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.
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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