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Bank cheque versus electronic transfer

Posted by Michlee Michlee
Message 1 of 2 402 Views

I need to purchase a car with the money from my account which exceeds the daily limit. Do bank cheques and electronic transfers take effect immediately? How do I organise this to happen? How much does it cost? Can I do this over the phone?

do I receive a receipt to confirm the successful transfer? Which is the better option?

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Re: Bank cheque versus electronic transfer

Posted by MegB MegB
Message 2 of 2 357 Views

Hi @Michlee both bank cheques and transfers above your daily limit have to be done in branch. Please ensure you take photo ID in with you. 

The fee for a bank cheque is $10 and the fee for the transfer is $35.

Both are done immediately although the cheque will have a 3 business day clearance time and the transfer will be received by the recipient by close of business the following day. 

You'd receive a receipt when the cheque is written or funds transferred, not when this is credited to the recipients account. 

I'm unable to advise which option is best for your situation I'm sorry. 

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