deposit? Possible

I figured this would be a good board to ask something like this

I am in Canada and I work as a contract copy editor for an American company. Currently I receive my pay by cheque, but that is frustratingly slow. My company has given me a form to fill out to receive cheque, electronic payment, and wire transfer. The catch is I would be charged $35 for each wire transfer.

So I called my local bank branch to ask about direct deposit and the lady said it's impossible for international payments, that I can only get wire transfers. So then, why would my company even offer this as an option? I am thinking the bank employee is wrong, but I am having trouble finding info on the web.

Can anyone help me out here? Is it possible to get a direct deposit payment internationally?

Get a better bank. There is no reason why you cannot have your money paid into your bank account in the US and have it accessible anywhere. I can stick my Visa debit card in an ATM anywhere in the world and take money out of my bank account.

I should make it clear that the money would go from the company's US account into my Canadian account. But yeah, I don't really see why it should matter.

So are you a Canadian working for a US company or an American in Canada working for a US company? Basically you need an american bank for them to pay money into that has a visa debit card so you can draw the money out or a bank in America they can pay money into that you can access some other way.

And really, just giving them your bank BSB and account number should work I would hope. Talk to some other banks and see what is practical. If you were trying to get paid in Romania I could understand it, but Canada should really not be an issue.

 

[Lintilla]

Re: Anyone know about international direct deposit? Possible

I only know about TD Canada Trust, so you'd have to look into the other banks... but it is possible as a Canadian to open up a US dollar account (I believe it goes through TD Bank) that offers free wire transfers to and from your Canadian TD account. You should be able to get direct deposit into the USD account and transfer it to yourself. I'm not really clear on the details because I've looked into it a bit but won't be doing it myself until next month. But here's the website: http://www.tdcanadatrust.com/products-s ... r-banking/ Those aren't the only options, so just call them up and ask and they should be able to tell you what you need to do for your situation.

 

[JimsX]

Re: Anyone know about international direct deposit? Possible

So are you a Canadian working for a US company or an American in Canada working for a US company? Basically you need an american bank for them to pay money into that has a visa debit card so you can draw the money out or a bank in America they can pay money into that you can access some other way.

And really, just giving them your bank BSB and account number should work I would hope. Talk to some other banks and see what is practical. If you were trying to get paid in Romania I could understand it, but Canada should really not be an issue.

Canadian working for a US company. I should have said that. I will look into the US bank option. I know $35 is not much in the big scheme of things, but 12 times a year really adds up.

 

[JimsX]

Re: Anyone know about international direct deposit? Possible

I only know about TD Canada Trust, so you'd have to look into the other banks... but it is possible as a Canadian to open up a US dollar account (I believe it goes through TD Bank) that offers free wire transfers to and from your Canadian TD account. You should be able to get direct deposit into the USD account and transfer it to yourself. I'm not really clear on the details because I've looked into it a bit but won't be doing it myself until next month. But here's the website: http://www.tdcanadatrust.com/products-s ... r-banking/ Those aren't the only options, so just call them up and ask and they should be able to tell you what you need to do for your situation.

Crud. I never thought of this and the lady at my bank (CIBC) didn't mention it. I already have a USD account (learned that lesson after getting mauled on the fees depositing into my checking account lol), but I never thought of this. I will call again tomorrow and ask to speak with the manager. If not, I will consider switching to TD. Thanks! :-D

 

[Red7227]

Re: Anyone know about international direct deposit? Possible

I only know about TD Canada Trust, so you'd have to look into the other banks... but it is possible as a Canadian to open up a US dollar account (I believe it goes through TD Bank) that offers free wire transfers to and from your Canadian TD account. You should be able to get direct deposit into the USD account and transfer it to yourself. I'm not really clear on the details because I've looked into it a bit but won't be doing it myself until next month. But here's the website: http://www.tdcanadatrust.com/products-s ... r-banking/ Those aren't the only options, so just call them up and ask and they should be able to tell you what you need to do for your situation.

Crud. I never thought of this and the lady at my bank (CIBC) didn't mention it. I already have a USD account (learned that lesson after getting mauled on the fees depositing into my checking account lol), but I never thought of this. I will call again tomorrow and ask to speak with the manager. If not, I will consider switching to TD. Thanks! :-D

TD and RBC both offer similar things. From the description it all seems a little backwards to what you are after, but speak to them and see what is possible.

http://www.thestar.com/business/persona ... _easy.html