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Transfer money between different banks (both my account)

Transfer money between different banks (both my account)

Old Jul 29th 2021, 11:15 am
  #16  
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Default Re: Transfer money between different banks (both my account)

Originally Posted by John123456
Since discovering Transferwise, nowadays called just Wise, I have never looked back when transfering funds between countries,
The original question regards transferring money between 2 personal Canadian accounts which can’t be done in the same way as the UK. Wise offers a great service, as you know and is widely recommended on BE, but for inter country transfers.
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Old Jul 29th 2021, 11:54 am
  #17  
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Default Re: Transfer money between different banks (both my account)

Originally Posted by Twitcher1958
The original question regards transferring money between 2 personal Canadian accounts which can’t be done in the same way as the UK. Wise offers a great service, as you know and is widely recommended on BE, but for inter country transfers.
Though not promoted for this purpose, I think the Wise multi-currency account would work for this.
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Old Jul 29th 2021, 12:52 pm
  #18  
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Default Re: Transfer money between different banks (both my account)

Originally Posted by MidAtlantic
Though not promoted for this purpose, I think the Wise multi-currency account would work for this.
Interesting! I hadn’t thought of it that way but can see your logic. Does it work or are you suggesting there shouldn’t be a reason it doesn’t?
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Old Jul 29th 2021, 1:51 pm
  #19  
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Default Re: Transfer money between different banks (both my account)

Originally Posted by Twitcher1958
Interesting! I hadn’t thought of it that way but can see your logic. Does it work or are you suggesting there shouldn’t be a reason it doesn’t?
I use Wise frequently for UK to USA transfers but I do not have the multi-currency account. I cannot see any reason why it would not work. Upload funds from one bank and transfer them to the other. I do not know what fees might be involved, so it needs further exploration.
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Old Jul 29th 2021, 2:44 pm
  #20  
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Default Re: Transfer money between different banks (both my account)

Or just write a cheque from one bank account and deposit it into the other bank account Use the online banking app to deposit - no fees, no having to go into the bank.
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Old Aug 1st 2021, 12:18 am
  #21  
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Default Re: Transfer money between different banks (both my account)

I opened an online account with EQB and linked my TD and Tangerine accounts from EQB. No cost involved in pushing or pulling money from one account to another. EQB is now linked with Wise and it's even cheaper to transfer CAD to USD and vice versa with EQB than using Wise directly. For money transfers from Canada to UK, wise is the best option.
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Old Aug 5th 2021, 3:22 pm
  #22  
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Default Re: Transfer money between different banks (both my account)

Originally Posted by dbd33
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.
Sounds to me like you need to change banks, TD sounds terrible! I have several accounts and products with RBC and have none of these problems, never pay any fees, and get to perform banking more conveniently than I ever did with banks in the UK. The app is great and on the rare occasion I actually need to use a branch its effortless. I used to be of the mind that Canadian banking was behind the times, and to be honest it sounds like most of them are, but I did my research checked out several different ones and RBC are leaps ahead of the others. If TD are so bad, then change banks.
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