# Bank transfer question



## wonderings (Jun 10, 2003)

Can I transfer funds from a td bank to a Scotia bank? I am purchassing an item from the classified here. So do I have to go to his bank to do this? (scotiat bank) or can I do it from mine? (TD)

thanks


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## SINC (Feb 16, 2001)

As long as you have the transit number and account number of the Scotiabank account, you should be able to instruct your bank to make the transfer.

The transit number identifies at which specific branch of Scotiabank the account exists.


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## wonderings (Jun 10, 2003)

thanks SINC, can anyone confirm this? It would deffinetely save a trip!


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## JumboJones (Feb 21, 2001)

I tried that through telephone banking once, to a CIBC account and they wouldn't do it, sign up for an email money transfers, they're a lot easier.

You can take some cash out and go to a Scotia bank branch and deposit it into an account.


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## da_jonesy (Jun 26, 2003)

Jumbo Jones is right... email money transfer is the easiest way to transfer money between the big banks in Canada.


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## SINC (Feb 16, 2001)

If you have a personal banker and the correct information you can do it my way by either phone or e-mail. I do it frequently without a problem between CIBC and Scotiabank.

On the other hand, if you do not have a personal banker assigned to your account, the other suggested method may be better.


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## MacDoc (Nov 3, 2001)

EMT is the way - a transfer is slow and costly...or just get the deposit info and put the money in directly at a branch local to you.


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## wonderings (Jun 10, 2003)

I am way behind the times when it comes to electronic banking. I will just swing by the Scotia Bank today and deposit the money into his account.

thanks all


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## rgray (Feb 15, 2005)

*Interac email transfer*

If you bank electronically with a major Canadian bank, you can send an Interac email transfer to "anyone with an email address". By far the easiest solution - as quick as the person checking their email. Costs $1.50 thru RBC. 

The recipient can handle it electronically or request a cheque.

I use this method frequently dealing with away student kids. I have been very satisfied.


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## Sonal (Oct 2, 2003)

EMT is the easiest way.

The other is to swing by TD and do a wire transfer, but that's usually a bit more expensive. (That is likely what happens when SINC talks to his banker--they arrange one of these.) If you have a good relationship with your banker, you can do this by fax.

Or just making a deposit to his account works, but you would need to do that at a Scotia.


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## winwintoo (Nov 9, 2004)

Email money transfer is the only way to go - there may be a max amount that can be sent in one transaction.

I buy stuff all the time using emt, and I also get paid that way - nothing could be easier. You don't need to know which bank the other person deals with because the recipient decides which bank and which account they want to deposit into. The recipient doesn't know which bank the sender deals with either so you're not disclosing any information you'd rather keep to yourself.

If for some reason, the recipient flubs the receipt (had that happen once), the money sits in an escrow account at your bank until you instruct them how to fix the problem. In my case the recipient's computer crashed or the dog ate it while she was completing the transfer. A call to my bank fixed it lickity split.

Margaret


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## Guest (Dec 19, 2006)

EMT is great. I think by default it's $1000/day and $3000/week. It's basically a front end for Interac transactions and works almost instantly. Use it all the time and quite happy with it.

I, for one, LOVE internet banking. Paying bills has never been easier, not to mention EMT for online purchases and the like.


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## rgray (Feb 15, 2005)

mguertin said:


> I, for one, LOVE internet banking. Paying bills has never been easier, not to mention EMT for online purchases and the like.


Man do I hear that! My bills have never been in better order than since I got down on the internet banking....... :clap:


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## comprehab (May 28, 2005)

EMT is the way to go for any purchases through on-line classifieds. I also LOVE internet banking, just makes things SO much easier.


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## Dr.G. (Aug 4, 2001)

JJ and da_j are both correct. Just be careful of the charges certain banks will charge you for this email transfer. I had to go in to my local CIBC and remind them of the "no charge" deal I have with them. So, what they do is to refund back various charges that a computer places in to my account each month. Granted, I have to have a mortgage, RRSPs, credit card, debit card, savings account and checking account with CIBC to get all of this "free-of-fees" service, but it is worth it in the end.


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## SINC (Feb 16, 2001)

Dr.G. said:


> JJ and da_j are both correct. Just be careful of the charges certain banks will charge you for this email transfer. I had to go in to my local CIBC and remind them of the "no charge" deal I have with them. So, what they do is to refund back various charges that a computer places in to my account each month. Granted, I have to have a mortgage, RRSPs, credit card, debit card, savings account and checking account with CIBC to get all of this "free-of-fees" service, but it is worth it in the end.


Odd Dr. G., in that I have the very same deal with the very same bank. I guess great minds think alike?


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