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external transfer times
November 15, 2020
11:05 am
rwb
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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
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There was some previous discussion in ETF normal transfer times? and Rapid Pulled Transfer.

November 15, 2020
1:08 pm
topgun
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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
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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
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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
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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 Tangerine sends email when funds are deposited/withdrawn to a Tangerine account.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

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