# How to transfer large sums (preferably Internet)?



## wfdTamar (7 December 2016)

How would you transfer a large sum ($800,000) from a standard bank account into your share trading account that is not in your name? This is the account set up by the brokerage to hold your cash ready to buy and sell shares.

At the moment I use ANZ as my bank and Etrade as broker. Both accounts appear in my online banking, so it's easy to move money back and forth. There is no daily limit.

However, I'm changing to a different online broker and even though they have opened an ANZ account I have to deposit funds into, it's a major drama to do it. I can't Bpay ($50,000 daily limit), can't do a normal Internet transfer ($25,000 daily limit). Can't do it at a teller ($100,000 daily limit). The only way the ANZ suggest is a telegraphic transfer (how 19th century), or send a cheque! This is unbelievable what with the internet. I get that security is an issue, but surely there is a way to to it over the internet?


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## wfdTamar (7 December 2016)

4 phone calls, 3 online chats, I trip into town to the bank branch. It looks like the only option is old style, with a teller. There is no way to do it over the internet or phone.


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## CanOz (7 December 2016)

A business account....daily limit around 1 million. Works for us.


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## wfdTamar (16 December 2016)

An update - 8 days after a transfer via teller they still don't know why my money isn't in the other account. The BSB and account number are definitely correct as I did a smaller amount via internet banking which went through in 1 day.

Would have been quicker to fly interstate, withdraw the cash, walk out of the bank and back in then deposit it!!

Hopeless.


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## minwa (16 December 2016)

wfdTamar said:


> An update - 8 days after a transfer via teller they still don't know why my money isn't in the other account. The BSB and account number are definitely correct as I did a smaller amount via internet banking which went through in 1 day.
> 
> Would have been quicker to fly interstate, withdraw the cash, walk out of the bank and back in then deposit it!!
> 
> Hopeless.




Why would you need to fly interstate if it's from ANZ to ANZ ?

Domestic telegraphic are almost instant (20 minutes) so if you have not got it on the second day then there is something majorly wrong. You've kept the paperwork yes ?

ANZ capping ANZtoANZ teller transfers at $100k sounds strange. I did it with more at Commbank. 

Also strange how they did not recommend a bank cheque (not personal) considering you can deposit it the second they issue it to you at the ANZ branch into a business account.

Very, very strange thread..I mean strange branch of ANZ.


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## wfdTamar (16 December 2016)

Yes, exactly, ANZ to ANZ should be a doddle (even to another bank surely wouldn't stretch them).

Can't do a telegraphic transfer because it's ANZ to ANZ (that's what they told me).

I was told by phone there was a $100,000 daily cap by teller, but different in branch (no limit, or my amount wasn't near it).

I could have sent a personal cheque, but I thought that would be slow (silly me).

I did an internet banking transfer of $25,000 (the daily limit) that went through in a day. So the account details are definitely correct.

The latest is ANZ want to put the money back into my account and start again! Yet they still can't explain why it hasn't worked so why they think the second time it will work I do not know. Of course I'll do that if it comes to it but really!


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## Klogg (16 December 2016)

wfdTamar said:


> How would you transfer a large sum ($800,000) from a standard bank account into your share trading account that is not in your name? This is the account set up by the brokerage to hold your cash ready to buy and sell shares.
> 
> At the moment I use ANZ as my bank and Etrade as broker. Both accounts appear in my online banking, so it's easy to move money back and forth. There is no daily limit.
> 
> However, I'm changing to a different online broker and even though they have opened an ANZ account I have to deposit funds into, it's a major drama to do it. I can't Bpay ($50,000 daily limit), can't do a normal Internet transfer ($25,000 daily limit). Can't do it at a teller ($100,000 daily limit). The only way the ANZ suggest is a telegraphic transfer (how 19th century), or send a cheque! This is unbelievable what with the internet. I get that security is an issue, but surely there is a way to to it over the internet?







> Also strange how they did not recommend a bank cheque (not personal) considering you can deposit it the second they issue it to you at the ANZ branch into a business account.



I would have thought the easiest way is to use a bank cheque. Go in branch, tell them how much and who it should be paid to...

Then, if you can also act on behalf of the person/entity who will receive the funds, simply deposit it to the correct account.

FYI:
https://www.anz.com/internet-banking/help/accounts/cheque-savings/bank-cheque/


I have a similar situation, but my personal accounts and investment entity accounts are all available to me through Netbank (CBA). As such, I can transfer any amount I want between these accounts without any restrictions.
Perhaps ANZ could do the same for you?


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## barney (16 December 2016)

wfdTamar said:


> An update - 8 days after a transfer via teller *they still don't know why my money isn't in the other account*.





You haven't noticed the Teller you used driving round in a new BMW this week I hope? ... 

I assume they've offered to cover your lost interest for the week as well


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## wfdTamar (16 December 2016)

Bank cheque, personal cheque much the same. By the sound of it a cheque wouldn't have made a difference. It still would have gone into the wrong place.

I have used ETrade up till now and transferred any amount between normal savings and share trading with ease all through online banking. That's different because of the affiliation between ANZ and Etrade (presumably NAB is similar if you're using their broker).

The share broker I want to use is not ANZ's, so I can't put that account into my online banking accounts (believe me I asked).


Latest - they are going to put the money into the correct account so it should be there by Monday (hey, only 11 days) - hopefully.

I think (yet to be confirmed) - even though I gave them the correct account details and the teller receipt shows the correct details for the deposit - it went into some other account. Who knows how that happens. A sneaky teller now on early self induced retirement?

Yet to get to costs - a week costs at least $280 in interest and I have been making average $2000 a week on that money trading. So a costly blunder on their part for me. If they can't assure me I'll be considering changing banks.


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## YELNATS (16 December 2016)

Klogg said:


> I would have thought the easiest way is to use a bank cheque. Go in branch, tell them how much and who it should be paid to...




Note that a bank cheque can still be subject to several days clearance before the recipient can use the funds, similar to a personal cheque.


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## ThingyMajiggy (16 December 2016)

wfdTamar said:


> Yet to get to costs - a week costs at least $280 in interest and I have been making average $2000 a week on that money trading. So a costly blunder on their part for me. If they can't assure me I'll be considering changing banks.




*Considering*?! I'd already be investigating other banks from the dramas you've already been through! That all sounds horrendous! Hope it's all there!


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## wfdTamar (12 March 2017)

Turns out the company owning the receiving account gave the wrong account info. Beats me still why it took so long for the ANZ to work it out. ANZ gave me $1000 for the stuff up, but not a sausage from the other company (who I consider made the error).


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