Personal Finance

What's the fastest way to transfer a large sum funds between 2 banks (TD to RBC)?

  • Last Updated:
  • Mar 27th, 2020 4:58 pm
[OP]
Jr. Member
Dec 13, 2015
135 posts
36 upvotes
Red Deer, AB

What's the fastest way to transfer a large sum funds between 2 banks (TD to RBC)?

I want to transfer $100,000 from my TD account to my RBC account, to utilize in my RBC direct investing account. What is the most time efficient way to do this?

I was thinking getting a certified cheque from TD but I've heard even those can get help up to 3-4 days to verify?

Would a bank draft from TD be the best way?
17 replies
Deal Addict
Jul 27, 2015
1359 posts
622 upvotes
Oregon
Online transfers. It's usually instant for me.

Not sure about that amount though

I do bank X to bank Y. Takes 60 seconds the whole process

If you were to do cheque or draft.

Draft theres a fee. Cheque. Theres a hold
[OP]
Jr. Member
Dec 13, 2015
135 posts
36 upvotes
Red Deer, AB
Can't do online transfer of more than 10K.

Is draft instant?
Deal Addict
May 31, 2005
1664 posts
404 upvotes
Mississauga
withdraw $100k cash from td, deposit the cash to rbc, done!
call your td branch ahead of time so they have the cash ready for you.
Member
Oct 1, 2009
405 posts
153 upvotes
West coast
aximrocks wrote: withdraw $100k cash from td, deposit the cash to rbc, done!
call your td branch ahead of time so they have the cash ready for you.
Let us know the time as well :). Kidding aside, this is probably the best and would love to see this happen
Member
User avatar
Jan 7, 2019
265 posts
250 upvotes
Only way is through a wire at the branch. For sums of that size, RBC will hold the CHQ almost definitely regardless if it is a draft. There are ways to alter drafts so banks will play it safe. Wires I believe are $45 or so but they could've gone up in price.

If you have a good relationship with the branch manager or your banker, they may be able to remove the hold so funds are usable immediately.
Remember to always Thumbs Up good responses! Spread positively.
Newbie
Jul 24, 2016
33 posts
25 upvotes
Set up RBC Direct Investing as a payee at TD and transfer the money as if you were paying a bill.
Deal Addict
Oct 23, 2017
1349 posts
975 upvotes
GTA West
chilli604 wrote: Online transfers. It's usually instant for me.

Not sure about that amount though

I do bank X to bank Y. Takes 60 seconds the whole process

If you were to do cheque or draft.

Draft theres a fee. Cheque. Theres a hold
What kind of transfer would that be? They allow a max of only $3,000 per day with the Interac E-transfer system.
Deal Addict
Jul 27, 2015
1359 posts
622 upvotes
Oregon
Dealmaker1945 wrote: What kind of transfer would that be? They allow a max of only $3,000 per day with the Interac E-transfer system.

3k? That's all? You need a new bank

I believe another member said 10k. That sounds about right
Sr. Member
Sep 16, 2012
565 posts
398 upvotes
GTA/London
chilli604 wrote: 3k? That's all? You need a new bank

I believe another member said 10k. That sounds about right

No, Interac ETFs are maximum 3k system wide.
💳: Amex Pers Plat, Scotia Amex Gold, Rogers WE
Sr. Member
User avatar
Aug 7, 2010
940 posts
303 upvotes
chilli604 wrote: 3k? That's all? You need a new bank

I believe another member said 10k. That sounds about right
The 10K is per 7 days.
Sr. Member
Jan 1, 2017
914 posts
712 upvotes
As other poster said set up RBC Direct Investing as a bill in your TD account and you can pay as much as $99,999 per day. Takes 2-3 days for the money to get there.
Newbie
Oct 11, 2010
7 posts
4 upvotes
Toronto
I did this recently transferring between Scotia and RBC via cheque. Took 3 business days using mobile deposit; may be quicker in branch.
Deal Addict
Feb 17, 2012
1305 posts
253 upvotes
ORLEANS
I just did the same thing as OP on Monday March 23. Got 3 bank drafts from TD amounts of $40,000 each. 1 of the drafts was to pay down my 10% lump sum. The teller called the TD branch to confirm the draft is legit. So there was no hold. The 2 others drafts was for my mom, scotia call the TD branch because I said will the funds be available instantly, she said usually even bank drafts they will put a hold. But they called TD to confirm and no hold for my mom. I was with her when she was at Scotia.

The RBC, TD and Scotia branch were all 3 km within each other.

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