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Transfer money between different banks (both my account)

Transfer money between different banks (both my account)

Old Jul 13th 2021, 1:44 am
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Default Transfer money between different banks (both my account)

Is there an easier way to send money from BMO into my TD account? something better than interac e-transfer (3k daily limit) and draft (which I have to go to the bank and i think there is a little fee).
I've seen references to "linking" accounts, but couldn't find a proper answer or options within the banking apps.

Thank you!
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Old Jul 13th 2021, 4:37 am
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Default Re: Transfer money between different banks (both my account)

If you have cheques, you can write a cheque to yourself from BMO account and deposit it into your other TD bank account - you can do it online through the banking app for most banks, by taking a photo of the cheque, no need to go in.

https://www.td.com/ca/en/personal-ba...eposit-cheque/

TD allow you to link to an external account within their online banking: https://www.td.com/us/en/personal-ba...g/?tdtab=Tab_2 but I couldn't find any instructions for BMO, sorry.
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Old Jul 13th 2021, 11:54 am
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Default Re: Transfer money between different banks (both my account)

I hope I do not appear rude, but the TD account thing you mention - Zelle - seems to be US only from what I can tell.

I have been able to set up my TD account as an "External account" in my Tangerine account, so I can pull money from TD, but the other way round does not seem possible from what I can see. Obviously not much help due to you using BMO, sorry.
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Old Jul 13th 2021, 11:58 am
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Default Re: Transfer money between different banks (both my account)

The Canadian banking system is still really behind the times. I have a mortgage & line of credit with one bank and personal bank account with another - for reasons. Setting up a preauthorised debit to the mortgage was easy but doing same the LoC proved beyond the wit of staff at both institutions. I have to send an interac transfer each fortnight myself. It's a PITA.
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Old Jul 13th 2021, 12:10 pm
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Default Re: Transfer money between different banks (both my account)

Originally Posted by Atlantic Xpat
The Canadian banking system is still really behind the times. I have a mortgage & line of credit with one bank and personal bank account with another - for reasons. Setting up a preauthorised debit to the mortgage was easy but doing same the LoC proved beyond the wit of staff at both institutions. I have to send an interac transfer each fortnight myself. It's a PITA.

I have two corporate and multiple personal accounts all with the TD (as an aside, they're not able to stop the paper statements for one of the accounts despite repeated requests and charge $2 for sending each of them). All transfers between corporate and personal require an e-transfer ($2.50). There's the option to pay bills, such as HST, by etransfer, another $2.50. etransfers between the TD and other banks take 24 hours to clear. Wire transfers are quicker, but more expensive, however the TD requires the physical address of the target bank branch and, in many cases, that doesn't exist. Cheques deposited at the machine take two weeks to clear so it's better to queue for the counter (if you can find a TD that's open),

Really, it's horse and cart banking, very dated stuff. Canadians say their banks were clever in not getting caught up in the junk bond mortgage bubble but I suspect the idea of junk bond mortgages just hadn't reached Hogtown before the market collapsed.
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Old Jul 13th 2021, 2:58 pm
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Default Re: Transfer money between different banks (both my account)

Originally Posted by sharkus
I have been able to set up my TD account as an "External account" in my Tangerine account, so I can pull money from TD, but the other way round does not seem possible from what I can see. Obviously not much help due to you using BMO, sorry.
Alterna happily sends and receives money via a linked external account.
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Old Jul 13th 2021, 10:41 pm
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Default Re: Transfer money between different banks (both my account)

Thanks for the comments.
I've spoken to BMO and draft was the best option - they were kind enough to waiver the fee - so I just popped into a branch and got it done. However I think it still takes a week for money to clear.
Overall, yes I do find the Canadian system far behind than what I was used to in UK.
I can't fault the service offered by BMO, it's been pretty good. Also I think their mobile/web experience is much better and modern looking than TD.

p.s. If I have to do this frequently, It's going to be a pain - there is no option to link an external account (even in TD -- that option is only for US). But I've upgraded my account so there is no fee for drafts each time if i have to do this.

Alternatively... I read about paypal as an option... maybe something like pay my spouse - and move it from our joint account - yet to explore this.
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Old Jul 14th 2021, 2:03 am
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Default Re: Transfer money between different banks (both my account)

Originally Posted by eversmannx
Thanks for the comments.
I've spoken to BMO and draft was the best option - they were kind enough to waiver the fee - so I just popped into a branch and got it done. However I think it still takes a week for money to clear.
Overall, yes I do find the Canadian system far behind than what I was used to in UK.
I can't fault the service offered by BMO, it's been pretty good. Also I think their mobile/web experience is much better and modern looking than TD.

p.s. If I have to do this frequently, It's going to be a pain - there is no option to link an external account (even in TD -- that option is only for US). But I've upgraded my account so there is no fee for drafts each time if i have to do this.

Alternatively... I read about paypal as an option... maybe something like pay my spouse - and move it from our joint account - yet to explore this.
I would avoid Paypal, https://www.paypal.com/ca/webapps/mpp/paypal-fees - there appear to be limits on how much you can transfer ($5,000 per week)

Wouldn't it be simpler to write a cheque on your BM Bank account and deposit it (via the online banking app) into the TD bank account? No fees to pay, no trip to the bank required.. no limit on how much you can 'transfer'
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Old Jul 14th 2021, 3:07 pm
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Default Re: Transfer money between different banks (both my account)

Originally Posted by Siouxie
I would avoid Paypal, https://www.paypal.com/ca/webapps/mpp/paypal-fees - there appear to be limits on how much you can transfer ($5,000 per week)

Wouldn't it be simpler to write a cheque on your BM Bank account and deposit it (via the online banking app) into the TD bank account? No fees to pay, no trip to the bank required.. no limit on how much you can 'transfer'
Thanks. Yeah will request some cheque's and try this out next time.
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Old Jul 14th 2021, 6:06 pm
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Default Re: Transfer money between different banks (both my account)

Originally Posted by eversmannx
Thanks. Yeah will request some cheque's and try this out next time.
Bankers draft, some accounts can get them for free, others it is a minimal charge. Likely cheaper then paying for cheques.
Credit Unions, allow linking achequing account to another institution and transfer funds to the other account online.
I have found credit unions to be superior to the banks in service and fees.
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Old Jul 19th 2021, 4:30 pm
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Default Re: Transfer money between different banks (both my account)

I too have found the process of moving money between banks very cumbersome. I've managed to live without cheques so far and hadn't thought of using a bank draft so welcome that suggestion but as I recall, that is $8 a pop so not inexpensive.
Setting up an account with EQ, I started on the process of authorising transfers between RBC and EQ but didn't complete it. Shortly after - about an hour - I received an "unauthorised access" attempt warning from RBC which urged me to reset my password which I did. It might have been a coincidence but it made me very wary.
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Old Jul 19th 2021, 4:45 pm
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Default Re: Transfer money between different banks (both my account)

Originally Posted by btar
...Setting up an account with EQ, I started on the process of authorising transfers between RBC and EQ but didn't complete it. Shortly after - about an hour - I received an "unauthorised access" attempt warning from RBC which urged me to reset my password which I did. It might have been a coincidence but it made me very wary.
Possibly setting up the linking of the two accounts triggered a 'live' link with the RBC account and then not completing might have looked like an abandoned attempt?
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Old Jul 19th 2021, 5:07 pm
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Default Re: Transfer money between different banks (both my account)

Originally Posted by btar
I too have found the process of moving money between banks very cumbersome. I've managed to live without cheques so far and hadn't thought of using a bank draft so welcome that suggestion but as I recall, that is $8 a pop so not inexpensive.
Setting up an account with EQ, I started on the process of authorising transfers between RBC and EQ but didn't complete it. Shortly after - about an hour - I received an "unauthorised access" attempt warning from RBC which urged me to reset my password which I did. It might have been a coincidence but it made me very wary.
Extra cost of bank drafts depends on account. One of our accounts includes 'free' bank drafts and cheques. Not sure how they are free when we pay a monthly fee though, lipstick on a pig I guess! I've always been wary of online transfers between institutions, everything works well, until it doesn't. From what I have seen, banks seem wary of accepting responsibility. For a draft $8 is pretty cheap of security of funds. It is subjective though, for a $100 transfer or a $100,000 transfer.

Last edited by Farmer on a bike; Jul 19th 2021 at 5:09 pm.
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Old Jul 25th 2021, 6:36 am
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Default Re: Transfer money between different banks (both my account)

My family and I have just moved back to the UK. We have kept our TD account open for the time being and tried to change our contact details to our UK address and it won't let us enter a UK address or telephone number. This can be a problem when TD sends you a unique number to access your accounts. Any idea how we get around this issue?
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Old Jul 29th 2021, 10:58 am
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Default Re: Transfer money between different banks (both my account)

Since discovering Transferwise, nowadays called just Wise, I have never looked back when transfering funds between countries,
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