HSBC Direct Saving Bank-to-Bank Transfer

[musicw]

Does anyone know if banks, such as TD, RBC, etc., charges any handling frees for transferring money to HSBC direct saving?

[Drew_W]

No. It's an EFT, like an pre-authorized withdrawal or payroll deposit.

[musicw]

The reason I am asking this is because I have just transferred some money from my TD account to HSBC direct saving. My friend told me that handling fee is $2x.xx, which is very expensive considering a single transaction. I tried to search around ETF on TD website without success. Anyone know about the fee schedule for ETF at TD?

[Drew_W]

The reason I am asking this is because I have just transferred some money from my TD account to HSBC direct saving. My friend told me that handling fee is $2x.xx, which is very expensive considering a single transaction. I tried to search around ETF on TD website without success. Anyone know about the fee schedule for ETF at TD?

He probably sent a wire transfer, which is different than EFT. ETF are the elite popos.

[musicw]

He probably sent a wire transfer, which is different than EFT. ETF are the elite popos.

Drew_W, thanks for the quick reply. So, ETF is general free of charge? Is there a limit on how many times I can execute a EFT?

[AllWheelDrift]

Drew_W, thanks for the quick reply. So, ETF is general free of charge? Is there a limit on how many times I can execute a EFT?

EFTs are usually considered regular transactions, so it really depends on your bank account. If you have unlimited transactions for free, you should be able to execute unlimited EFTs for free. If on the other hand, you have a limited number of free transactions, each EFT will count towards your limit and you will start to be charged a transaction fee once you go over your limit.

[bkim3]

I believe there is no limit for bank to bank transfer. I have had no problem transfering funds from BMO to HSBC, and vice versa.

[nickctn]

I believe there is no limit for bank to bank transfer. I have had no problem transfering funds from BMO to HSBC, and vice versa.

There are no limits on the HSBC side. However, as Drew_W mentioned, your other bank might/will charge you fees depending on your banking package with them.

[jojochiu]

I believe there is no limit for bank to bank transfer. I have had no problem transfering funds from BMO to HSBC, and vice versa.

thats because bmo and hsbc are together. even when you put ur bmo card in hsbc abm to withdraw money. there is no charge.

[bs9999]

Does anyone know if banks, such as TD, RBC, etc., charges any handling frees for transferring money to HSBC direct saving?

Just a quick clarification for you...

1) When you make a bank-to-bank transfer from within HSBC to take out money from your external bank (e.g. TD, CIBC, etc) there is NEVER a fee to do this on HSBC side.

2) Depending on your external banks side there usually is never a charge for an automatic withdrawal caused by an EFT (the one u initiated from HSBC) but there tends to be a # of free monthly withdrawal limits on accounts (e.g. TD has a 10 withdrawal limit on certain plans -- anytihng above that with charge $0.65/debit transaction).

3) Most banks (i have never heard any yet) dont charge a "handling fee" for a EFT that automically withdrawals from that account...e.g. TD has never charged me such a fee (i am using the Value account)....but like i said, there is a quanitity withdrawal limit per month in place at brick-mortar banks such as TD.

[antayana]

Just a quick clarification for you...

1) When you make a bank-to-bank transfer from within HSBC to take out money from your external bank (e.g. TD, CIBC, etc) there is NEVER a fee to do this on HSBC side.

2) Depending on your external banks side there usually is never a charge for an automatic withdrawal caused by an EFT (the one u initiated from HSBC) but there tends to be a # of free monthly withdrawal limits on accounts (e.g. TD has a 10 withdrawal limit on certain plans -- anytihng above that with charge $0.65/debit transaction).

3) Most banks (i have never heard any yet) dont charge a "handling fee" for a EFT that automically withdrawals from that account...e.g. TD has never charged me such a fee (i am using the Value account)....but like i said, there is a quanitity withdrawal limit per month in place at brick-mortar banks such as TD.

thanks for the clarification..

Now I wont be scared to use the bank to bank transfer.

I always though bank to bank transfer does not count as part of the 10 withdrawal limit...

[valentinabear]

Where do you go to make a transfer? I can't find it on the TD banking site. I use the value account as well.

I'm new to this bank to bank transfer.

[dealtacular]

Where do you go to make a transfer? I can't find it on the TD banking site. I use the value account as well.

I'm new to this bank to bank transfer.

You would need to do it from the HSBC (or other virtual bank's) side. The Big 5 banks don't have this feature from their internet banking sites.

[Yumeji]

So let me get this right...

Instead of using the Interac money transfer I use on EasyWeb to transfer $X to another institution (which costs me $1.50), I should use the transfer funds from another account at my other institution (cost would be free)?

Also, is it free for both one-time and automatic transfers, or just automatic?
(note I have unlimited transfers for my account)

[dealtacular]

So let me get this right...

Instead of using the Interac money transfer I use on EasyWeb to transfer $X to another institution (which costs me $1.50), I should use the transfer funds from another account at my other institution (cost would be free)?

Also, is it free for both one-time and automatic transfers, or just automatic?
(note I have unlimited transfers for my account)

I assume by unlimited transfers, you mean you are allowed unlimited debit transactions from your TD account. This means, yes, if you start the transfer from the virtual bank (ING, PCF, HSBC Direct, etc.) you will have no fees.

If you have a transaction limit on your TD account setup (ie. not unlimited free), you will pay the usual TD debit fee for additional transactions if you are above your limit, which I think is around $0.65.

If you are using Interac EMT to transfer from TD to another Big 5 bank, there is no electronic way to do this that is free.

Whether it is one-time or automatic doesn't make a difference, the transaction appears the same way at the bank (in this case, Big 5) you are taking the money from (usually as an EFT debit).