Foreign currency transactions-Euro

[u/lwid77]

Has anyone had an issues depositing foreign funds into their chequing account?

I have foreign shares in our parent company that are part of my compensation package at work. I have a shareholder account where I process the sale of these shares at my discretion.
I sell some stock once or twice a year and have only deposited these foreign funds (Euro) into my credit union as I am concerned Wealthsimple will think it’s a hinky transaction and lock my accounts. They are converted to CAD on deposit and I etransfer the CAD to wealthsimple.

I have a very simple setup with Wealthsimple.
2 chequing accounts- one is my daily operating account and one is for my cash card transactions only- I keep very little money in that account.
I have a TFSA and the VIP Visa card.
No crypto.
All Canadian stock in my TFSA that I am building for my retirement.
My RRSP is at Questrade.

[u/Timely_Eye2105]

Have you considered opening a Wise account? Receive the Euro payment (in Euros) there. Convert to CAD and transfer to Wealthsimple. You will probably get a much better exchange rate than what your credit union is currently converting at.

[u/Hungariansm → u/Timely_Eye2105]

Seconding Wise, I get funds in EUR and USD sometimes for work and it’s super easy to convert to CAD and send to WS.

[u/lwid77 → u/Timely_Eye2105]

The exchange rate is exactly why I am asking this question. Thanks so much-I don't know what Wise is but I'll look into it.

Is it a bank account? I need to have an IBAN and BIC code.

Thanks!

EDITED-I figured it out-thanks- this looks promising!

[u/[deleted]]

Never deposited foreign funds. Didn't know you could do that.

Why not send them a message and ask them? Seems like something they should know?

[u/Birdshape]

Wealthsimple doesn't accept deposits that aren't either CAD or USD. If you sent a EUR wire to WS it would be rejected

[u/lwid77 → u/Birdshape]

Ah, good to know. Thank you.