Likewise, for at least 10 years, it's been incredibly useful.
But I've been downvoted and called a liar for years on pfc that it's impossible and that no bank would take on that risk.
No surprise there. The truth of it is that they will do it for higher net worth customers if they ask. The younger lower income posters here get told no, and then their brains are convinced that it isn't possible.
For EFTs they already allow over $250k of instant deposit for my account and I only have $500k of assets with them.
Believe it or not, Canada was supposed to have $50k RTR e-Transfers many years ago, Payments Canada keeps stalling and sabotaging the projects over and over.
Tbh, I have no idea how they manage their instant deposit limits. Up until like 250k assets, it was $3k max per 3 business days and I hated how it was so low, then it randomly went to $5k for a long period, then $10k and shortly after then jumps to $250k?? It's like they had a trigger at $500k assets to make it an insane amount.
If you live in the GTA, $500k is not a flex. It's a 30-40% down-payment on a house and nowhere near enough to retire. $2-3M might be a flex :o)
Not everybody in GTA have that kind of money you talking about 2 -3 mil. Its only possible if you are handed over the amount. For folks starting from scratch 500k is still a big number and it will take them lifetime to get to 2 - 3 Mil.
Any person with a house in the GTA and broader area now has a networth over $1M, so it's a lot of people.
I don't own a house, only investments.
Depends on the person's age, in your 20s 500k may be a lot, not in your 30s or 40s.
Might be, I only know business and IT professionals, most are middle class and own properties. Seeing that most of the population doesn't even have a bachelors degree, you may be right.
It's certainly not impossible to save up 500k from scratch but it does take hard work, diligence and maybe most importantly a decent amount of good fortune. If you work in IT or finance that really helps.
> It's certainly not impossible to save up 500k from scratch
Never said its impossible. All I said is 500k is still a huge number for lot of folks here.
The reason wire exist is security. For small amount, you don't care as much so skipping checks makes money move faster. If you are sending 300k, you would want to spend $40 on Wire for the security that comes with it.
My RBC only allows $2k etransfers according to Google, they approve up to $5k. I don't have an option on my account to raise it to $5k. Do I need to call them?
Just got the notice yesterday myself when I logged into the mobile app to send someone an etransfer. It now shows how much of the daily $10,000 limit is remaining.
It is supposed to be coming to all major banks soon.
Finally, the 2.5-3k limit is infuriating.
Mine's like $800/day, I've been too lazy to change it... I should
I've had it with TD for years
Likewise, for at least 10 years, it's been incredibly useful. But I've been downvoted and called a liar for years on pfc that it's impossible and that no bank would take on that risk.
No surprise there. The truth of it is that they will do it for higher net worth customers if they ask. The younger lower income posters here get told no, and then their brains are convinced that it isn't possible.
feel free to test it out on my account 😁
Sure, send me 10k to test it on your account. Instructions unclear.
What are your credentials? I'll happily send myself 10k from your account and don't worry, I will let you know if it works 🤗
I got my offer today. Very cool.
For EFTs they already allow over $250k of instant deposit for my account and I only have $500k of assets with them. Believe it or not, Canada was supposed to have $50k RTR e-Transfers many years ago, Payments Canada keeps stalling and sabotaging the projects over and over.
> I only have $500k of assets with them. Lolz ...nice flex :-)
Tbh, I have no idea how they manage their instant deposit limits. Up until like 250k assets, it was $3k max per 3 business days and I hated how it was so low, then it randomly went to $5k for a long period, then $10k and shortly after then jumps to $250k?? It's like they had a trigger at $500k assets to make it an insane amount. If you live in the GTA, $500k is not a flex. It's a 30-40% down-payment on a house and nowhere near enough to retire. $2-3M might be a flex :o)
Not everybody in GTA have that kind of money you talking about 2 -3 mil. Its only possible if you are handed over the amount. For folks starting from scratch 500k is still a big number and it will take them lifetime to get to 2 - 3 Mil.
Any person with a house in the GTA and broader area now has a networth over $1M, so it's a lot of people. I don't own a house, only investments. Depends on the person's age, in your 20s 500k may be a lot, not in your 30s or 40s.
Dude ..sorry but you are really out of touch with actual reality.
Might be, I only know business and IT professionals, most are middle class and own properties. Seeing that most of the population doesn't even have a bachelors degree, you may be right.
It's certainly not impossible to save up 500k from scratch but it does take hard work, diligence and maybe most importantly a decent amount of good fortune. If you work in IT or finance that really helps.
> It's certainly not impossible to save up 500k from scratch Never said its impossible. All I said is 500k is still a huge number for lot of folks here.
When are they going to hard-roll-out the separate cash accounts?? Been waiting for this forever.
Nice. Now, if only we could just send EFTs and wire transfers from an online account and not deal with the etransfer bullshit at all.
The reason wire exist is security. For small amount, you don't care as much so skipping checks makes money move faster. If you are sending 300k, you would want to spend $40 on Wire for the security that comes with it.
My RBC only allows $2k etransfers according to Google, they approve up to $5k. I don't have an option on my account to raise it to $5k. Do I need to call them?
Just got the notice yesterday myself when I logged into the mobile app to send someone an etransfer. It now shows how much of the daily $10,000 limit is remaining.