So I want to transfer a small sum of money to someone and I want to do it by walking into a bank and doing it in person. I am curious what is the least amount of information I need about the recipient in order to deposit the money into their account? I was looking on the BMO website and it says to wire money to someone I need the recipient’s name, address, account number along with the name and address of their financial institution. Is the person's address really necessary? Shouldnt the account number and bank be suffice?
Question about transferring money at bank
- Thread starter tbert118
- Start date
1) If this is for what I think its for, DONT DO IT.So I want to transfer a small sum of money to someone and I want to do it by walking into a bank and doing it in person. I am curious what is the least amount of information I need about the recipient in order to deposit the money into their account? I was looking on the BMO website and it says to wire money to someone I need the recipient’s name, address, account number along with the name and address of their financial institution. Is the person's address really necessary? Shouldnt the account number and bank be suffice?
2) If you insist on doing it, email transfer the money. All you need is confirmation they do online banking and their email address.
As far as in person, if that's where they bank you shouldn't need more than the account number.
You can also direct deposit into the person's account at any branch of their bank, all you need need is:
- their full name
- bank transit number
- bank account #
- their full name
- bank transit number
- bank account #
I email people money all the time.
I use RBC as my main bank and all you need is their email address. As long as they bank online with any of the major Canadian banks, they can simply deposit the money right in their account.
Easy to set up by banking online.
You need to set up a password, which you can email them separately, or ask the a question.
Done, fast, easy, instant with a record of the transaction to your account.
I use RBC as my main bank and all you need is their email address. As long as they bank online with any of the major Canadian banks, they can simply deposit the money right in their account.
Easy to set up by banking online.
You need to set up a password, which you can email them separately, or ask the a question.
Done, fast, easy, instant with a record of the transaction to your account.
You can be caught red handed with an envelope of cash. Because of the lack of definitions, the new Bill will give the police wide powers of arrest. Being in the vicinity of a known sex-provider with an envelope of cash may be enough to get you arrested. Doesn't mean you're going to get convicted, but it may cost you a night in detention and cost you upwards of $10,000 in legal fees to get you cleared.If you don't want a record, there is only one way.
An envelope of cash.
What if you transferred the cash beforehand, and you dealt with the SP after? 'What! paying for sex? no cash here constable!' Are the cops going to search the SP's bank account looking for evidence of a transaction? On the other hand, if they find out who the SP's are and where they are located under the guise of protecting them, could they get a warrant to systematically search their bank accounts and automatically nail every originator of a bank transfer? I think that that's how police states begin. Just wondering.
If the individual has an account with the same FI as you, you can go to any branch in the chain and they'll do a simple e-transfer from your preferred account to the recipient's target account, provided you have the above info. handy.You can also direct deposit into the person's account at any branch of their bank, all you need need is:
- their full name
- bank transit number
- bank account #
The OP did not mention SP services. Just that he wanted to transfer money.You can be caught red handed with an envelope of cash. Because of the lack of definitions, the new Bill will give the police wide powers of arrest. Being in the vicinity of a known sex-provider with an envelope of cash may be enough to get you arrested. Doesn't mean you're going to get convicted, but it may cost you a night in detention and cost you upwards of $10,000 in legal fees to get you cleared.
What if you transferred the cash beforehand, and you dealt with the SP after? 'What! paying for sex? no cash here constable!' Are the cops going to search the SP's bank account looking for evidence of a transaction? On the other hand, if they find out who the SP's are and where they are located under the guise of protecting them, could they get a warrant to systematically search their bank accounts and automatically nail every originator of a bank transfer? I think that that's how police states begin. Just wondering.
I email various contractors who do work for me money all the time (no, not SPs, work work).
It's quick, easy, instant. The contractors I work with love it because they get paid right away.
To answer the original question without speculating on the reasons:
Bank policies may vary, but really all you need is the transit number and account number. Go into any branch of the bank specified and make the deposit.
I should note that if the deposit exceeds $9,999.00 then things get sticky due to money laundering laws.
Bank policies may vary, but really all you need is the transit number and account number. Go into any branch of the bank specified and make the deposit.
I should note that if the deposit exceeds $9,999.00 then things get sticky due to money laundering laws.
Wilbur - You are getting a little jumpy over nothing. Firstly, you are not going to get arrested because you are carrying a large amount of cash. The cops aren't doing random searches looking for fat wallets or money in envelopes.You can be caught red handed with an envelope of cash. Because of the lack of definitions, the new Bill will give the police wide powers of arrest. Being in the vicinity of a known sex-provider with an envelope of cash may be enough to get you arrested. Doesn't mean you're going to get convicted, but it may cost you a night in detention and cost you upwards of $10,000 in legal fees to get you cleared.
The guideline to the banks is as follows:
Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, if you are a reporting entity, you have to submit a large cash transaction report (LCTR) to FINTRAC, when you receive an amount of $10,000 or more in cash1, from a client, in the course of a single transaction. Also, if you are a financial entity2, a money services business or a foreign exchange dealer, you have to submit an electronic funds transfer report (EFTR) to FINTRAC if you send or receive international electronic funds transfer (EFT) of $10,000 or more, made at the request of a client. An LCTR must be submitted within 15 calendar days of the transaction(s), while an EFTR must be submitted within 5 business days from the time the EFT is sent or received.
"24-Hour Rule"
You also have to make an LCTR or EFTR if you conduct two or more cash transactions or EFTs of less than $10,000 each within 24 consecutive hours of one another, that were made by or on behalf of the same individual or entity, and that add up to $10,000 or more. This is called the 24-hour rule.
The 24-hour rule applies if you as the reporting entity, your employee or senior officer know the transactions were made within 24 consecutive hours of each other, by or on behalf of the same individual or entity. It also applies only to transactions that are under $10,000. Where the amount of a single transaction is $10,000 or more, it is reportable as described above in the first paragraph.
Rolling or Static 24-Hour
The 24-hour period is a rolling 24-hour concept - in other words, the 24-hour period begins with each new transaction if you know the transactions were made by or on behalf of the same person or entity.
There are also behavior guidelines in which you are engaging activities of significant money transfers which are out of the ordinary. Multiple deposits are made just under the $10,000 limit or the cash funds are rounded to even figures. A few others I can't recall but generally the suspicions of the bank are raised.
