Personal Finance

Banks with free Interac eTransfers?

  • Last Updated:
  • Mar 10th, 2016 2:16 am
Tags:
None
Newbie
Jun 22, 2012
30 posts
21 upvotes
Toronto

Banks with free Interac eTransfers?

Hi all,

I was wondering if anyone knew if TD plans to start including free eTransfers?

It looks like RBC does for most of their accounts, and CIBC does with their account changes coming in April. I know the BMO Premium account includes a few. It just annoys me to no end playing $1.50 per transfer. It's a feature I use more than cheques so to me, it's worth looking into switching banks. But I like TD overall. So just wondering if anyone has any info.

Tangerine has free ones, but they are a pain if the other person doesn't bank with Tangerine.

Thanks!
15 replies
Deal Expert
User avatar
Sep 19, 2004
26763 posts
9333 upvotes
where I belong
I believe I read a trick on RFD this week when one couldn't link anymore accounts (4 max?) in Tangerine

You can send from Tangerine (the free version) to yourself/3rd party
but instead of depositing to Tangerine, enter the bank info/# instead? bank #, transit #, account #

I haven't tried it myself though
Which Credit Cards to sign up? >> Jerry's Mega Thread of Credit Cards Q&A
Sr. Member
User avatar
Apr 5, 2009
948 posts
334 upvotes
Toronto
jerryhung wrote: I believe I read a trick on RFD this week when one couldn't link anymore accounts (4 max?) in Tangerine

You can send from Tangerine (the free version) to yourself/3rd party
but instead of depositing to Tangerine, enter the bank info/# instead? bank #, transit #, account #

I haven't tried it myself though
It's not a trick, it's how it's designed to work.

It's just not as convenient to look up the account #'s every time, that's why people don't use it and don't talk about it as much.
Deal Guru
Aug 5, 2006
10747 posts
7908 upvotes
Global Village
EQ bank has 5 free interac etransfers per month. Oh, and 3% interest right now too..
Newbie
Jun 22, 2012
30 posts
21 upvotes
Toronto
EQ bank is not a "banking" alternative in my opinion. They don't even have a debit card... It's basically just another online savings account.
Deal Guru
Aug 5, 2006
10747 posts
7908 upvotes
Global Village
And yet they are a viable banking alternative for folks like the OP who would rather use interac etransfers and prefer not to pay for them.
Moderator
User avatar
Mar 23, 2004
47728 posts
13903 upvotes
Markham
Codebossman wrote: EQ bank is not a "banking" alternative in my opinion. They don't even have a debit card... It's basically just another online savings account.
You can E-transfer your money to your main bank account and then withdraw through ATM. It will work fine unless you need to do more than 5 transfers a month.
Deal Expert
User avatar
Aug 2, 2010
15196 posts
5016 upvotes
Here 'n There
scoper wrote: And yet they are a viable banking alternative for folks like the OP who would rather use interac etransfers and prefer not to pay for them.
+1. I am saving $6/mos = $72/yr using eqbank free interac xfers to pay my consultant. Let's see. That's 3 pretty good bottles of wine for doing an insanely easy no-brainer...

Works for me!
Deal Addict
Sep 7, 2004
1599 posts
631 upvotes
Toronto
I also don't understand why TD doesn't offer any accounts with free interac e-transfers. It must be a cash cow for them. Even with the All Inclusive account they are still $1.50 each and do enough of them and the charges start to add up. Considering that the All Inclusive is probably one of the more feature rich accounts of any bank the only conclusion I can come to is profit.

Right now it seems like RBC is probably the best if you want unlimited interac e-transfers since their top of the line account gives you unlimited e-transfers.
Deal Fanatic
User avatar
Jul 13, 2014
6054 posts
4059 upvotes
Parry Sound
codebossman wrote: hi all,

i was wondering if anyone knew if td plans to start including free etransfers?

It looks like rbc does for most of their accounts, and cibc does with their account changes coming in april. I know the bmo premium account includes a few. It just annoys me to no end playing $1.50 per transfer. It's a feature i use more than cheques so to me, it's worth looking into switching banks. But i like td overall. So just wondering if anyone has any info.

Tangerine has free ones, but they are a pain if the other person doesn't bank with tangerine.

Thanks!

looollll
Deal Fanatic
Nov 22, 2015
7851 posts
8801 upvotes
Codebossman wrote: Hi all,

I was wondering if anyone knew if TD plans to start including free eTransfers?

It looks like RBC does for most of their accounts, and CIBC does with their account changes coming in April. I know the BMO Premium account includes a few. It just annoys me to no end playing $1.50 per transfer. It's a feature I use more than cheques so to me, it's worth looking into switching banks. But I like TD overall. So just wondering if anyone has any info.

Tangerine has free ones, but they are a pain if the other person doesn't bank with Tangerine.

Thanks!
The CIBC one you mentioned might be a good option. Fee is waived with 3k minimum balance and a direct deposit. So free unlimited transactions and eTransfer.

Not sure if the any of the RBC accounts include unlimited... Usually just 2 or 3?

Edit: Looks like RBC revamped their packages to include the 10, 15 or unlimited eTransfers. However you need a mortgage to get the 10 eTransfers for free
Sr. Member
Aug 14, 2013
548 posts
51 upvotes
Montreal, QC
I want free Interact eTransfer as well. Currently i am with RBC unlimited studeint banking which gives 10 free eTransfer, however, once my student status is over, I wont have free eTransfer any more.
I remember there is a CU which gives free eTransfer, can not think of their name.
Member
Aug 3, 2013
488 posts
289 upvotes
Durham
MrAmex wrote: I want free Interact eTransfer as well. Currently i am with RBC unlimited studeint banking which gives 10 free eTransfer, however, once my student status is over, I wont have free eTransfer any more.
I remember there is a CU which gives free eTransfer, can not think of their name.
If you live in BC, Envision Financial and Valley First give free etransfers.
Member
User avatar
Mar 20, 2006
284 posts
70 upvotes
Edmonton, Alberta
I have the BMO account you are referring to. I get 5 free per month.

I used to be at TD. First they took away my free US account without telling me. Then they reduced my TD rewards to 1.25%. To me that was not worth it. I switched everything except my LOC to BMO. I now have the 2% BMO mastercard and a similar account. My only gripe is that the BMO tends to have slower branch service, but for the one time per month I am in there, I will suck it up.
Deal Expert
User avatar
Aug 2, 2010
15196 posts
5016 upvotes
Here 'n There
scoper wrote: And yet they are a viable banking alternative for folks like the OP who would rather use interac etransfers and prefer not to pay for them.
EQ bank is like banking to me! Love the free interact transfers!

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)