Send large amounts via wire transfers on Web & Android.

May 16, 2020
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May 16, 2020
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You can now fund your Newton account with Wire Transfers. Send amounts ranging from $10k to $1MM with no fees (except for what your bank charges).

Funds usually arrive in one business day and clear immediately on arrival. No 4-day hold!

How to initiate a wire transfer

1. Go to the Deposit view and tap Make a wire transfer.

2. Enter the amount you’re planning to send and tap Review transfer details.

3. Write down your 6-character reference code. Failing to include this reference code may significantly delay your transfer’s processing.

4. Use the bank details to initiate a transfer from your online banking or at a local bank branch.

Important details

If you’re funding:

  • $10,000 CAD or more, wire transfers are free.
  • Less than $10,000 CAD, there is a $50 CAD processing fee. Pre-authorized payments are the preferred method for smaller transfers.

If you’re withdrawing:

  • More than $10,000 CAD, the withdrawal may, in some cases, be sent via wire transfer.

If you’re using pre-authorized debit:

  • Funding requests via pre-authorized debit are now capped at $10,000 CAD per request. Larger amounts should be sent via wire transfers.

* Wire transfers are currently only available on Web and Android. An iOS app update is coming later this week.

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