Motusbank transfer limit is only for sending money out | motusbank | Discussion forum

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.

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.

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.

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.

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.