Cheapest way to move money between banks?

[frankw]

I want to move more than $1000 from the TD to HSBC. Both accounts are mine. The problem is there is no HSBC branch where I am located at the moment or will be for the near future.

I looked it up and so called wire transfer fees are highway robbery. Any better method?

[vieboi]

Not sure this will be the cheapest way.
Order a bank draft from TD, payable under your name, then send it to HSBC by mail. Providing your name, HSBC account, transit number, branch number, etc...

Or a personal cheque may work. This would be cheaper.

[frankw]

Not sure this will be the cheapest way.
Order a bank draft from TD, payable under your name, then send it to HSBC by mail. Providing your name, HSBC account, transit number, branch number, etc...

Or a personal cheque may work. This would be cheaper.

I didn't think about a snail mail route. Not trusting Canada Post these days, I was thinking more electronic than manual.

[joe1487]

HSBC lets you use BMO ATMs for free. Make a deposit of a TD personal cheque.

[brunes]

Email Money Transfer to yourself, should only cost $1.50 or $3.00 or something.

[nickctn]

You can open an HSBC Direct account and link your TD account to it. Then you can pull your money out of TD whenever you want through EFT.

[exstasie]

Email Money Transfer to yourself, should only cost $1.50 or $3.00 or something.

+1 :D

To send from TD it'll cost you $1.50 [Unless you get free transactions in your package].

However, it'll cost you a bit more to receive because HSBC isn't part of the online bank service. So it'll cost you $4.00 to receive the deposit.

$5.50 in total fees.

However, if you weren't with HSBC, and were part of one of the online banks (BMO, BNS, RBC, TD, CIBC, Central 1*) then it wouldn't cost you anything to transfer pick up an EMT. Only $1.50 to sent it.

The only major issue is that you can only transfer a maximum of $1,000 per transaction, so you might have to send multiple transactions which could start adding up in fees.

[djino]

You can open an HSBC Direct account and link your TD account to it. Then you can pull your money out of TD whenever you want through EFT.

+1.

Agreed. If you already have the HSBC Account opened. Within the banking online, you can choose to Add (link) an account at another bank. It will then ask you to send them a void cheque from the TD account. About 3-5 Business Days later, you can transfer from TD to HSBC (Note: HSBC will place a 5-10 business hold on it).

The fastest yet less convenient way is to get up, find an ATM attached to the exchange network (HSBC, National Bank, BMO, Alterna Savings, etc) and deposit your TD Cheque (though the HOLD time is subject to your daily ATM deposit limit).

djino

[bmu1]

Email Money Transfer to yourself, should only cost $1.50 or $3.00 or something.
:eek: Good to know. I had to get a certified cheque from PC to handover as part of closing for my condo. Since PC is online banking, they said they would transfer the money to CIBC for about $30 + CIBC would charge me about $16 or $18 to do a certified cheque! :mad: Eventually I simply deposited a personal cheque into Scotia (who I decided to go with my mortgage) and they did the cert chq for free. :twisted:

[florch]

I don't know about HSBC, but because TD charges to do it through them, I transfer money willy nilly from Manulife(curse them), PC and TD for free. I just go into Manulife(spit) or PC's website, click Transfer and go ahead, I can even transfer money out of TD this way.

Just call HSBC to set it up. You'll probably have to mail them a void TD cheque and maybe fill out a form.

Oops like nickctn said...

[AllWheelDrift]

The only major issue is that you can only transfer a maximum of $1,000 per transaction, so you might have to send multiple transactions which could start adding up in fees.
Do you know who sets that limit? At RBC my EMT limit seems to be $2,000 per transaction. I wouldn't mind having it higher, because I get 2 free EMTs in a month and like to use it to transfer to Scotia to pre-pay my mortgage and I find $4000/month a bit limiting. I usually get around it by making a payment to my Scotial LOC and pre-paying the mortgage from there but that takes a few days while the EMT is almost instant.

[angel_wing0]

cant u just do a bank to bank transfer for free? both account are yours so you should be able to do it for free. or am i missing something?

[djino]

cant u just do a bank to bank transfer for free? both account are yours so you should be able to do it for free. or am i missing something?

Yes it is free, but I think the last few posters are talking about EMAIL Money Transfer which would be an instant transfer but is subject to fees in the range of $1-5 per transaction (depending on the Bank). There are also daily limits on the amount you can transfer .

djino
"Bank to Bank transfers take 1-3 Business Days, but yup, are free"

[exstasie]

Do you know who sets that limit? At RBC my EMT limit seems to be $2,000 per transaction. I wouldn't mind having it higher, because I get 2 free EMTs in a month and like to use it to transfer to Scotia to pre-pay my mortgage and I find $4000/month a bit limiting. I usually get around it by making a payment to my Scotial LOC and pre-paying the mortgage from there but that takes a few days while the EMT is almost instant.

The maximum you can sent is $1,000.00. UNLESS you bank with RBC.
RBC's maximum is $10,000 per transaction. Don't ask me why RBC's is more, it is just set that way.

I'm not sure who you can contact about that, but since the limit is $10,000 you should be able to contact someone at a branch who can change those limits for you.


Yes it is free, but I think the last few posters are talking about EMAIL Money Transfer which would be an instant transfer but is subject to fees in the range of $1-5 per transaction (depending on the Bank). There are also daily limits on the amount you can transfer .

djino
"Bank to Bank transfers take 1-3 Business Days, but yup, are free"

For basic bank to bank transactions (ie. between the major 5 banks) EMT is essentially the best bet like you said. It's a $1.50 fee (and a lot of customers have free transactions) and the funds are sent virtually instantly. Can't beat that especially when you need cash quickly.