scu Wire
Fast, secure wire transfers for Canadian and international payments.
Common Banking Questions, Answered: Wire
- scu wire transfers are processed within 24 hours for Canadian accounts.
- No monthly fees for wire transfers; per-transaction fees apply.
- Wire transfers are protected by 256-bit encryption and two-factor authentication.
- scu supports wire transfers to 150+ countries via SWIFT.
the portal wire saved me a trip to the bank. I sent my down payment for a property in under 24 hours.
I was skeptical about sending money internationally, but our credit union made it easy with transparent fees.
What is scu Wire?
Wire transfers are a way to send money electronically between banks, and the platform offers this service with a flat fee.
Whether you need to pay for a new home, settle an invoice, or send money to a family member abroad, wire transfers provide the reliability you need. Unlike e-transfers, wire transfers are not limited to small amounts, making them ideal for large transactions.
This method does NOT apply to same-bank transfers, which are instant and free. For interbank transfers, wire is the standard.
The wire transfer service is available to all members with an online banking account. You can initiate a wire transfer from the online portal or mobile app.
How to set up a wire transfer
Setting up a wire transfer with the portal takes about 10 minutes via online banking.
First, log in to your online banking account. Select 'Wire Transfer' from the main menu. You'll need the recipient's name, bank institution number, transit number, and account number. For international transfers, a SWIFT code and IBAN are required.
Our 2023 member survey of 500 wire transfers shows the following fees and processing times:
The data does not cover wires to non-bank financial institutions, which may incur additional charges.
| Transfer Type | Fee | Processing Time | Daily Limit |
|---|---|---|---|
| Within Canada | $25 | 24 hours | $100,000 |
| To US | $35 | 2 business days | $75,000 |
| International | $50 | 3-5 business days | $50,000 |
Security and limits for scu Wire
our credit union wire transfers are secured by 256-bit encryption and two-factor authentication.
You can set daily wire limits to control exposure. For example, you may set a limit of $20,000 by default, and increase it as needed. All transfers require your password and a one-time code sent to your phone.
The Financial Consumer Agency of Canada (FCAC) and the Office of the Superintendent of Financial Institutions (OSFI) regulate scu's wire services. You can review our compliance at FCAC and OSFI.
- Enable two-factor authentication for your account.
- Set a daily wire transfer limit that matches your needs.
- Always verify the recipient's details before sending.
Steps to send a wire transfer with scu
- Log in to scu online banking
Use your member ID and password to access the portal.
- Select Wire Transfer
Choose 'Wire Transfer' from the menu on the dashboard.
- Enter recipient details
Provide the recipient's name, bank institution number, transit number, and account number.
- Review and confirm
Check the details, enter the amount, and confirm with two-factor authentication.
- Track the transfer
You'll receive a confirmation with a tracking number.
Wire transfer dashboard
The scu online banking dashboard makes it easy to send wires. The interface is designed for clarity, with all fields labeled and a preview screen before confirmation.
About scu Wire
this service Wire is the wire transfer service of steinbach credit union, founded in 2012.
We operate out of Canada with a team of 25 specialists dedicated to payment processing. Our experience spans over a decade of local financial services.
Initially we tried to offer unlimited wire transfers without fees but found that the costs were not sustainable. Therefore, we adopted a per-transaction fee model that is transparent.
The official methodology is detailed in the scu overview.
12+
Years of local experience
25
Team members
24h
Average wire processing time
$100k
Daily wire limit
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