Personal Finance

Trnasfering bank accounts

  • Last Updated:
  • May 30th, 2019 11:20 pm
[OP]
Sr. Member
Jun 4, 2013
679 posts
235 upvotes
Vancouver

Trnasfering bank accounts

So I currently have an account with RBC and BMO. At RBC I have a chequing, savings TFSA, credit card and a loan. I also have my work deposit my pay cheque directly to RBC. TFSA have about $1000 in it since I don't use them much I dind't put my savings into it. loan and credit card are paid off. I want to close my RBC account and transfer everything to BMO. Since I move BMO is much closer to where I live so is just more suitable. At BMO I have a chequing/savings/credit card. Currently I just e-trasfner money from RBC to BMO since I mostly use my BMO account. I also wanted to add my wife's name to my BMO account.

So do I just walk into any BMO bank and let them know I want transfer everything from my RBC account to BMO> What about my payroll do I have to submit them a new VOID cheque? And what about my TFSA does that get transfer as well or I have to manually go to RBC and close it? Thanks!
10 replies
Deal Addict
User avatar
Mar 10, 2018
3721 posts
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centre of universe
sponge5307 wrote: So I currently have an account with RBC and BMO. At RBC I have a chequing, savings TFSA, credit card and a loan. I also have my work deposit my pay cheque directly to RBC. TFSA have about $1000 in it since I don't use them much I dind't put my savings into it. loan and credit card are paid off. I want to close my RBC account and transfer everything to BMO. Since I move BMO is much closer to where I live so is just more suitable. At BMO I have a chequing/savings/credit card. Currently I just e-trasfner money from RBC to BMO since I mostly use my BMO account. I also wanted to add my wife's name to my BMO account.

So do I just walk into any BMO bank and let them know I want transfer everything from my RBC account to BMO> What about my payroll do I have to submit them a new VOID cheque? And what about my TFSA does that get transfer as well or I have to manually go to RBC and close it? Thanks!
The Bank in this case BMO should take care of it. But make sure you transfer large amount before they do it. I had bad experience with BMO. But that was long time ago. Sometime the amount is gone from old bank and it takes a while where the heck that money is. And as usual my bad luck RBC experience was also bad. So I changed to TD and never gonna change for any good or bad reason. Because its big hassle for payroll. I just kept both ScotiaBank and my old TD. just e-trasfner every 2-3 months. And you have to manage other payments from old account like mortgage or car.
There is no good bank or bad bank in Canada. they are almost same. from point of service and all. Its just which branch are near your present location. You will find many here with bad experience with top 5. and transfer account hiccups with each.
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Deal Addict
Jun 18, 2018
1327 posts
819 upvotes
Toronto
- If you had a loan that is paid off, thats irrelevant now? Unless you mean a line of credit, in that case, close that too
- Credit card you can just call up and cancel it. If you believe in cancelling a CC hurts your credit score, fyi you can have a credit card from a bank but doesn't mean you have to 'bank' there
- TFSA...depends if you care about the contribution room you would lose if you withdraw it. If you dont then close the account. Sounds like you dont need one.
- Pay cheque.. ask your HR department about switching the account it gets deposited to. No difference than when you set it up in the 1st place
- Then either transfer the rest of the money from RBC to BMO for your chequing account, and close that.

Seems very simple. Just go to RBC and say you want to close everything once you taken out all the amounts, and AFTER you see your paycheques coming into your BMO account
Deal Fanatic
Nov 22, 2015
5730 posts
5213 upvotes
Generally a manual process... Except for the investment accounts.

BMO should be able to open the accounts and have you sign to move the investments over automatically.

You'll need to setup your payroll by giving a new void cheque to your employer. You'll also need new void cheques for any orher direct deposit/pre-authorized debits that you. Some, like your cell phone bill for example, will allow you to change it from the online portal.

Once you've confirmed that all the automatic stuff is happening on the new account, then you contact RBC to close off any accounts you no longer need.
[OP]
Sr. Member
Jun 4, 2013
679 posts
235 upvotes
Vancouver
The Line of Credit is getting close on Monday. The only thing I am worry now is the TFSA. I set that p years and years ago and never touch it afterwards as I have invested my RRSP else where. So if I have close my TFSA from RBC do I have to put those money back into my RRSP investment or should I just leave it at my savings account in BMO?
Deal Guru
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May 8, 2009
14073 posts
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op have you considered the subbies or credit unions? you can empty your tfsa and put that money anywhere. you'll regain the $1k in tfsa contribution room next year. doesnt matter really since i gather you have not maxed out your tfsa.
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[OP]
Sr. Member
Jun 4, 2013
679 posts
235 upvotes
Vancouver
titaniumtux wrote: op have you considered the subbies or credit unions? you can empty your tfsa and put that money anywhere. you'll regain the $1k in tfsa contribution room next year. doesnt matter really since i gather you have not maxed out your tfsa.
Just call RBC coz I can't seem to be able to close the TFSA. Turns out is actually a RRSP account. I already close it but the agent said the Gov is going to take 10% off it. Do I have to invest that $1000 back into my RRSP then to avoid paying tax on it? My RRSP is through my work and each pay cheque it deduct 10% of my pay and goes to my RRSP investment.
[OP]
Sr. Member
Jun 4, 2013
679 posts
235 upvotes
Vancouver
One thing I totally forgot I have my RBC account tie to my CRA login VIA Sign in through partners. So if I have close my RBC account do I have to notify CRA as well to create a new login?
Deal Addict
Aug 15, 2009
1266 posts
932 upvotes
Montreal
I did my transfer myself but for my chequing account only. I called, emailed and did my transfers myself from my BNC to Tangerine to recurring transfers, deposit, etc. I'll be waiting another week before closing my chequing account with BNC.

I'm transfering all my money myself. So I'll have 0$ in it when I cancel next week.
Deal Addict
Nov 8, 2017
1519 posts
845 upvotes
I'd switch payroll first, and when you see It in your BMO. Close the other
Deal Addict
Dec 25, 2017
2085 posts
1511 upvotes
sponge5307 wrote: One thing I totally forgot I have my RBC account tie to my CRA login VIA Sign in through partners. So if I have close my RBC account do I have to notify CRA as well to create a new login?
I remember that securekey had some feature where you can transfer your profile to another bank login. That way you retain all the information and set up nothing. You'll need the new account active first...

Edit: Found it. This option is on the right hand top corner of the page before selecting your bank to get redirected to log into your account.
Switch My Sign-In Partner - Introduction

This process allows you to switch from one participating Sign-In Partner to another without needing to re-enroll at each government service.
Use this service if:

You have used SecureKey Concierge successfully in the past.
You still have access to the Sign-In Partner that you previously used.
You have access to a second Sign-In Partner that you would like to use with your government services from now on and you are not already using this Sign-In Partner with SecureKey Concierge.

How it works
After selecting the "Continue to Switch My Sign-In Partner" button below, you will complete the following steps:

You will sign in to the current Sign-In Partner.
You will be prompted to sign in with the new Sign-In Partner.

Once you've completed the switch, you will then continue to the government service you are trying to access.

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