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Weighing Interac eTransfer vs wire transfer fees for our startup payroll
When we launched in Toronto last year, I had to pick between processing payroll with Interac eTransfer or traditional wire transfers. ETransfers were way cheaper at $1.50 per transaction, but wires were faster for cross-border contractors in the US. I went with a hybrid setup, using eTransfers for local staff and wires only for our 3 US-based devs. It ended up cutting our monthly transfer costs from around $400 to $120, but the setup took 2 weeks to get right with our bank. Anyone else juggling payroll between Canada and the US, what fees are you seeing with your fintech stack?
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patricialee28d ago
That hybrid setup is smart, splitting the local vs cross-border stuff keeps the cost down where it counts. We did the same thing but ended up ditching wires entirely once we found a payroll service that handles both sides for a flat fee, might be worth checking out if the bank setup ever gets annoying again.
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