external transfer times | General financial discussion | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
external transfer times
November 15, 2020
11:05 am
rwb
Member
Members
Forum Posts: 6
Member Since:
June 15, 2019
sp_UserOfflineSmall Offline

Hello:

I was wondering if anyone has done a comparison on the number of days to transfer from one financial institution to another, referred to an 'external transfer'?

I think Motive is one of the fastest ones.

I put surplus money into a high interest saving account and transfer to my Scotiabank account to pay such things as my monthly Visa bill.

Thanks

November 15, 2020
11:22 am
Norman1
Member
Members
Forum Posts: 6679
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

There was some previous discussion in ETF normal transfer times? and Rapid Pulled Transfer.

November 15, 2020
1:08 pm
topgun
Member
Members
Forum Posts: 452
Member Since:
September 6, 2020
sp_UserOfflineSmall Offline

Tangerine and Simplii to external account next business day. As long as transfer is initiated before cutoff time. Tangerine cutoff MIDNIGHT EST. Simplii cutoff before 7:00AM EST one day before.

With interest rates so low the most benefit from a CC is reward. The interest earned on grace period is small compared to reward. My CU transfers so quickly the funds arrive before NOON. I need to setup transfer 3 days in advance. Cutoff time 10:00PM-11:00PM EST. I am allowed one external transfer a month without invoking a $1 fee for additional debits.

Have a Great Day

November 15, 2020
5:54 pm
rwb
Member
Members
Forum Posts: 6
Member Since:
June 15, 2019
sp_UserOfflineSmall Offline

Thanks. I have funds with Tangerine and will soon have some with Simplii.

Of interest, I set up a transfer from Scotiabank to Tangerine. My funds left Scotia in a couple of days, but it seems that Tangerine is slow to process, as it has been a week since I arranged the transfer. The transfer amount is somewhat less than funds currently in my Tangerine account.

November 15, 2020
7:02 pm
Norman1
Member
Members
Forum Posts: 6679
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Over a week for the Tangerine Bank account to be credited?

When I submit a request at Tangerine Bank to transfer funds in, my Tangerine account is credited the next business day. I have never seen my external account debited before I see the matching credit in my Tangerine account.

November 15, 2020
7:28 pm
topgun
Member
Members
Forum Posts: 452
Member Since:
September 6, 2020
sp_UserOfflineSmall Offline

When I transfer funds into Tangerine it happens the next business day. If it is US funds it takes two days to debit the external account. Tangerine sends email when funds are deposited/withdrawn to a Tangerine account. Handy.

Have a Great Day

Please write your comments in the forum.