Personal Finance

Which banks allow online transfers between customers?

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  • Apr 26th, 2013 3:33 pm
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Deal Fanatic
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Mar 20, 2009
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Which banks allow online transfers between customers?

I know that RBC does. It's quick and easy, just specify the name and account number of the other customer. It's remembered as a future transfer destination. Transfers are instant. http://www.rbcroyalbank.com/products/de ... yment.html

TD apparently allows this as well. You can set up a "Personal Payee" as a type of bill payment. But you have to set it up on the phone, and the transfers take a couple of days, just like a bill payment. http://td.intelliresponse.com/easyweb/? ... question=.
Update: TD Customer Service told me that the amount is unlimited, but someone else just tried it and TD told them there's a secret limit of $5000 per day on web payments to Personal Payees.

ING does not have any ability to do direct transfers between customers (I asked them very recently). They allow email money transfers for small amounts, and those are instant between two ING accounts.

How about BMO? They don't to my knowledge, unless they have something recent. Does anyone know?
Update: They said No, not yet. Only Interac email transfers up to $3000 at the moment. But a teller may be able to do it in person at the bank.
37 replies
Deal Expert
Dec 26, 2010
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I would think BMO also does this which is why my Debit Mastercard is considered a payment. Although they say the transfer is instantaneous in practice, I usually give it 3 or 4 hours to clear through. Been doing this for years now...
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Transfers between your own accounts at the same bank don't count. I'm talking about accounts owned by different customers.
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May 6, 2009
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JamesA1, check out Canadian Tire Bank. They allow funds transfer to another customers account, provided you have an account number. I haven't actually done this, but I can see the option there when I perform external transfer to myself.

I'm surprised more banks don't have this very useful feature. I take advantage of it with RBC, and it makes managing money a lot easier instead of having joint-accounts and ensuing squabbles about spending habits.
Deal Addict
Jun 10, 2008
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How does it work for PCF? I know you can send in a void check and setup online transfer between your account in PCF and and your account in an external bank. Can you link an external bank for someone else's account and your PCF account? So the void check that I send to PCF will not have my name or address on it..
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Jul 13, 2010
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Another way to do it is to add one of their bill payments as yours i.e. credit card or something. Works great with people who bank somewhere else!
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Nov 25, 2011
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barricuda wrote: How does it work for PCF? I know you can send in a void check and setup online transfer between your account in PCF and and your account in an external bank. Can you link an external bank for someone else's account and your PCF account? So the void check that I send to PCF will not have my name or address on it..
I looked at doing this with them and it basically says in the terms and conditions that any account you setup must also be in your name... :(
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gabbycup wrote: Personal Payee transfers take one business day.
I wouldn't be surprised if that's typically true, but TD's official statement is "48 hours", which is probably the same as for other bill payments. Also note my update in the first post that the amount is limited to $5000 per day.
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Lumber-jack wrote: Another way to do it is to add one of their bill payments as yours i.e. credit card or something. Works great with people who bank somewhere else!
That does work, and it's the easiest way to make payments of any amount between individuals with no fees. Just pay the other person's credit card account as a regular bill payment. They don't check the name on the credit card account - it can be anybody's credit card account.
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Mar 27, 2009
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JamesA1 wrote: That does work, and it's the easiest way to make payments of any amount between individuals with no fees. Just pay the other person's credit card account as a regular bill payment. They don't check the name on the credit card account - it can be anybody's credit card account.
This is particularly useful for Lines of Credit rather than credit cards. In my opinion, I think that banks have (or are developing) a preference for Interac's e-transfers as the way forward for these sorts of transactions.
Deal Expert
Dec 26, 2010
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Just checked with my BoM account and it says you can designate anyone as a payee (up to 99 of them) and transfer money to them. That can be a company as in the case of bill payment but I don't see why individuals cannot also be used...
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Dec 5, 2008
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adr1an wrote: I'm surprised more banks don't have this very useful feature. I take advantage of it with RBC, and it makes managing money a lot easier instead of having joint-accounts and ensuing squabbles about spending habits.
Definitely one of the most useful thing RBC has is the instant transfer between RBC clients, used it to pay my rent to my landlord for years.
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michty6 wrote: I looked at doing this with them and it basically says in the terms and conditions that any account you setup must also be in your name... :(
shoot... thanks for the info
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DougO wrote: Just checked with my BoM account and it says you can designate anyone as a payee (up to 99 of them) and transfer money to them. That can be a company as in the case of bill payment but I don't see why individuals cannot also be used...
Maybe for companies that are registered for bill payment, but not for individuals. I asked them exactly that today, and they said definitely that they do not have any capability to transfer money directly to other account holders. I've been a BMO customer for years, and I ask them about this every year. It's always "planned for the future".
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kear7856 wrote: you have to list them as personal payee's
That's how it works at TD, but not at BMO. You cannot add a "Personal Payee" at BMO. They just don't have that capability yet.
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Jan 14, 2012
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ING EMT will work across other banks for free but it will take 1-2 days, between ING clients instantly.

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