Depositing Large Amount of Money

titaniumtux wrote: ↑ Your lazy option is to deposit $5k every day. Probably the best option, too.

Another option is to open an account with each bank you would like to entertain. Certainly open chq & savings accounts with Simplii and Tangerine. Then, feel free to open savings accounts with others. Tangerine will allow you to link up to three external accounts. After that setup is complete (a few days, a little patience and a few clicks), you can push and pull money between Tangerine and external accounts. With Simplii, the process is more tedious, but you can link an unlimited number of external accounts.

One last option. If you have a credit card with one of the big five, go to their branch and overpay your CC with cash by $30k. Then, call them to have the $30k transferred to your bank account. This will take up to five business days normally to transfer the funds (and you might get paranoid about the bank account digits if it's being transferred to a bank account of a different institution than the CC), but it'll all be done it one shot. There should be no fees for doing this.

titaniumtux wrote: ↑ Your lazy option is to deposit $5k every day. Probably the best option, too.

titaniumtux wrote: ↑ Your lazy option is to deposit $5k every day. Probably the best option, too.

Another option is to open an account with each bank you would like to entertain. Certainly open chq & savings accounts with Simplii and Tangerine. Then, feel free to open savings accounts with others. Tangerine will allow you to link up to three external accounts. After that setup is complete (a few days, a little patience and a few clicks), you can push and pull money between Tangerine and external accounts. With Simplii, the process is more tedious, but you can link an unlimited number of external accounts.

One last option. If you have a credit card with one of the big five, go to their branch and overpay your CC with cash by $30k. Then, call them to have the $30k transferred to your bank account. This will take up to five business days normally to transfer the funds (and you might get paranoid about the bank account digits if it's being transferred to a bank account of a different institution than the CC), but it'll all be done it one shot. There should be no fees for doing this.

Figman2 wrote: ↑ Keep the money under your bed

A slow relax way would be opening a saving account with a safety box (some banks give you one free or cost just around $60-80/year). At the beginning just deposit enough money to open the account. Then every month just walk in there, take a few thousands from your safety box and deposit into your bank account. Within a year you are all set with all the cash and can close the safety box if it is costing you.

The fine prints say that you are not supposed to keep cash in the safety box, but would they know and steal if you do?

MoneyBig5 wrote: ↑ I don't want a savings account tho. I'm looking to put all this money into PayPal.

fred125 wrote: ↑ Damn things just got sketchier...or you're trying to buy something very expensive on eBay!

Sanyo wrote: ↑
He’s under 18 so no credit card option.

MoneyBig5 wrote: ↑
So it would be fine for each bank right? Since they do not communicate to each other and so there will be no suspicion.

MoneyBig5 wrote: ↑
I don't want a savings account tho. I'm looking to put all this money into PayPal.

MoneyBig5 wrote: ↑
Nah, I have a guy who is willing to sell me phones @800 CAD. I can easily resell them for 820-850, so I'm putting it into PayPal :p

1. Drop $30k
2. at $800 per phone, that's 37.5 phones. Let's say 37 phones.
3. Sell at $820-850 a piece, then you're looking at average $835, then it's a $35 difference
4. We need to quantify time here. Let's say you invest 37 hours into this, then break it down to 1 hour per phone. That works out to $35 per hour (not even guaranteed) on a $30k "investment"

MoneyBig5 wrote: ↑ If I deposit all 30k to one bank, it'll be really suspicious and I'll have to do the CRA forms and such (if its above 10k you have to do a form)

What I'm thinking is that I can deposit ~5k to each bank (CIBC/Scotia/TD/RBC/BMO) and then keep it there.

micronta wrote: ↑ Any bank employees here, wouldn't paying off 30K in person at the bank draw attention to oneself even though it's to pay off a credit card? One time I just deposited 3000 US in my account and I was asked where that money came from.

titaniumtux wrote: ↑ Touché! Nice catch. My bad.



YMMV. I never tried it. I suppose if I were in a rush to bankroll $30k, I'd probably do it.



Savings account can be a no/low-cost placeholder.



OMG, such horrible ROI. Are you referring to flagship phones? These things lose value quickly. You'll likely lose money doing this. Gonna do the math here. Darn age of majority...cashback on a $30k spend would be nice.

1. Drop $30k
2. at $800 per phone, that's 37.5 phones. Let's say 37 phones.
3. Sell at $820-850 a piece, then you're looking at average $835, then it's a $35 difference
4. We need to quantify time here. Let's say you invest 37 hours into this, then break it down to 1 hour per phone. That works out to $35 per hour (not even guaranteed) on a $30k "investment"

This is absolutely horrible. I get that below age of majority, one cannot churn cellphones on post-paid via big three at 3rd party dealers. You'd be better off collaborating with a family member who's 18/19+ who will let you churn cellphones under their name.

I don't churn flagships usually because of the high inventory cost. I'll churn budget and mid-range phones, sell 'em for 75% of MSRP. I'll pocket $150-300 per phone. I'll invest on average one hour of my time per phone. $35 profit on 37 phones is $1,295. That's the equivalent of 4.3% interest on $30k. If you can afford to lock up the money for some time, consider mutual funds. You'll likely leverage more than 4.3% interest on mutual funds.

Buddy, if you park that $30k in an EQ savings account for one year at 2.3% interest, you'd earn $690 for less than one hour of your time. $690 for less than one hour of work is much better than hoping to get $1295 profit off $30k for gambling on electronic inventory.

My word of advice is don't do it. Invest the money instead.

MoneyBig5 wrote: ↑ "This is absolutely horrible. I get that below age of majority, one cannot churn cellphones on post-paid via big three at 3rd party dealers. You'd be better off collaborating with a family member who's 18/19+ who will let you churn cellphones under their name."

What does that exactly mean? How does being 18 allow you to churn cellphones on post-paid via big three at 3rd party dealers? What even are they?

And, the reason why I'm talking about this is because I already got the phones from the seller. I now have to pay him, which is why I need to use PayPal. I've already SOLD the phones. I'm already in the profit (I just need to pay my seller now).

MoneyBig5 wrote: ↑ I don't want a savings account tho. I'm looking to put all this money into PayPal.

micronta wrote: ↑ Any bank employees here, wouldn't paying off 30K in person at the bank draw attention to oneself even though it's to pay off a credit card? One time I just deposited 3000 US in my account and I was asked where that money came from.

afiglee wrote: ↑ It is a $10k and above transaction that will be reported. Making under $10k deposits every 2 days seems not to be an issue. It would good to hear from a bank employee since banks may have their own policies which are stricter than the FINTRAC requirements.