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Thread: Maximum amount to transfer via e-transfer?

  1. #1
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    Default Maximum amount to transfer via e-transfer?

    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?

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    Default Re: Maximum amount to transfer via e-transfer?

    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.

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    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 ?

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    Default Re: Re: Maximum amount to transfer via e-transfer?

    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?

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    Default Re: Re: Maximum amount to transfer via e-transfer?

    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.

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    Default

    Max is $2,000.

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    Default Re: Re: Re: Maximum amount to transfer via e-transfer?

    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/i.../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).

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    Default Re: Re: Maximum amount to transfer via e-transfer?

    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.

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    Default Re: Re: Re: Maximum amount to transfer via e-transfer?

    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.

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    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.

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    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)

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

    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.

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    Default Re: Maximum amount to transfer via e-transfer?

    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.

    "We need a vaccination for stupidity, with booster shots against an unwillingness to learn."

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    Default Re: Re: Maximum amount to transfer via e-transfer?

    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).

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    Ah thanks I didnt know I could pick up a bank draft from PC financial from CIBC.
    Quote Originally Posted by BavarianBeast View Post
    This quote is hidden because you are ignoring this member. Show Quote

    Could have been over 60% if I wasn’t a paper hand bitch

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    Default Re: Re: Re: Maximum amount to transfer via e-transfer?

    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.

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    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.

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    Default Re: Re: Re: Re: Maximum amount to transfer via e-transfer?

    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).

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    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

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    $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)
    Cowbell is not an instrument.

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