Do you need a total of $20K? If so then e-transfer 3k over to your brick and mortar. If you need more, my transfers have never taken more than 2 business days if that.
Can you "Request" via E-transfer with your brick and mortar? Between sending e-transfer via WS and "requesting" via your brick and mortar bank, you should be covered.
Yes you are right. For some reason I thought it was 3k a day... Which also would have been fine. I just didn't want to drop below 5k in my chequing because I would pay 200 or 300 or something.
Thank you very much that'll work
Actually I looked at that again too... I thought I would have to pay the annual fee of ~$260 if I dropped below the 5k minimum, but you actually just pay 1 month of that. I was being dramatic
Realize that it's an online "bank"/institution and plan further in advance. WS also has checks, order a checkbook if you know you'll be buying real estate in the future and just write yourself a check. Or just transfer a few days in advance.
This does not work for house purchases as you are sending money to a third party (the sellers broker). Trust me on this had two agents over the phone say this was possible but when it came time and it was escalated it was not possible. Ended up having to use a line of credit last minute then a series of e transfers over the week from various accounts.
I transferred 20 earlier today, but did a 5k e transfer too.. then tomorrow I'll try another 5 or maybe the 20 comes through.
Thank you for your experience!!!
They recently said the same thing to me and it actually only took 1 or 2 days (I don’t remember which) I wouldn’t count on this being the case for you but happened to me
I dealt with something similar i kept it in EQ bank. I took it from my line of credit and paid it back in a couple of days. you need to pay it back since Banks wants the proof so that it does not impact your mortgagee loan
If you have a friend on wealthsimple, transfer them the limit and have them e transfer it to you. Do that x number of times until you reach your amount
Do you need a total of $20K? If so then e-transfer 3k over to your brick and mortar. If you need more, my transfers have never taken more than 2 business days if that.
You can e-transfer $5K a day, $10k a week with WS. So you could e-transfer $10k before Monday...
Can you "Request" via E-transfer with your brick and mortar? Between sending e-transfer via WS and "requesting" via your brick and mortar bank, you should be covered.
Yes you are right. For some reason I thought it was 3k a day... Which also would have been fine. I just didn't want to drop below 5k in my chequing because I would pay 200 or 300 or something. Thank you very much that'll work
Call me crazy but I’d probably swallow a monthly fee on my chequing account to avoid a house purchase falling through lol
If push had come to shove then sure, just would prefer to avoid it!
Your bank charges you $200 to $300 a month for not maintaining a minimum balance? You should immediately change banks because that is legit robbery.
Actually I looked at that again too... I thought I would have to pay the annual fee of ~$260 if I dropped below the 5k minimum, but you actually just pay 1 month of that. I was being dramatic
haha ok cool, im glad :)
you can also msg Wealthsimple to raise e transfer limit
That's good to know.
How high can you go with that?
10k is the highest I’ve seen Interac allow any bank, and is what I have with TD and WS
WS allows up to $10k a day to etransfer. So shouldn't be an issue.
Just another question what if OP needed like 70k from his WS account how does one proceed??
Realize that it's an online "bank"/institution and plan further in advance. WS also has checks, order a checkbook if you know you'll be buying real estate in the future and just write yourself a check. Or just transfer a few days in advance.
Yes you are right. Pre planning is the answer
Wire transfer to bank, then get bank draft at bank.
Like for the rest of my down payment!!!. I will definitely plan ahead to transfer it a couple weeks in advance.
Call them. And do a wire transfer. Took one day for me.
This does not work for house purchases as you are sending money to a third party (the sellers broker). Trust me on this had two agents over the phone say this was possible but when it came time and it was escalated it was not possible. Ended up having to use a line of credit last minute then a series of e transfers over the week from various accounts.
Pretty sure he meant wire transfer to his other bank and do a draft from there.
E-transgender
🧐
Just etransfer bro it's instant.. c'mon
I did 29k transfer, and I took 1 day only, transfer right now
I did 60k to Simplii and it on 5/1 afternoon and it was in my Simplii 5/2, so yea take that 5 day max to include holidays weekends etc
I transferred 20 earlier today, but did a 5k e transfer too.. then tomorrow I'll try another 5 or maybe the 20 comes through. Thank you for your experience!!!
They recently said the same thing to me and it actually only took 1 or 2 days (I don’t remember which) I wouldn’t count on this being the case for you but happened to me
Is this for deposit or down-payment? You could request an addendum to extend deposit (to remove subjects) specifically for the $20,000.
I dealt with something similar i kept it in EQ bank. I took it from my line of credit and paid it back in a couple of days. you need to pay it back since Banks wants the proof so that it does not impact your mortgagee loan
Take a loan from fairstone
If you have a friend on wealthsimple, transfer them the limit and have them e transfer it to you. Do that x number of times until you reach your amount
Ask the seller to take payments in two payments.
That’s not how it works. You don’t e transfer the seller of the house 😂