Easiest way to do large $ transfers between people

Last Updated:
Jul 18th, 2021 3:39 pm

Tags:

SCORE
+2
2
0

Reply to ThreadReply

Search this thread

Search this thread

Jul 15th, 2021 1:39 pm

Scote64 [OP]: Deal Fanatic; Jan 21, 2018; 8418 posts; 9265 upvotes; Vancouver

Jul 15th, 2021 1:39 pm

Easiest way to do large $ transfers between people

I have to distribute an estate as the executor, which involves transferring amounts over $100K to a couple of different people. Is there some easy way to do this by secure EFT? I've seen horror stories of bank drafts from an estate being lost in the mail, with the money tied up for years (e.g., https://www.cbc.ca/news/business/bank-d ... -1.4457823). I assume an ordinary cheque would be ok except for an excessive hold period because of the amount?

63 replies

Jul 15th, 2021 2:19 pm

alpovs: Deal Fanatic; Sep 16, 2013; 7753 posts; 5410 upvotes; SW ON

Jul 15th, 2021 2:19 pm

I bet you'd get better answers in the personal finance forum.

+3

Jul 15th, 2021 2:24 pm

coilz: Deal Fanatic; Jul 26, 2004; 5145 posts; 2148 upvotes

Jul 15th, 2021 2:24 pm

Yeah a big cheque should be ok. Just mail it out with tracking and signature to receive. Or you can personally deliver it if possible. Alternatively the bank can also transfer it for you . You will need the other person's bank account # and the destination bank's SWIFT code/routing number, there will be transaction fees as well, likely for both sides.

+1

Jul 15th, 2021 2:28 pm

death_hawk: Deal Expert; Aug 22, 2006; 30358 posts; 15859 upvotes

Jul 15th, 2021 2:28 pm

Why not a wire?

Do you not have anything else to do rather than argue with strangers on the internet

Nope. That's why I'm on the internet arguing with strangers. If I had anything better to do I'd probably be doing it.

Jul 15th, 2021 2:30 pm

Quentin5: Deal Expert; Feb 8, 2014; 28847 posts; 12539 upvotes; Socially Distanced

Jul 15th, 2021 2:30 pm

Certified cheque is my first thought.

Also provides proof you wrote it and didn't abscond with the money unless i am mistaken.

In fact in Rand McNally they wear hats on their feet and hamburgers eat people

+1

Jul 15th, 2021 3:21 pm

mrweather: Deal Fanatic; Aug 29, 2011; 8989 posts; 6011 upvotes; Mississauga

Jul 15th, 2021 3:21 pm

I think for large dollar values a wire transfer is the most secure.

Jul 15th, 2021 5:11 pm

Scote64 [OP]: Deal Fanatic; Jan 21, 2018; 8418 posts; 9265 upvotes; Vancouver

Jul 15th, 2021 5:11 pm

alpovs wrote: ↑ I bet you'd get better answers in the personal finance forum.

Oops, I meant it to go in that forum.

Jul 15th, 2021 5:13 pm

Scote64 [OP]: Deal Fanatic; Jan 21, 2018; 8418 posts; 9265 upvotes; Vancouver

Jul 15th, 2021 5:13 pm

death_hawk wrote: ↑ Why not a wire?

Fees.

Jul 15th, 2021 6:24 pm

peteryorkuca: Deal Fanatic; Jul 26, 2007; 6915 posts; 4503 upvotes; Toronto

Jul 15th, 2021 6:24 pm

Scote64 wrote: ↑Fees.

With large sum, $100k+, it's understandable that bank do want to hold for few days. You can see on your side money withdrawn when the cheque had been deposited by their side. Unfortunate, there maybe hold depending how well they know their bank. I had mine removed few decades ago so, it could be same case for your acquaintances.

Just send them a regular check. It's almost free and no need to spend $20 on wire.

Jul 15th, 2021 10:48 pm

fastlayne: Deal Addict; Nov 18, 2007; 3531 posts; 640 upvotes; Corktown

Jul 15th, 2021 10:48 pm

See if any of the beneficiaries deal with the same bank, if so have the teller do a direct transfer from the estate account.
(Have and beneficiary send a photo/image of their bank account details.)

Jul 15th, 2021 11:25 pm

taxrage: Deal Addict; Jan 15, 2017; 2143 posts; 1607 upvotes

Jul 15th, 2021 11:25 pm

Scote64 wrote: ↑ I have to distribute an estate as the executor, which involves transferring amounts over $100K to a couple of different people. Is there some easy way to do this by secure EFT? I've seen horror stories of bank drafts from an estate being lost in the mail, with the money tied up for years (e.g., https://www.cbc.ca/news/business/bank-d ... -1.4457823). I assume an ordinary cheque would be ok except for an excessive hold period because of the amount?

The beneficiaries aren't going to want to give you their routing info. Just go to the bank, splurge $8 on each bank draft and mail it to them. Done.

When CBDC is a thing, you can xfer to their digital wallet. Until then, use the banking system.

Jul 16th, 2021 12:34 am

Scote64 [OP]: Deal Fanatic; Jan 21, 2018; 8418 posts; 9265 upvotes; Vancouver

Jul 16th, 2021 12:34 am

fastlayne wrote: ↑ See if any of the beneficiaries deal with the same bank, if so have the teller do a direct transfer from the estate account.
(Have and beneficiary send a photo/image of their bank account details.)

I can probably transfer the money to a common bank like RBC, but I'll have to ask the bank if they'll do an inter-client transfer that large.

Jul 16th, 2021 12:50 am

ml88888888: Deal Fanatic; Jan 19, 2017; 8502 posts; 4999 upvotes

Jul 16th, 2021 12:50 am

Scote64 wrote: ↑ I have to distribute an estate as the executor, which involves transferring amounts over $100K to a couple of different people. Is there some easy way to do this by secure EFT? I've seen horror stories of bank drafts from an estate being lost in the mail, with the money tied up for years (e.g., https://www.cbc.ca/news/business/bank-d ... -1.4457823). I assume an ordinary cheque would be ok except for an excessive hold period because of the amount?

If you have acct with one of the online banks(i.e. Tangerine, Simplli, etc.), you can ask the receivers to give you their bank info(bank #, branch#, acct #) so you can set up a link. The you can do an EFT transfer.

Jul 16th, 2021 6:58 am

mkl38s: Deal Fanatic; Jan 21, 2014; 7300 posts; 4705 upvotes

Jul 16th, 2021 6:58 am

ml88888888 wrote: ↑ If you have acct with one of the online banks(i.e. Tangerine, Simplli, etc.), you can ask the receivers to give you their bank info(bank #, branch#, acct #) so you can set up a link. The you can do an EFT transfer.

I thought to link, both accounts have to be the same holder? I don’t think I can link my account with someone else without their permission. With TD, I remember you can ask rep to add the other person account as payee and you can then pay bill into it

Jul 16th, 2021 7:32 am

KanataKG: Deal Fanatic; Nov 22, 2015; 6915 posts; 7171 upvotes

Jul 16th, 2021 7:32 am

peteryorkuca wrote: ↑ With large sum, $100k+, it's understandable that bank do want to hold for few days. You can see on your side money withdrawn when the cheque had been deposited by their side. Unfortunate, there maybe hold depending how well they know their bank. I had mine removed few decades ago so, it could be same case for your acquaintances.

Just send them a regular check. It's almost free and no need to spend $20 on wire.

One doesn't have their hold limits "removed".. yours are probably just high enough that you don't run into issues. Guaranteed they will hold it if you show up with an uncertified cheque for say, $10 million

+1

Jul 16th, 2021 9:05 am

Hurdleplug: Newbie; Aug 10, 2010; 52 posts; 27 upvotes; Brampton

Jul 16th, 2021 9:05 am

if they bank with the same bank then you can just do an account to account transfer at the bank to make things easier.
If they don't bank with the same FI then you can send a cheque (5 day hold) or send a wire but a fee associated with the wires.

I work at a bank and account transfer then a cheque is the best way to go about it

Jul 16th, 2021 10:52 am

robsaw: Deal Addict; May 16, 2017; 2541 posts; 3365 upvotes

Jul 16th, 2021 10:52 am

When I distributed funds as Executor I used a combination of wire transfers (due to payment to US resident beneficiary) and plain-old cheques. If the people know you (i.e. family), then a draft/certified cheque is in some ways worse than an ordinary cheque if it is lost with putting a stop-payment on it.

Jul 16th, 2021 11:53 am

taxrage: Deal Addict; Jan 15, 2017; 2143 posts; 1607 upvotes

Jul 16th, 2021 11:53 am

robsaw wrote: ↑ When I distributed funds as Executor I used a combination of wire transfers (due to payment to US resident beneficiary) and plain-old cheques. If the people know you (i.e. family), then a draft/certified cheque is in some ways worse than an ordinary cheque if it is lost with putting a stop-payment on it.

That's why it should be sent via registered mail or courrier so that the risk of non-delivery is next to zero.

There are risks with wire transfers too, for example assuring that the routing information is correct.

Jul 16th, 2021 12:25 pm

mkl38s: Deal Fanatic; Jan 21, 2014; 7300 posts; 4705 upvotes

Jul 16th, 2021 12:25 pm

taxrage wrote: ↑ That's why it should be sent via registered mail or courrier so that the risk of non-delivery is next to zero.

There are risks with wire transfers too, for example assuring that the routing information is correct.

Lately, I found some item that labeled signature required got dropped off at the front door due to COVID-19 so I am not so sure about that. It's up to the delivery person I say

Jul 16th, 2021 1:08 pm

taxrage: Deal Addict; Jan 15, 2017; 2143 posts; 1607 upvotes

Jul 16th, 2021 1:08 pm

mkl38s wrote: ↑ Lately, I found some item that labeled signature required got dropped off at the front door due to COVID-19 so I am not so sure about that. It's up to the delivery person I say

Should be okay now that restrictions are lifting.

If I was an executor, I'd courier a bank draft to each beneficiary...if I couldn't drop it off personally.

Reply to Thread

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)