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Motusbank transfer limit is only for sending money out
April 4, 2019
10:57 am
jerryzxliu
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I was confused about the $10,000 daily money transfer limit, so I contacted motusbank and here's the response:

Thanks for reaching out to us. If you would like to send more than $10,000 you can reach out to us at Member Service at the number listed below and we can initiate a larger transfer. There is no limit as to how much you can receive from other banks.

Feel free to give our Member Service a call at 1-833-696-6887 if you have any questions.

April 4, 2019
11:43 am
Doug
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Sounds like Hubert, but kinda sad to see such low transfer out limits. 🙂

Also, this would not apply to externally-initiated transfers out, which would be dictated by the "transfer in" limits of the receiving institutions.

Cheers,
Doug

June 20, 2019
4:50 am
krwilson
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Just to follow up a little. Today I wanted to move some money finally into motusbank. I initiated the transaction from within motusbank to pull in money from my tangerine account where the deal ends at end of June. I did it this way so I would hopefully keep maximum interest earning. BUT...I wanted to do $20,000 and it failed, had to do 2 transfers of $10,000. If I had started it from Tangerine it would go but then I lose a few days interest. This is a very low limit at $10,000 topped off with the snails pace at which motusbank moves money. I started a transfer with my wife's account last Friday, June 14th and it just hit the account this morning, June 20th....for less than $10,000. SLOW!

BUT they still are offering 3% on 18 month GIC and this is looking pretty good at the moment. I am tiring of chasing Tangerine deals.

June 20, 2019
10:29 am
Doug
British Columbia, Canada
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krwilson said
Just to follow up a little. Today I wanted to move some money finally into motusbank. I initiated the transaction from within motusbank to pull in money from my tangerine account where the deal ends at end of June. I did it this way so I would hopefully keep maximum interest earning. BUT...I wanted to do $20,000 and it failed, had to do 2 transfers of $10,000. If I had started it from Tangerine it would go but then I lose a few days interest. This is a very low limit at $10,000 topped off with the snails pace at which motusbank moves money. I started a transfer with my wife's account last Friday, June 14th and it just hit the account this morning, June 20th....for less than $10,000. SLOW!

BUT they still are offering 3% on 18 month GIC and this is looking pretty good at the moment. I am tiring of chasing Tangerine deals.  

Peoples Trust Company is pretty well regarded and still offers their 15-month GIC (3 months shorter maturity date) for the same 3.00% rate (only dropped 0.10%).

Size wise, excluding Peoples Card Services L.P., which is a separate subsidiary of Peoples Group than the Peoples Trust Company subsidiary, Peoples Trust is than each of Canadian Tire Bank and President's Choice Bank (the former of which offers direct-to-consumer & broker deposits and latter of which offers only brokerage deposits). They are also almost as large as all of Sunova Credit Union, as measured by assets.

Cheers,
Doug

June 21, 2019
4:38 pm
Alexandre
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In regard to transferring funds between Tangerine and Motus.

On Thursday June 20th after business hours I initiated transfer of $1000 from Tangerine to Motus.
Tangerine executed transfer at 01:15 June 21st.
Motus sent me email at 19:35 June 21st notifying that transfer has arrived.

The transfer went extremely fast. All in all, it took less than 24 hours to move small amount of money from Tangerine to Motus.

Next week, will see how long moving of $45,000 will take.

June 22, 2019
6:43 am
Nehpets
Ontario
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Alexandre said
........On Thursday June 20th after business hours I initiated transfer of $1000 from Tangerine to Motus..........
.  

Was that a push or pull transfer, Alexandre?

June 22, 2019
7:32 am
Alexandre
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That was push from Tangerine to Motus. I linked Motus Checking as External Account in Tangerine. It took three days for Tangerine to send and Motus receive two microtransactions for link verification. My link was finally set up on Thursday and I decided to try it right away.

Considering microtransactions took 3 business days, I did not expect much faster action when I sent $1000 from Tangerine. Imagine my surprise when I've got email alert from Motus next evening that direct deposit from Tangerine has arrived. By the way, quite useful feature are these alerts Motus has.

I will be sending $45K to Motus from Tangerine this Sunday. Tangerine should be executing transfer Monday am hours, and I'll report here how fast that transfer went.

June 22, 2019
7:54 am
Nehpets
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Alexandre said
That was push from Tangerine to Motus.....  

It will be interesting to know the time required when it's a pull or push transfer on the Motus side, or even a mobile deposit using the Motus mobile app.

These were the problematic transactions with Meridian, and some of the reports posted on the Forum suggest Motus may be similar.

Stephen

June 24, 2019
4:45 pm
Alexandre
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I sent $45,000 from Tangerine to Motus on Sunday evening, and it arrived to Motus Checking on Monday evening.

I do like everything with Motus, except their money transfer options. Now, I have a workaround for fast money transfers between Tangerine and Motus. It only works for under $50,000 daily, which is Tangerine daily limit for push. Still, good enough as money comes in under 24 hours and instantly available.

As for reverse direction, a pull from Tangerine should work. Yes, Tang will hold money for a week, but if you pull to Tangerine Savings, money will collect interest while on hold, and it is good enough for me.

Of course, for transfers under $3,000 there is always Interac.

Also, I sent few thousand dollars from EQ Bank to Motus same time as Tangerine transfer, EQ money has not arrived yet. Will let you know how long it took, when it does.

June 25, 2019
3:45 am
krwilson
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I am still waiting for 2X$10000 transfers started on June 20th from Tangerine. These were initiated from MotusBank just like my EQ transfer in previous post. I would try to send from Tangerine but I don't want to change the 3 external links I already have set up with them, Motus is not one.

June 25, 2019
9:08 am
Loonie
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I'd be surprised if anything is happening in a timely fashion from the motus end. Nothing I've asked them to do since I started dealing with them on May 1 has happened when it was supposed to.

Currently waiting fof joint account opening. A response to this request was promised within 2 business days. We are now in our 3rd and would be pleasantly surprised if we got a response today.

June 25, 2019
4:55 pm
Alexandre
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Sent few more dollars from Tangerine to Motus - once again, money arrived next business day to Motus account.
Money sent from EQ arrived at the end of second business day.

For all transfers to Motus, funds were deposited at 19:31 ET every time.

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