Maximum amount to transfer via e-transfer?

[nzwasp]

So i bought something from kijiji and the guy wants a bank draft.

But im one of those unfortunate souls with PC financial for my banking services, I do have an account with RBC too but dont really use it.

How do i transfer $6000 from my pc account to rbc.

Can I write myself a personal cheque - or can I do it through e-transfer?

[BigMass]

Originally posted by nzwasp
So i bought something from kijiji and the guy wants a bank draft.

But im one of those unfortunate souls with PC financial for my banking services, I do have an account with RBC too but dont really use it.

How do i transfer $6000 from my pc account to rbc.

Can I write myself a personal cheque - or can I do it through e-transfer?

EMT is $1000/day and a check will take a week or more to clear. Go to your bank and get $6000 cash. That would be the quickest and simplest way of doing it.

[06civic]

You can write yourself a personal cheque but rbc will probably hold it for five days. I believe limits for email money transfers are about 2500/ day... I thought u could get bank drafts through cibc with pc financial ?

[GTS4tw]

Originally posted by BigMass


EMT is $1000/day and a check will take a week or more to clear. Go to your bank and get $6000 cash. That would be the quickest and simplest way of doing it.

Yeah, why not just do it cash?

[lasimmon]

Originally posted by BigMass


EMT is $1000/day and a check will take a week or more to clear. Go to your bank and get $6000 cash. That would be the quickest and simplest way of doing it.

Not true.

I pay my rent via e-transfer and it is much more than $1000. Not sure what the max is though.

[A790]

Max is $2,000.

[D'z Nutz]

Originally posted by lasimmon
Not true.

Not necessarily. Different banks have different limits (and there may be further limits on the client depending on one's account) so you need to check with your bank to see what it is. It's quite possible the limit at his bank/account is $1000/day.



http://www.interac.ca/index.php/en/interac-etransfer/etransfer-faq


Are there limits on the amount I can send or receive?

Like most other financial transactions, there are limits on the amount you can send and receive.

Each Financial Institution sets send and receive limits through online banking. Please contact your financial institution for more details.

If you are not using online banking to deposit a transfer, you can deposit a maximum of $1,000 per 24 hour period. This limit is in place to allow us to comply with government regulations. If this limit is a problem for you, consider banking online with one of our participating financial institutions, where the limit may be higher (and where depositing an Interac e-Transfer is free).

[duaner]

Originally posted by BigMass


EMT is $1000/day and a check will take a week or more to clear. Go to your bank and get $6000 cash. That would be the quickest and simplest way of doing it.
Cash? He's with PC Financial. There are no banks and you can't do regular banking even through CIBC.

[GTS4tw]

Originally posted by duaner

Cash? He's with PC Financial. There are no banks and you can't do regular banking even through CIBC.

Wtf? So how do you take your money out? Im so old fashioned, I cant see why you wouldnt want to just pay cash for everything, cant imagine not having access to it when I need it.

[duaner]

One does have free access through CIBC bank machines to get out cash but then you hit whatever the daily limit is--mine is $500, probably like most. I wouldn't want to carry that much cash as it is anyway but for situations like the OP's, yeah, there really are no options, apart from family who can do it through their bank and let you repay.

It's a pretty big downside of banking with PC Financial but I really only needed such a service once, that I can remember.

[Mitsu3000gt]

If you set them up as a "payee" I believe the max is $5000. I've transferred at least $5000 that way before (TD --> TD)

[HiTempguy1]

RBC to RBC allowed me to do two $3k transactions to an account not listed on mine :dunno:

AFAIK, you can transfer as much money as you want "interbank" (ie: if you have online banking with RBC and it was setup that the person was a verified account you could transfer money to and from).

EMT just works well if you don't want any hassle.

[codetrap]

Originally posted by nzwasp
But im one of those unfortunate souls with PC financial for my banking services Call them. Order a bank draft. Pick it up at nearest CIBC next day. Win.

[nickyh]

Originally posted by codetrap
Call them. Order a bank draft. Pick it up at nearest CIBC next day. Win.

Will cost $27.50 btw for the bank draft.

(I've done my fair share of them this year).

[nzwasp]

Ah thanks I didnt know I could pick up a bank draft from PC financial from CIBC.

[sputnik]

Originally posted by nickyh


Will cost $27.50 btw for the bank draft.

(I've done my fair share of them this year).

$27.50?

So much for "cheap" banking with Presidents Choice.

[bigbadboss101]

Every bank is different and everyone is different. You can call your bank to adjust the amount. Tried to buy a vehicle this way and found out I can only do $1,000 a day. Similarly if you want to make payment to CRA via the CRA site the amount is dependent on the bank and personal setting. I tried to pay my taxes and after a few tries I ended up just going to the bank instead of doing in online in multiple steps.

[nickyh]

Originally posted by sputnik


$27.50?

So much for "cheap" banking with Presidents Choice.

Yup, PC cut is $20.00 and CIBC charge $7.50 for the pickup fee.
It's also a bit of a hassle because once the money leaves your PC account it can take a day to get the CIBC so plan to have a day or two for a buffer. Nearly bit me in the ass nicely when paying for the husbands motorbike.

But, I don't pay any other fees and too lazy to transfer all my accounts to a real bank (esp. with all my direct withdrawls).

[Jsen-DC2]

i just sold my bike and the guy that bought it off me was from scotia bank and the max he could transfer was 3000 every 24 hrs, so he just did 2 payments in 2 days

[ZenOps]

$3,000 in cash is about the most that any of the big five can do in a day.

PC doesn't do cash, there are no tellers, no bills, no vaults filled with nickel coins (be it 5 cent or $2 nickels)

[GTS4tw]

Originally posted by ZenOps
$3,000 in cash is about the most that any of the big five can do in a day.

PC doesn't do cash, there are no tellers, no bills, no vaults filled with nickel coins (be it 5 cent or $2 nickels)

Wow, good thing im with credit union, I havent tried to max it out, but I have done 2X,XXX in cash in a day more than once with no notice. ALthough I know you are wrong anyway because I have cashed 10k+ cheques at TD and BOM both with no notice and both had zero problem with it.

[dezmarez]

Like mentioned already most major banks will be the same.

Sending Limits for Interac e-transfers are typically:

$3,000/transfer
$3,000/24 hour periods
$10,000/7 day period
$20,000/30 day period

[ZenOps]

Originally posted by GTS4tw
Wow, good thing im with credit union, I havent tried to max it out, but I have done 2X,XXX in cash in a day more than once with no notice. ALthough I know you are wrong anyway because I have cashed 10k+ cheques at TD and BOM both with no notice and both had zero problem with it.

Depends on branch and proximity to other branches, also if you are in a commercial, industrial, or residential zone.

In Calgary residential, they will ask you to go down the street and ask at another branch for more than $3,000 if they do not have enough at hand, or go downtown. You will have better luck getting large amounts nearer the end of the day (as they don't have to maintain the float if they have excess) expecially if you do not care about the denomination.

It seems counterintuitive, but smaller townships and farms will have much more cash at hand than the big cities.

Now nickels... Its tough getting more than $40 per branch per day in residential high density. It was getting pretty damn iffy with pennies too, before they stopped circulating. Scotiabank in residential seems to sometimes limit to $8, roflol.

Side note: TD is increasing wire fees from $10 to $17.50 in August.

[codetrap]

Originally posted by sputnik
$27.50?

So much for "cheap" banking with Presidents Choice. Like all things, if you want specific services, you pay for them. In the last 8 years, I've done 4 bank drafts, and 4 out of country ATM transactions for a total of $140 in bank fees. How much have you paid to your bank in the last 8 years?

Equivalent Account at TD
TD is $14.95/month + (4x $7.50 each draft) + (4x $3 ATM)= $1477.20

So, how much have you paid in the last 8 years for banking services? It would take 54 more bank drafts at PC to break even with TD in terms of cost to having an account.

[Z_Fan]

So speaking of Bank Drafts - I had a bank draft just the other day, and took it to the bank (Royal Bank of Canada) where I was promptly informed that _all_ Bank Drafts / Certified Cheques being deposited in to this Royal Bank of Canada had an automatic 4 business day hold on the funds.

To me, this was big, stupid and mother fucking annoying news.

And just to clarify, the bank went one step further and told me that even RBC Bank Drafts would have a 4 business day hold on the funds at RBC! Sounds fucking stupid right? Apparently there are so many fraudulent drafts being passed, including RBC drafts, that the bank decided to implement this policy. Now, in my case the funds actually became available sooner - so probably customers are told it is a 4 day hold, and the funds become available when the draft clears.

This may be Branch based, not policy of RBC as a company - I don't know. The RBC Branch in question is the one on 130th avenue by Home Depot.

Your guy is asking you for a bank draft because he thinks it is secure, instant cash. Which is how I've always thought of drafts too. Apparently, that's just not the case any more. I'm sure he'll be surprised when he goes to cash that draft or deposit it expecting immediate access to funds...and whoops, not quite...

Bottom line for sellers, cash is king. Not really news I suppose...and uhm, I think I can move $2k via e-transfer. To stay on topic. :-)

[codetrap]

Originally posted by Z_Fan
Bottom line for sellers, cash is king. Not really news I suppose...and uhm, I think I can move $2k via e-transfer. To stay on topic. :-) Never has a truer phrase been spoken. That's why I only deal in cash for all private transactions. It may take me a couple of days to get it all lined up, but its SO worth it in the reduction of headaches.

[quick_scar]

I am with PC Financial and have taken out large sums of cash before. Just call the number on the back of the card and tell them what you want to do. They will temporarily increase the maximum daily limit that you can take out. Might have to go to a couple different machines (as some machines have a limit per transaction), or do it in a number of different transactions (remove and reinsert card), but it can be done.

For the few times I make large buys in cash VS. saving on monthly fees, the small inconvenience is worth it for me :dunno:

[eblend]

Originally posted by quick_scar
I am with PC Financial and have taken out large sums of cash before. Just call the number on the back of the card and tell them what you want to do. They will temporarily increase the maximum daily limit that you can take out. Might have to go to a couple different machines (as some machines have a limit per transaction), or do it in a number of different transactions (remove and reinsert card), but it can be done.

For the few times I make large buys in cash VS. saving on monthly fees, the small inconvenience is worth it for me :dunno:

This right here exactly.

Been with PC forever, bought cars, sold cars whatever, just call them, tell em u want to take out 6k from your account at ATM. They will increase your limit for a short period of time to whatever you want, then withdraw. Like quickscar said, you will probably be only able to do 1k at a time due to the machine limits, but just do it 6 times in succession and whola, you got your money.


For bigger things, yes you can do the bank draft pickup if you want, but it will cost you. If you can't afford $27 when buying anything over 10k....you shouldn't be buying.

As for the PC cheap banking comment by someone on the first page, yes I need a bank draft once ever 5 years at most...pretty sure I would have paid that 10 or more times over with service fees at other places.....and if not service fees, then lost interest on the minimum they make you hold in a no interest chequing account to get rid of the fees.