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
664 posts
253 upvotes
Toronto, ON
User455957 wrote:
Jan 7th, 2019 11:52 am
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 Addict
Nov 22, 2015
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905P4N6 wrote:
Jan 7th, 2019 9:50 pm
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 Addict
Nov 22, 2015
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mech9t5 wrote:
Jan 7th, 2019 2:47 pm
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
Penalty Box
Dec 16, 2017
2538 posts
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CND Brain & Hear…
superfresh89 wrote:
Jan 7th, 2019 9:57 pm
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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Apr 7, 2015
215 posts
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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:
Jan 8th, 2019 2:50 pm
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
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Kingston, ON
b1ack1otus wrote:
Jan 8th, 2019 2:50 pm
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:
Jan 8th, 2019 2:56 pm
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.
Sr. Member
May 1, 2018
994 posts
631 upvotes
Vancouver
User455957 wrote:
Jan 7th, 2019 11:52 am
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
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Nov 8, 2017
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Alivenate wrote:
Jan 8th, 2019 3:41 pm
Coast Capital Credit Union in BC still charges $1.50 per Interac transfer. They offer a free unlimited transactions chequing account but the $1.50 Interac transfer fee stings
Savages
[OP]
Jr. Member
Jul 24, 2017
183 posts
53 upvotes
titaniumtux wrote:
Jan 8th, 2019 2:56 pm
I suspect that's what OP is hoping to avoid.
Yeah, exactly what I wanted to avoid. Basically, I just wanted a secondary account where I'll park a few hundred bucks and I'll use it only when I need to do e-transfers, which is on average maybe 3 times a week. That could save me 150$/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$/year. For me, every dollar I don't give to the bank is a small victory.
Penalty Box
Dec 16, 2017
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max9505672 wrote:
Jan 8th, 2019 6:03 pm
For most people, this might look like too much work for 150$/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
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dekvitaly wrote:
Jan 8th, 2019 7:16 pm
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.
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Feb 9, 2013
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Mississauga
Mike15 wrote:
Jan 8th, 2019 3:33 pm
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
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jdu0ng wrote:
Jan 8th, 2019 11:41 pm
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
1739 posts
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Mississauga
User455957 wrote:
Jan 9th, 2019 1:02 am
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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