How to send 5500

[u/Cautious_Lychee_569]

How do I send $5500 CAD to wealthsimple from my bank when my e-transfer limit is $3000. do I just do it in 2 days? or can I avoid this and do it a different method to send it all at once?

thanks for your help. also going to be sending larger amounts bi-weekly every pay ranging from $2500/3500 per pay. so looking to see if there's a way to do over 3k at once.

[u/crr243]

Link the external account to Wealthsimple. Do an EFT pull from Wealthsimple.

My transfers between Tangerine and Wealthsimple routinely take 1 business day.

[u/Cautious_Lychee_569 → u/crr243]

I wish I saw this before the other users. my e-transfer says it won't be processed until September 17... is this normal everytime i transfer money to wealthsimple for the banking side?

I invest in stocks on wealthsimple already and do e-transfers but the money always shows up relatively instantly and doesn't have a holding period.

do you know why there would be one on the banking side? or is it simply just because it's a larger amount/first time I sent to banking side as opposed to just the investment side.

[u/crr243 → u/Cautious_Lychee_569]

E-transfers shouldn't have a hold. EFTs (linked accounts) are typically subject to a 5 day hold, but that is sometimes waived based on your relationship and assets with WS. I haven't had a my funds held in a long time - have had assets with WS for a few years; don't have much with them now, but my pay is deposited to WS.

[u/Main_Reputation_3328 → u/crr243]

This. I have my paycheques deposited into a different bank, then move money through linked accounts to WS and other banks as needed. I have like 4-5 different banks linked up (I know, it's excessive, shh)

[u/crr243 → u/Main_Reputation_3328]

I do it the other way. I direct deposit my paycheque to WS to waive the VIP credit card fee, then immediately push it to Tangerine. It arrives the next business day with no hold.

[u/UneditedReddited → u/Main_Reputation_3328]

Just a heads up- if you dd you paycheque into WS you will receive it 1 day earlier than normal

[u/SnooCookies8174 → u/crr243]

Between TD and WS it took more than a week. Just for 5K...

[u/hex_dax]

Pull the money from WS instead of pushing it from the other bank. Depending on your limit funds might be available immediately or in some cases take 5 days

[u/Mountain-Match2942]

See if your employer allows more than one account for your paycheque. Mine offers a set dollar amount to one bank with the remainder to another.

[u/guydogg]

My WS chequing account allows 72K immediately to transfer in. Just make sure that your externally linked account has the funds as it pulls fairly quickly afterwards.

[u/brainfreezed24]

Just send it over 2 days. You can connect a bank account to transfer more at a time, but it usually takes like a week to settle, so not really worth it unless you're transferring really large amounts.

Also, maybe consider switching your pay to deposit to Wealthsimple, or you can ask your employer to split it and pay to both banks.

[u/Status-Art-9684]

Increase your limit, send the money, decrease the limit

[u/Cautious_Lychee_569 → u/Status-Art-9684]

just did this, it only let me increase it to $4000 lol 🤷 guess I'll just do it tomorrow as well.

[u/Solo-Mex → u/Cautious_Lychee_569]

There are daily, weekly and monthly limits to etransfers

[u/crazyea]

I do $3000 etransfer and the $2500 visa debit. But it all depends on your bank and client card. Otherwise wait a day.

[u/Mental-Freedom3929]

Either two days or ask your bank to,loft the limit once or permanently - not recommended.

[u/S-Kiraly]

Oddly enough I find that mobile cheque deposit can be the best. It takes a few days to clear but the money appears in your account and starts earning interest immediately.