e-mail money transfers

[RebeccaBryan]

OK. I just received my first e-mail money transfer from a new tenant tonight. He paid me his March 1 rent to secure the property. I love young people and what they can teach you!

He just sent it to me by email. I clicked on the link. It asked me what bank I wanted to deposit it in. I clicked on that, then logged into my acccount. It asked me what account to transfer it into. I clicked on that. DONE! Wow!

I know what I am going to be doing for my current tenants!

Amazing!

 

[SamEfford]

The transfers are great way to move money cheap and fast, however there is a limit to the amount can be transferred, I think it is $1000. Something else that works well is pre-authorized debits from ATB (they are the only bank that I can find that does this). With your tenants authorization, the money is withdrawn from their accounts and depositied right into yours, almost like magic!

 

[FayWong]

QUOTE (SamEfford @ Feb 15 2008, 07:29 AM) The transfers are great way to move money cheap and fast, however there is a limit to the amount can be transferred, I think it is $1000. Something else that works well is pre-authorized debits from ATB (they are the only bank that I can find that does this). With your tenants authorization, the money is withdrawn from their accounts and depositied right into yours, almost like magic!I have done email transfers for awhile now. The limit varies. My Royal account has a very high email limit, but Scotia is at $1,000. In some cases the tenant can have their limit increased to be able to do this. Email transfers never bounce.

 

[GarthChapman]

How/where do we set this up? Is there a cost to anyone?

 

[RedlineBrett]

QUOTE (GarthChapman @ Feb 15 2008, 08:47 AM) How/where do we set this up? Is there a cost to anyone?

It`s free if their bank offers it.

Bad part is I dont` think they can set this up as an automatic withdrawl like you can with bill payments - they have to remember to do it every month.

Also, like was posted above there is often a limit on how much can be transferred - I`ve seen 1000 quite often.

 

[RebeccaBryan]

The amount that was transferred to me was $1575 and he sent it from his Royal Bank account and I put it in our BMO account for that property.

 

[AlisonKeighan]

There`s no cost to the recipient. If you are the sender, I believe the charge depends on the type of bank plan you have. I think I send up to 3 email transfers a month with no charge, but don`t quote me on that. The sender and receiver just have to set up a password (you can use the same password each month). When you receive the email, it asks you which bank you want to deposit the money to, you select your account and ... voila. Too easy!

Alison Keighan

 

[SherwinToms]

Hi All You Fellow Successful Real Estate Investors!

This new Interac E-mail Transfer service is really slick and have been using it for about a year. Only the 5 National banks participate in the program so far and the fees can very depending on the type of account you have and if your sending or receiving. Other financial institutions other than the big 5 can be used to receive, however it`s a bit of a process and can take up to 5 days to get your money.

When sending TD, BMO or RBC the most I`ve paid is a $1.50 with a basic account. CIBC is free with the accounts I have for both sending and receiving. The most I`ve paid for receiving is the same $1.50 at one of the banks? Cant remember which one, but more often than not it`s usually free for receiving!

You can also transfer your own funds between your own bank accounts with a click of the mouse... very sweet! The longest I`ve ever had to wait for a transfer is about 20 minutes. Wow, it`s just that easy!

For sending all you do is log into your online account and find the E-mail Transfer section and follow the directions. So easy! As Alison mentioned receiving is even easier!!!

Here`s an example of receiving limits for CIBC, but there not set in stone either.

CIBC may block a Transfer sent to a CIBC Recipient if the total of all Transfers received by that Recipient exceed any of

• • $10,000 in any 1-day period
  • $70,000 in any 7-day period$300,000 in any 30-day period

Most banks have sending limits that are much lower like a $1000 to $3000 per day.

I agree Rebecca this technology is amazing!

Sherwin Toms

Prosperous Properties™

I thought it was about time i came out the lurking closet, yeah!!! First post since Sept. 2007... This board is absolutely amazing and will be contributing much more often!