How to Transfer Fund Quickly from One Bank to Another Bank under The Same Name?

jowu15 on 12/04/2019 - 13:42
Last edited 12/04/2019 - 16:13

Hi I just wonder how everyone is transfer fund from one bank to another bank under the same name quickly, like immediately. In my case I would like to transfer from Commbank to my Citi bank account immediately. I thought about use Payid but Payid is not in use in Citi bank at the moment. I wonder if I can have two Beem It account and transfer that way but I had difficulties to register Citi bank account as I cannot register the CIti bank account at the moment, maybe because Beem It want to make two small deduction to varify the account but Citi bank does not allow it to happen, because every transaction need a code.

Just in response to the question of how much i want transfer, its for a 3-4 weeks hiliday in Europe for two people, we budgeted $20,000 n half will go though Citi bank account n maybe 2000 each time. Thanks.

Financial

Comments

  • bobbieb on 12/04/2019 - 14:01

    If it's a large transfer, for a fee you may be able to arrange a one off transfer using the old RTGS payment system.

    You may also be charged a fee by cities on the receiving end.

  • bobbified on 12/04/2019 - 14:28

    You haven't mentioned whether it's a big or small amount.

    For smaller amounts, you can transfer money to someone (trustable) who has a Citi account and ask them to do a Citi to Citi transfer to yourself (that should hit your account immediately).

    Failing that, the only other method I know means you have approx 2.5 hours to physically go to a CBA account, withdraw and deposit the cash into your Citi account.

    • jowu15 on 12/04/2019 - 16:02

      Hi thanks for the reply. Its for a holiday in Europe, we budget $20,000 in total for three four weeks, maybe half will go through citi bank account n will be $2000 each time.

    • jowu15 on 12/04/2019 - 17:55

      You say to transfer to someone else Citi account then transfer to me, are you imply to use PayId or is it any other way to transfer immediately? I rang Citi bank and they said PayId is not currently available but is coming sometimes this year.

      • bobbified on 12/04/2019 - 20:15

        What I meant was to get a friend or someone (who you trust and vice versa) who has a Citibank account with money in it to transfer whatever amount you need to your Citi account (should be instant) so you can get it straightaway.

        Then you pay them back with a transfer from CBA to their Citi account - that should take a day or two.

        But you're talking tens of thousands of dollars now, so it might be a little more difficult to find someone with that much cash sitting around in an account doing nothing.

  • sghetti on 12/04/2019 - 14:42

    As above, you haven't stated the amount. BeemIt has a daily or transaction limit of $200 or something (unless it has changed recently).

    Otherwise I can't think of any way other than PayID (which you've already stated that Citi don't support yet).

    • hashtagbargain on 12/04/2019 - 15:02

      Thanks, wasn't aware of limits with beemit until you pointed it out.

      How many open requests transactions can I have?+
      You can have up to 10 open/pending request or split transactions. We won’t judge.

      An open/pending request or split transaction is one that hasn’t been fully paid, so make sure that you close off old ones every once in a while by cancelling any outstanding requests. You don’t want to be that guy.

      The current limits are:

      Payment: There is a $500 per day payment limit, and a monthly limit of $10,000.
      Request: You can request up to $500 from a maximum of 10 people. A user can have 10 pending requests/splits open at any one time.
      Split: You can split a bill up to the value of $6,000 between a maximum of 12 people. A user can have 10 pending splits/requests open at any one time.
      Receive: There is a monthly receiving limit of $10,000. Damn, good for you if you reach this in a month.

      source: https://www.beemit.com.au/faq?topic=using-beem-it&question=h…

  • Jimmycfc on 12/04/2019 - 14:53
    +8

    Withdraw the cash and deposit it

    • jowu15 on 12/04/2019 - 16:08

      Its for an European holiday. Even if in Australia its hard to do as there wasnt many Citi bank branch around.

      • hashtagbargain on 12/04/2019 - 16:27
        +1

        You can deposit at any auspost.

        • jowu15 on 12/04/2019 - 17:56

          ok thanks

          • Sweet3st on 12/04/2019 - 19:10
            -1

            @jowu15: AusPost is not instant, takes 24 hours…

            • hashtagbargain on 12/04/2019 - 21:52
              +2

              @Sweet3st: That’s incorrect. If you choose eftpos deposit, it is instant.

              Source: I deposit cash every week at auspost.

              • Supernanny on 13/04/2019 - 10:54

                @hashtagbargain: With Auspost deposits, a limit of $9000 per deposit will be imposed from April 14th so I was informed by an email this week.

              • Sweet3st on 13/04/2019 - 22:01

                @hashtagbargain: O that's interesting! I wish I had known because the Citibank website says 24 hours for AusPost. So, deposit cash and use eftpos?

  • bluesky on 12/04/2019 - 15:10

    I had difficulties to register Citi bank account … maybe because Beem It want to make two small deduction to varify the account but Citi bank does not allow it to happen …

    From what I recall, I was able to register my Citiplus account for Beem It very quickly. So long as you can log into your Citibank account, you can see the 2 verification amounts almost immediately, and do the verification. (Make sure you have $2 in there, so the deductions can occur). Then it is ready to go, for transfer to and fro.

    Beem It has now increased the daily transaction limit to $500.

    • jowu15 on 12/04/2019 - 16:19

      I transferred money into the account, I pressed verify the account in Beem It, but got a message money can’t deduct from the account

      • bluesky on 13/04/2019 - 16:07

        Did you try again? I remember one of my cards did have trouble adding to Beem (not Citibank). I tried again, and it succeeded. It even deducted one small amount from my first failed try, which was never refunded. But too small to bother chasing up.

  • anzacpaul on 12/04/2019 - 16:03

    is Beem different to Osko? Osko has been pretty much instant for me.

    • realfancyman on 12/04/2019 - 16:14
      +1

      Beem uses the EFTPOS system, Osko is actually designed for bank-to-bank transfers.

      • tonyduffe on 14/04/2019 - 23:20
        +2

        Actually Beem It uses Visa or Mastercard payment rails to deduct the money you're sending to another user the money is then sent instantly to that person using a eftpos refund. Osko and PayID are overlay services built on top of the new payments platform and require the financial institutions to have implemented it and Citibank has not.

  • Donaldhump on 12/04/2019 - 16:15

    old fashion way of withdrawin cash at teller and walking it into the other bank

  • jjjaar on 12/04/2019 - 16:19
    +1

    You’ll just have to transfer your max limit ($1000?) per day? It’ll take about 12-36 hours to get into Citibank each time depending on time of day/day of week.

    You won’t need all $20k the second you arrive so it’s not the end of the world if you don’t start with it.

  • zoombie on 12/04/2019 - 17:10

    I'm guessing you don't want to transfer all the money into Citi before hand in case if the cards is lost/stolen and the thieves would have a field day?
    If so, just open another Citi account, put the money into that one and transfer it into your main account when needed.

  • davidem on 13/04/2019 - 07:49

    OSKO would work for me

    • tonyduffe on 14/04/2019 - 23:23

      One of the institutions that the OP is with does not support the new payments platform so that is not an option.

  • Stevek1960 on 13/04/2019 - 09:04

    Why not just use a Comm Bank travel card ?
    That way you can just transfer funds in seconds as needed

    • tonyduffe on 14/04/2019 - 23:21

      Because those cards are not very good and if you've got time before your trip there is much better options in the market.

    • jowu15 on 15/04/2019 - 14:16
      +1

      Yes I agree with tonyduffe travel card is not a good value for money

  • milomum on 13/04/2019 - 10:55

    Try Currency Fair - they are excellent!

  • bluesky on 13/04/2019 - 15:57
    +2

    What if you open a Citibank Online Saver account - an introductory rate 2.9% for 4 months. Have that linked to your CitiPlus account. Transfers from Online Saver to the Plus account are instant. Transfer your $20K to it.

    I am making the assumption, that what you want is instant transfers while travelling; and you still have a bit of time to set this account up, and transfer your $20K to it before travel.

    • jowu15 on 15/04/2019 - 14:18

      yes that is an option

  • srpeel on 14/04/2019 - 12:13

    I have been using TransferWise to move funds. Currency conversions are cheaper by far than Citi (which I was using) becuase the buy/sell rate used is middle rate. You can also have currencies in any of 40 different countries (e.g. UK, US, Mx), using their Global Accounts system.

    Once you have the currency it is quick to transfer money as long as you have the ACH (Autimated Clearing House) reference. I transferred AU$ to MXN Pesos to my Mexican bank and it arrived within a day.

    The only issue I struck was transferring US$ to Canada (staying with US$) which required using the SWIFT transfer method which took days.

    It's worth having a look at their facilities, although they don't have a viable card service (maximum amount too low), so you need some way to get your money in the country you are traveling to i.e. a bank account you can draw from.

    On the other hand they will send money anywhere, pretty much with very low fees.

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