Moving 200 K from one bank to another.
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Thread: Moving 200 K from one bank to another.

  1. #1
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    Moving 200 K from one bank to another.

    Will I get flagged if I move that amount of money from one bank to another? If so, what increments are the best way to move 200K?


  2. #2
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    If you're thinking of FINTRAC and the Bank Secrecy Act in the US, don't worry about it. Presumably this is your account to your account.

    Additionally, structuring a transfer specifically to evade the flagging, is itself a crime. Don't try to split up the amount to keep under a limit. Just go ahead with your transfer, assuming that both source & destination account belong to you.

  3. #3
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    I agree wit j4b. There is nothing sinister about FINTRAC reporting of me-to-me transfers. It is okay to split the amount to be within the electronic limits imposed by your bank. I've moved 6 digit sums in the past, but had to do it $49999 at a time to be within their $50k transfer limit. If you don't have the electronic facility to make the transfer, use a bank draft (seems to be the cheapest way to do it over even a wire transfer). If you use a personal cheque, there will be a 5-10 day hold (between Canadian institutions - much longer from/to ex-Canada institutions).

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  5. #4
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    Jay are you moving money from equitable?? bank thinking it will be safer? If you are going to have to close out GICs & lose money not sure if it is worth it going from one bad bank to another bad bank anything over CDIC would think of moving.

  6. #5
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    You can get flagged only if you transfer amount > 10K from abroad

  7. #6
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    I am moving the money from Peoples Trust to my local bank RBC. Should I just go ahead and transfer the full 200K one time?

  8. #7
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    Quote Originally Posted by Jay3 View Post
    I am moving the money from Peoples Trust to my local bank RBC. Should I just go ahead and transfer the full 200K one time?
    Of course. It makes no difference whatsoever. Just do it electronically as I suggested previously...if you can.

  9. #8
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    Yup, nothing wrong with such an electronic transfer.

    And probably a good move by the way. I'm not a fan of the specialized mortgage trust banks (like Peoples) -- their interest rates don't compensate you nearly enough for the potential trouble you might encounter.

  10. #9
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    I think that is a little harsh. Just don't keep more than $100k in second (or third) tier institutions.

  11. #10
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    Definitely don't keep more than the CDIC insurance limit


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