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Quick transfers
July 31, 2020
6:34 am
jbyte
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Hi,
Could someone comment on the speed of transfers for some of the higher rates currently on the list, like EQ and Cdn Tire?
I am still with Tangerine, and find myself transferring in and out with my savings these days, and still appreciate the speed at which it is done, but hating the 0.2% interest.
I would happily move but as long as it can compare with Tangerines speed of the transfers. I read some of the posts in the past saying it takes weeks for funds to move.
Thanks

July 31, 2020
6:46 am
Loonie
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Avoid motusbank and Meridian credit union. They will drive you nuts.

I find EQ is quite satisfactory for transfers. i can't say if it's the same as Tangerine asa I haven't banked with them for at least a year.
I think it's reasonable to expect one to two business days. EQ appears to credit the transfer as soon as you make it even though the money hasn't left the other bank yet, but I've never done the math to verify.
Unless you have some unusual reason to need the money to be transferred faster, I think you would be fine with the EQ account - and wealthier!.

July 31, 2020
6:53 am
jbyte
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Thanks for the reply. No a couple of business days is just fine, I've been reading some older posts saying more than a week, which wouldn't work.

July 31, 2020
7:09 am
file
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Transfers initiated from the receiving institution usually all credit instantly, with a hold period.

Outgoing transfers to another institution vary both by the sending institution and the receiving institution so I'll just cover sending.

EQ has a single EFT processing a day. In the morning everything gets processed, bill payments, incoming transfers, outgoing transfers. This means that there is usually at least an overnight wait on things but it can be even longer.

Alterna seems to do multiple per day, so a transfer in and out can appear the same day. I use TransferWise to exchange my pay every 2 weeks, and generally that money will appear the same day I initiate the exchange.

Motive I have less experience with but they seem to be more in the Alterna category with multiple EFT processes per day, so things can occur same day or next.

July 31, 2020
8:20 am
Alexandre
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My experience with EQ bank: 1-2 business days for push (outgoing transfer).

Also, for tiny transfers under few thousand dollars I prefer to use Interac transfers.

Interac has its benefits in some cases. Once, I needed to move about $8K from one bank to another, by Monday, and I realized it Friday evening. So, sent Interac transfer on Friday for $3K, sent another one for $3K on Saturday, and last for remaining amount on Sunday. Mission accomplished.

July 31, 2020
8:56 am
AltaRed
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I am fine with 1-2 business days with EQ Bank.

July 31, 2020
9:28 am
Bill
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Signed in to EQ yesterday, transferred from TD, showed (and earning interest) immediately. That's how EQ always works for me, and it's on hold for (I think) 5 days. My TD this morning showed it gone to EQ, dated yesterday.

July 31, 2020
2:24 pm
Loonie
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If you have read that it takes longer than a couple of days, it could have been referring to the time required to clear the funds, not the actual transfer.
It might have also been when they first opened and were overwhelmed with business - which lasted several months.

July 31, 2020
2:25 pm
AltaRed
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And for clarity, 5 day holds on incoming funds to EQ are no big deal. The money is going there for 'savings' anyway. Still earns interest during the entire period.

July 31, 2020
6:53 pm
gicjunkie
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I know Motive has slipped down the list a bit, but I have found them to be one of the more stable companies wrt HISA rates. They give you credit for the transfers in immediately, but it usually takes just a day or two for my home bank to recognize the transfer out.

August 2, 2020
7:18 am
maxb
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I use TD/Tangerine/EQbank and all work very quickly (2 days)... Meridian appears to take a day or two more, and they appear to have more restrictions on the amount be transferred.

EQ/Tangerine also have no charge Etransfers so you can move $3000/day for amounts up to about $10K/week (don't quote me on the weekly)

August 3, 2020
9:42 am
file
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As a data point I had a scheduled transfer from EQ to RBC on Saturday. It appeared at RBC this morning (received notification at 9:30AM EST).

August 3, 2020
12:27 pm
Rick
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jbyte said
Hi,
Could someone comment on the speed of transfers for some of the higher rates currently on the list, like EQ and Cdn Tire?
I am still with Tangerine, and find myself transferring in and out with my savings these days, and still appreciate the speed at which it is done, but hating the 0.2% interest.
I would happily move but as long as it can compare with Tangerines speed of the transfers. I read some of the posts in the past saying it takes weeks for funds to move.
Thanks  

jbyte said
Thanks for the reply. No a couple of business days is just fine, I've been reading some older posts saying more than a week, which wouldn't work.  

If I could pull cash from Tang and have it sit in the receiving FI for a week before it came out of my Tang account, I'd be moving 6 figures every Friday afternoon.

August 3, 2020
12:30 pm
jbyte
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Thanks for all the responses I ended up opening an EQ account.

August 3, 2020
12:57 pm
Alexandre
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Rick said

If I could pull cash from Tang and have it sit in the receiving FI for a week before it came out of my Tang account, I'd be moving 6 figures every Friday afternoon.  

I did similar thing last year around Christmas, and rates were about 2%-3% at both FI, I believe.

I pulled substantial amount to EQ from Savings account at another FI, and due to Christmas holidays it were at least 5 calendar days before funds disappeared from that another FI.

Ended collecting 5%-6% combined interest for 5 days. In my defense, it weren't intentional.

Won't be repeating it this Christmas, interest rates are too low to bother.

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