Desjardins Wire Transfers: Transfers, Limits and more (2023)

As a Canadian resident, you can open a bank account with the Desjardins Group to facilitate wire transfers from many parts of the world to Canada and vice-versa. Desjardins wire transfers are quick and secure and are supported with a relatively fixed exchange rate.

Read on to know more about how to send and receive money using your Desjardins account. We will also take a look at Wise as an alternative for international wire transfers.

Table of Contents
Sending a wire transfer at Desjardins Receiving an incoming wire transfer at Desjardins What are the Desjardins wire transfer fees? How long does a wire transfer take? Meet Wise - For economical, convenient and secure money transfers Frequently Asked Questions about Desjardins Wire Transfers

Sending a wire transfer at Desjardins

To send a wire transfer from your Desjardins account, you need the following information from the recipient1:

• The name of beneficiary’s bank (in this case, CAISSE CENTRALE DESJARDINS, Montréal, Canada)
• Their branch ID
• Their account number (16 digits mandatory)
• Beneficiary’s complete name
• Beneficiary’s complete address

How do I transfer money from Desjardins?

You can transfer funds using either AccèsD (netbanking portal) or a caisse (bank branch). Here are the steps you must follow to send funds out of your Desjardins account2:

1. Go to a caisse or log into your AccèsD account.

2. Add your recipient and the following information:

   a. Their address,
   b. Their account number, and,
   c. The address and ID of the branch you want to send your funds to.
   d. You can also get this information from a specimen cheque marked “VOID”.

3. Make the money transfer using your AccèsD account, or an ATM, or both.
   If you’re using both your AccèsD account and an ATM:
   a. Log into your AccèsD account and click on Profile and Preferences in the right-hand menu
   b. Allow ATM access in the Manage ATM section.
   If you are only using an ATM:
   Contact an advisor for the Montreal area, at 1-800-CAISSES (1-800-224-7737) or 514-CAISSES (514-224-7737), or visit your caisse.

4. on AccèsD (navigate to Transfers in the right-hand menu and select Money Transfers), or,

5. at the ATM (navigate to Transfers and then select Money Transfers).

Sending an international wire transfer with Desjardins

To send an international wire transfer using your Desjardins account, you have to simply follow a few additional steps along with those mentioned above.

Here are the additional steps³:

1. Activate the international money transfer option
   You need to visit your caisse to add a money transfer limit to your account, or to revise the one you currently have.
2. Next, log into your AccèsD account, navigate to International Money Transfers and select Manage List of Recipients.
3. Add the details of your recipient as enlisted above.
   Note: You can only transfer funds to any newly added recipients 48 hours after they have been added.
4. Now, simply make a transfer by selecting the recipient from the list of recipients you have added and select the type of transfer based on the destination country.

You can make international money transfers using direct deposits or SWIFT transfers.

While Desjardins offers a relatively fixed exchange rate, ranging from USD 4-15, it can still be a slow process. Moreover, you may want to send money to countries where Desjardins might charge you a lot in fees. In such scenarios, you could take a look at alternatives such as Wise.

Receiving an incoming wire transfer at Desjardins

To receive an incoming wire transfer into your Desjardins account, you need to fill up the appropriate section of the Incoming Wire Transfer Form⁴, and send it to the person or business sending you the funds.

How do I receive money to my Desjardins account?

As mentioned above, you need to fill out the suitable section for yourself in the incoming wire transfer form and send it to the sender for them to transfer the funds into your Desjardins account.

Other than that, there are three main ways to receive funds into your Desjardins bank account².

• You can register for direct deposits to receive your paycheque or government payments like the Canada Emergency Response Benefit or the Canada Emergency Student Benefit directly into your Desjardins account
• You can also receive funds in your Desjardins account with Interac e-transfers by directly providing the sender with your email address, phone number or bank account number.
• Lastly, you can receive money transfers into your Desjardins bank account from another Desjardins member rapidly, and with complete security. The sender could transmit funds via ATMs or from the AccèsD online banking portal, or using the Desjardins mobile app.

Receiving an international wire transfer at Desjardins

For receiving an international wire transfer into your Desjardins bank account, you need to supply the following information to the sender⁵:

• Your full name
• Your registered home address
• Name and address of your financial institution’s branch
• Banking details based on destination and transfer method
• Reason for transfer

You can either receive money through direct deposits or SWIFT transfers.

What are the Desjardins wire transfer fees?

Below is a table⁶ that highlights the Desjardins wire transfer fees for both domestic as well as international transactions:

Domestic Money Transfers	International Money Transfers
Outgoing: $25 per transfer	Outgoing to Desjardins members: $10 per transfer
Incoming: $15 per transfer	Outgoing to other destinations: $40 per transfer
	Incoming via. Desjardins or less than $3,000: $8 per transfer
	Incoming from non-Desjardins entities (i.e., those that do not have an account with the Desjardins group): $35 per transfer

International wire transfers can be done using direct deposits and SWIFT transfers.

Below are two tables⁵ that highlight the fees for the most widely used international wire transfers destinations at Desjardins:

For direct deposits:

Destination	On AccèsD	On a caisse
USA	$4	$4
USA via Desjardins Bank	Free	$5
Haiti, Morocco, and Portugal	$7	N/A
Other international destinations	$8	$8

For SWIFT transfers:

Destination	On AccèsD and a caisse
USA and Canada	$15
USA via Desjardins Bank	$7.50
Other international destinations	$15

It might be important to note that exchange rates could vary during the transfer. If the recipient bank has different exchange rates, your recipient might be charged, or the amount being sent might be further reduced.¹¹

How long does a wire transfer take?

Desjardins money transfers are processed quickly. However, there are several categories of transactions, and the duration it takes to send and receive funds through each of these transactions are different.

Below is a table⁷ that highlights how long it takes Desjardins to deposit money for different categories of transactions.

Category of Transaction	Time Taken to Send	Time Taken to Receive
Scheduled transfers: pre-planned transfers	Processed on the same day (except for transactions made on Sunday)	Processed on the same day (except for transactions made on Sunday)
Transfers between your accounts in the same or different caisses	Debited immediately, except for transactions made after 9:30 pm and on weekends.	Debited immediately, except for transactions made after 9:30 pm and on weekends.
Money transfers: Regular transactions and bill payments	Immediate	Immediate - There are no holds on funds.
Inter-currency transfers between your Desjardins CAD and USD accounts	Immediate	Immediate - There are no holds on funds.
Inter-institution transfers - to other Canadian financial institutions	Immediate	Immediate - There are no holds on funds.
International transfers: To send money abroad	Debited immediately - Total duration depends on the recipient’s country as well as the amount being sent.	Direct deposits: 12 hours - 4 business days. SWIFT wire transfers: 2 business days.

Meet Wise - For economical, convenient and secure money transfers

If you’re looking to avoid hefty fees on your transfers, you might want to look at Wise - a platform that makes international transfers secure, cost-effective and simple!

With the idea of making international money transfers transparent and eventually free, Wise tells you what you need to pay from the very beginning. You also get an ETA along with updates on your transfers. What’s more, you send money at the same exchange rates you’ll see online - the mid-market rate.

Desjardins Wire Transfer vs Wise - Which is better?

Picture this: It’s a sunny afternoon on the 20th of April, 2023 - 4 pm to be precise. You need to send 1000 CAD to a friend in the UK. They however, can receive money only in GBP. Here are your options:

Provider	Desjardins Wire Transfer	Wise
Fees	$15⁵	$8.81¹²
Exchange rate (1 CAD to GBP)*	0.58061¹⁴	0.596172¹²
They receive	571,90 GBPⁱ	590.92 GBP¹²

*As seen on 20 April 2023, at 4pm
i: Calculated using exchange rate and transfer fees from the 1000 CAD being paid.

With Wise, you can also move more money, faster! Take a look:

Provider	Desjardins Wire Transfer	Wise
Daily Limits	$5000⁵	$9500 using direct debit¹³
Duration	2 business days⁵	Instant for CAD - GBP¹²

Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

You can take Wise for a spin right here:

Final Thoughts

Desjardins members can use wire transfers to send and receive money locally or internationally, with its AccèsD Internet services. It allows you to transfer funds, without the hassle of bank drafts or money orders.

However, there are several fees involved with international money transfers, and if you would like to avoid them, you can check out Wise as an alternative.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Frequently Asked Questions about Desjardins wire transfers

What is the SWIFT code for Desjardins wire transfer?

The Desjardins SWIFT code or BIC (Bank Identification Code) is CCDQCAMMXXX⁸.
Note: The Desjardins Group uses different BIC/SWIFT codes for different banking services or branches. You should check with your recipient or the bank directly to find out which code to use for a wire transfer.

What is the daily transfer limit for Desjardins?

The default daily Desjardins money transfer limit to members is $5000 for those who are aged 18 years and above. For members who are minors, the limit caps at $1000. In case you are making money transfers from a Desjardins credit card, you cannot exceed $1000 in 24 hours.⁹

Can I do a wire transfer through online banking?

Yes, you can transfer money locally or internationally with wire transfers with AccèsD Internet services. It is available anywhere in the world for Desjardin bank account holders, with a choice of several currencies. AccèsD is available to 225 destinations⁵.

Where can I find my Desjardins IBAN?

The IBAN is a globally recognized International Bank Account Number¹⁰ that provides the recipient’s bank account information in the following format:

• 2 letters (for the recipient’s country of residence),

• 2 digits (cheque digits), followed by,

• Up to 30 alphanumeric characters, depending on the recipient’s country of residence

  You can find your Desjardins IBAN on your bills or bank statements if you reside in one of the participating countries that allows Desjardins transactions.

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Sources

1 - Instructions for Receiving a Wire Transfer to Be Credited in a USD Funds Account
2 - Have money deposited into your account | Desjardins
3 - Funds transfers from your caisse | Desjardins Bank
4 - Receiving funds transfers | Desjardins
5 - International transfers | Desjardins
6 - Banking service charges | Desjardins Bank
7 - Transfer money | Desjardins
8 - Desjardins Group - SWIFT codes in Canada
9 - Is there a limit for money transfers made to the same recipient?
10 - Desjardins - Online Solutions - AccèsD - Help
11. Desjardins Terms and Conditions
12. Wise Direct Debit
13. Wise CAD sending limits
14. Desjardins Currency converter

Sources last checked on: 20 April, 2023