Personal Finance

Fastest and cheapest way to transfer 15k between Cdn bank accounts?

  • Last Updated:
  • May 9th, 2019 5:26 pm
Sr. Member
Nov 5, 2009
789 posts

Fastest and cheapest way to transfer 15k between Cdn bank accounts?

My brother is with National bank, I'm with CIBC and TD. What is the fastest and cheapest way for him to send me 15K?
Thank you for your help.
16 replies
Deal Addict
User avatar
Nov 18, 2007
3487 posts
If you have a line of credit with either CIBC or TD, have your brother make an online payment to your account - 2-3 day delay.

Or let him log into either your CIBC or TD accounts to do a photo deposit. Zero delay other than cheque hold. (Change password after he is done!)
Apr 26, 2019
79 posts
Tell him to take out 15k in cash and deposit it in you account. That has to be the fastest way and really no reason not to do it that way.
Deal Addict
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Dec 16, 2015
2016 posts
Put it in a laundry washer and it will appear in your machine
User avatar
Apr 17, 2001
332 posts
You can do interact email transfers i think.
Jul 25, 2008
400 posts
kelf wrote: You can do interact email transfers i think.
This is above the daily limit I think.

Fastest and cheapest is cash if his bank lets him withdraw that amount.

Bank draft is fast, but costs.

Cheque (or EFT) is free, but there will be a hold on the deposit.
Deal Addict
Sep 7, 2004
1587 posts
danishh wrote:
Fastest and cheapest is cash if his bank lets him withdraw that amount.
The bank cannot decline to give him his money. Provided there is enough cash on hand to sustain operations they would be obligated to release the funds.

In this case if the customer continued to push for cash I'm almost certain the csr would waive the draft fee to sweeten the deal.

Way faster to waive a fee and way less hassle than to order more cash for the next drop or potentially run out of cash for the day.
Sr. Member
Nov 5, 2009
789 posts
Most banks ask for a heads up for 15k especially local branches. He is not going to take out cash and I won't deposit cash. Not 15 K anyways.
Jr. Member
Oct 8, 2010
178 posts
If you two live close to each other, I suggest creating a bank draft and delivering it or wire transfer.
Jr. Member
May 17, 2018
140 posts
EMail money transfers.

Be careful though as i did this to move money between accounts for more than what you’re asking about and i got flagged and now can’t send anything. Apparently it’s suspicious activity
Jr. Member
Sep 10, 2017
172 posts
The easiest would be for him to write you a cheque (if available). There may be a hold until the cheque clears.

As others mentioned you could also do Interac e transfers over the course of a few days. There's no hold but there is a daily/weekly/monthly limit.

NBC's limits are: $3,000 daily, $14,000 weekly and $20,000 monthly.

So you could transfer $14000 in ~5 days (likely need 24h between each transfer) and the last $1000 on the 8th day.
Sr. Member
Nov 13, 2007
877 posts
E-transfer has a daily/weekly limit.

Fastest way - go to the bank and withdraw cash. You have to do this at large branch. Otherwise, they’ll require you to pre-order the cash.

Easiest way - just write yourself a cheque. E-deposit it. There will be some kind of hold. But you can call customer to increase non-hold limit.

A draft will also has a hold, just like the cheque. But you can ask branch manager to override the hold, by showing them the source of fund & draft receipt.
Deal Guru
User avatar
May 8, 2009
13463 posts
Big bank to big bank, use a cheque.

Since it's peer to peer inter-bank, definitely use a cheque. It's the cleanest way. Alternatively, bro can open HISA at TD. Still write selfie cheque, then do peer to peer transfer within TD. One free withdrawal per month. I wouldn't open a bank account just to accommodate a peer to peer transfer, but still...

Inter-bank selfie transfers can be done via external account linking at subby banks and many credit unions. But that doesn't help for peer to peer. Peer to peer intra-bank transfers can generally be done via phone, or online at EQ.
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Jr. Member
Jun 11, 2018
130 posts
Cheque and wait 3-5 days.

E Transfers split up into daily transactions 15K / 2K (limit) = 7ish days.

Coming into a branch with 15K Cash to deposit is going to look suspicious regardless if you have nothing to hide I wouldn't.
Last edited by Demagogue on May 9th, 2019 6:36 pm, edited 1 time in total.