Kiowan

Hi,

I currently bank with PC financial and RBC, I'm noticing that to transfer money from PC to RBC is taking 7 days, neither bank knows the answer, just kinda, "Yeah well". Is thus how long everyone's takes or is it one of the banks I'm using? I have a nooby to Canada credit card with an absurdly low limit so it needs paying off regularly to stop it going over (trying to use it to build rating) but this long delay is causing problems especially as us companies keep failing to process orders usually due to billing address mismatches and it blocks large sums for days until they "return" the failed transaction.

BristolUK

I take it you mean PC bank to RBC credit card as opposed to one bank to another, which is same day and sometimes as little as 20 minutes.

Bank account to credit card account does take a few days. It's about the same as when I pay UK bank account to UK credit card.

Kiowan

Yes, it's bank to credit card, however it is a bank transfer into a holding account which is then applied to your credit card account. I've never had one take 7 business days back home, when I pay off at home it is same day from one bank to another banks credit card. Pc financial is no longer part of CIBC and I've had problems with them in other areas so I'm wondering if it's an issue with their efficiency or if it's universal inefficiency.

plasticcanuck

It’s the banks’ method of trying to reduce credit card fraud. The banks want to make sure the funds you’re using to pay down CC balance are cleared funds. Your frustration, I assume, is they’re holding these funds and you want to use the card in the meantime. The only way around it is to go physically to a RBC branch and pay the CC with cash.

dave_j

Do you really believe this? In the banking world, the longer the banks can hold onto your money without having to pay any interest or any other charge for that matter is.. well.. literally money in the bank.. your money in the bank that is.

BristolUK

Ah I see. In that case I suspect it's one of those areas where Canada's banking lags behind.

I've no doubt that there are some privileged customers here who can get stuff like this done the same day but it probably involves a relationship with an actual bank manager.

I had a low credit limit on my first card here too - even that was hard to get until I showed them the activity on my UK card in the absence of a Canadian one - but it very quickly started going up.

The RBC website has an option to request an increase in the limit. Maybe try it or ask in branch?