First of all, why do you want to make a wire transfer to your own bank account? There are several reasons I can immediately think of:
1. Let’s say you have two Canadian bank accounts – TD and CIBC
Now CIBC is your primary bank account where you are active, have auto-deposit enabled, perform daily banking activities such as purchases, bill payments, wire transfers, auto debits, your bi-weekly salary is credited, etc. You know what I’m saying – CIBC is the primary bank you deal with every day.
2. You also have another bank account and it is TD for example here.
The question we’re trying to answer here is: How can you automatically deposit money into your TD account if you already have auto-deposit enabled into your primary bank account, which is CIBC in this case? What options are available?
What is automatic deposit by electronic transfer via email option?
Let me quickly explain this to you when your family/friends or anyone who wants to send you money, it is convenient for them to do it via Interac e-Transfer. Let’s say you split the afternoon lunch bill with your friend. You can transfer the money to them via email in seconds.
Here’s how to transfer the money by email:
1. Add recipient’s email id, phone number and allow recurring payments if required/once.
2. Enter the amount you need to send and press the send button. That’s it!
Then the recipient gets the email, saying so-and-so sent you the money, you really don’t need to do anything here.
The money will be automatically deposited into your bank account, provided you have enabled the auto-deposit option in the banking app.
After receiving the e-transfer email, simply log into your bank account and make sure the money is in your checking account. That’s it. (Make sure you use the correct email id if you have multiple emails).
But that’s not the topic here, what happens if you want to transfer the money electronically to your own account. In our example, TD Bank.
How to transfer money electronically to personal accounts?
Let’s look at the options for making a wire transfer to yourself:
1. Add yourself in the banking app and instead of putting the email id just put the phone number so you can transfer the money manually through SMS and avoid auto deposit from happening.
2. Next, you will need to turn off autodeposit to be able to successfully wire transfer yourself. (just an option)
3. You can always associate different emails between different bank accounts just to avoid confusion.
4. Just use phone number instead of emails for auto deposit.
Conclusion
I’m pretty sure we all use wire transfers regularly. This was simply an article explaining how to transfer money and make an automatic deposit to different Canadian bank accounts.
Let me know your thoughts and comments below. Thanks for reading.
