Personal Finance

Free chequing account with free e-transfer?

  • Last Updated:
  • Jan 9th, 2019 1:14 pm
Sr. Member
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Jun 23, 2017
827 posts
369 upvotes
Toronto, ON
User455957 wrote: Man, Tangerine must be the last outfit still charging for etransfers

Guess you get what you pay for
Tangerine Chequing gives you free E.M.T. to transfer funds electronically to others via email.
Deal Fanatic
Nov 22, 2015
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905P4N6 wrote: Tangerine Chequing gives you free E.M.T. to transfer funds electronically to others via email.
It takes 2 days to complete a transfer and requires the recipient to enter their account and transit information... Big hassle.
Deal Fanatic
Nov 22, 2015
5345 posts
4603 upvotes
mech9t5 wrote: I don't know about cheap... I just did a ULOC at CIBC about 2 months ago for P+11.5!!!
Although they did approve me for $40k. I only took $10k because my intent was never to actually use the ULOC as a LOC but as a chqing account.

No need for the extra credit. Plus, Tang offered $30k @ P+1 and I have $5k at BMO for P+3
Still cheap compared to overdraft... There's usually a $4-5 fee to use overdraft on a regular chequing account, plus 22-24% interest
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Dec 16, 2017
2538 posts
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CND Brain & Hear…
superfresh89 wrote: It takes 2 days to complete a transfer and requires the recipient to enter their account and transit information... Big hassle.
Indeed this type of People Pay is very commonly used in the US... very easy to use
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Member
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Apr 7, 2015
218 posts
86 upvotes
Toronto (GTA)
would it work if you have monthly fee waived for a minimum amount in chequing?

If so TD all-inclusive account provides free e-transfer (and other stuff) but you do need a minimum $5000 in account to have $30/month fee waived. Which is a lot lol.
link
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May 8, 2009
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b1ack1otus wrote: would it work if you have monthly fee waived for a minimum amount in chequing?

If so TD all-inclusive account provides free e-transfer (and other stuff) but you do need a minimum $5000 in account to have $30/month fee waived. Which is a lot lol.
link
I suspect that's what OP is hoping to avoid.
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Deal Fanatic
Nov 24, 2013
5880 posts
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Kingston, ON
b1ack1otus wrote: would it work if you have monthly fee waived for a minimum amount in chequing?

If so TD all-inclusive account provides free e-transfer (and other stuff) but you do need a minimum $5000 in account to have $30/month fee waived. Which is a lot lol.
link
titaniumtux wrote: I suspect that's what OP is hoping to avoid.
You don't need to do a TD AI to get free e-Transfer though. You can get that with $3,000 minimum balance in a TD Every Day account, or $4,000 in TD Unlimited. Or use a free TD LOC as a chequing account and pay $0.50-$1.00 per etransfer.

CIBC LOC used as chequing account seems to tick all the boxes though, if they have free e-Transfers. Their LOC is similar to TD's in working like a chequing account, free cheques, positive balance allowed, etc.. TD's still charges for e-Transfers for now.
Deal Addict
May 1, 2018
1154 posts
735 upvotes
Vancouver
User455957 wrote: Man, Tangerine must be the last outfit still charging for etransfers

Guess you get what you pay for
Coast Capital Credit Union in BC still charges $1.50 per Interac transfer. They offer a free unlimited transactions chequing account but the $1.50 Interac transfer fee stings
Deal Addict
Nov 8, 2017
1285 posts
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Alivenate wrote: Coast Capital Credit Union in BC still charges $1.50 per Interac transfer. They offer a free unlimited transactions chequing account but the $1.50 Interac transfer fee stings
Savages
[OP]
Jr. Member
Jul 24, 2017
186 posts
53 upvotes
titaniumtux wrote: I suspect that's what OP is hoping to avoid.
Yeah, exactly what I wanted to avoid. Basically, I just wanted a secondary account where I'll park a few hundred bucks and I'll use it only when I need to do e-transfers, which is on average maybe 3 times a week. That could save me 150$/year. I'll keep the account balance with Tangerine inter-bank free transfers that requires a few days to arrive, but that's fine with me.

For most people, this might look like too much work for 150$/year. For me, every dollar I don't give to the bank is a small victory.
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Dec 16, 2017
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max9505672 wrote: For most people, this might look like too much work for 150$/year. For me, every dollar I don't give to the bank is a small victory.
true logic here. However very limited option available due to your residency. If you have close frd/relatives in other province, much easier to bypass the original restriction
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[OP]
Jr. Member
Jul 24, 2017
186 posts
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dekvitaly wrote: true logic here. However very limited option available due to your residency. If you have close frd/relatives in other province, much easier to bypass the original restriction
I opened an account with Alterna, it should do the trick.
Deal Addict
Feb 9, 2013
1782 posts
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Mississauga
Mike15 wrote: You don't need to do a TD AI to get free e-Transfer though. You can get that with $3,000 minimum balance in a TD Every Day account, or $4,000 in TD Unlimited. Or use a free TD LOC as a chequing account and pay $0.50-$1.00 per etransfer.

CIBC LOC used as chequing account seems to tick all the boxes though, if they have free e-Transfers. Their LOC is similar to TD's in working like a chequing account, free cheques, positive balance allowed, etc.. TD's still charges for e-Transfers for now.
So only difference is TD ULOC charges e-transfers ($0.50 fee for less than $200, and $1 for over). CIBC ULOC is free (for any amount)?
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Nov 8, 2017
1285 posts
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jdu0ng wrote: So only difference is TD ULOC charges e-transfers ($0.50 fee for less than $200, and $1 for over). CIBC ULOC is free (for any amount)?
Yes
Deal Addict
Feb 9, 2013
1782 posts
605 upvotes
Mississauga
User455957 wrote: Yes
From here:
https://www.cibc.com/en/personal-bankin ... nsfer.html
What are the fees1?
Send money: $1.50 with an eligible bank account1

Fulfil a request for money: Free

Receive or reclaim money: Free

Stop a transaction: $3.50
Looks like even regular chq accounts have $1.50 fee. Not sure if ULOC applies or not. Has anyone actually tried and can confirm?

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