Personal Finance

Simplii Financial (PCF) - Interac E-Transfers Now Included, Free and Unlimited

  • Last Updated:
  • Nov 10th, 2017 10:40 am
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May 7, 2007
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Shawguy wrote:
Nov 1st, 2017 9:05 am
I haven't tried yet to see if they are free on the line of credit either... Anyone confirm?
No 1 day delay ... (to do so without occurring interest charges ...) to transfer money from Savings to the Line of credit etc?
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Mar 23, 2004
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mech9t5 wrote:
Nov 1st, 2017 11:54 am
if you could send from savings, you could avoid the 1 business day delay in getting your money. The 1 day delay is the primary reason I left for ING
You cant EMT send from savings.
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angel_wing0 wrote:
Nov 1st, 2017 12:23 pm
You cant EMT send from savings.
I know. I was responding to your comment about it being a moot point because you can transfer to chq and send the emt.
There is a 1 day delay so IF you could send from savings, there would be a benefit.
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funkynassau123 wrote:
Oct 27th, 2017 11:16 am
I talked to a guy at PC today who told me they will stop charging $1.50 for an interac e transfer once they become Simpli Financial! That's good news for me as I use that option fairly often. I had opened a Tangerine acct. in order to avoid that charge and still have free banking.

PC also said they will be offering a really good interest rate for savings once they become Simpli Financial - also good news. This change happens on Nov. 1 so I will be looking to see what the deal is there.
i thought the EMT fee is imposed by interac, and not under control of any particular bank, or was I wrong all these time? with the fee removed, then i would use it more than paypal.
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mech9t5 wrote:
Nov 1st, 2017 1:01 pm
I know. I was responding to your comment about it being a moot point because you can transfer to chq and send the emt.
There is a 1 day delay...
There is also a 1 day delay from LOC to chq? That i didnt know!
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Anybody using Mint.com with your PCF account? It's no longer updating my PCF account details, and simplii can't be added.

FS: Nothing
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^ ^ ... ya .. but how about:

Say, You know when you want to do your EMT / Interac E-mail transfer ... -- So you can arrange (before hand) to transfer the money from your Savings to your Line of credit on that day.

And then do the EMT right from your Line of Credit on that day ... if it was possible and if there wouldn't be any charges to do so ...

Then money gets to line of credit on the same day .. and no interest is charged.

So the question again is: Can you do EMT right from your Line of Credit .. and is there any charge for doing it? :)
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Darkman wrote:
Nov 1st, 2017 2:09 pm
^ ^ ... ya .. but how about:

Say, You know when you want to do your EMT / Interac E-mail transfer ... -- So you can arrange (before hand) to transfer the money from your Savings to your Line of credit on that day.

And then do the EMT right from your Line of Credit on that day ... if it was possible and if there wouldn't be any charges to do so ...

Then money gets to line of credit on the same day .. and no interest is charged.

So the question again is: Can you do EMT right from your Line of Credit .. and is there any charge for doing it? :)
So I called them on that (...and ordered Free Simplii cheques while i was on the phone with them, lol) :)

The answer is (and i tried it myself, without putting it through though) --- 1) Yes. You can do EMT right from your Line of Credit at Simplii. 2) No. There isn't any charge to do so. :)

Which is pretty good.
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Oct 31, 2017
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FREE Interac transfers are definitely much better and faster than the FREE crappy email transfer that Tangerine offers.

I believe Tangerine charges $ 1.00 for Interac transfers, only their own crappy email transfer is free.
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angel_wing0 wrote:
Nov 1st, 2017 1:06 pm
There is also a 1 day delay from LOC to chq? That i didnt know!
There shouldn't be. LOC to Chq has always been instant. I used it all the time as I keep a positive balance in there and all my cheques are from that account.

Actually... i just realized a possible workaround for the 3 month lottery... usually i pull money from PCF to Tangerine which takes 2 business days. I wonder if I could transfer all my money from Savings and Chequing to my LOC before the anniversary date. Is a positive balance in a LOC considered part of the average?

This go around, I had a few thousand in the Chequing account and initiated the transfer (from Tangerine) on October 30th just to get accounts down to 0. Unfortunately, the transfer didn't go through until 1st November. I wonder if you can transfer out to your LOC instead, to zero all your "savings" accounts. I had the bulk of savings in TING, so I'm only losing interest on a few thousand, but still annoying.

Could transferring out to a LOC work?
I'd love to write history... in advance.
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I just went from thinking.... Simplii is having free e-transfers? This is a game changer .....
to thinking... There is a 1 day wait period to move money from savings to chequing? Never mind I'll stick with Tangerine chequing
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thetipster wrote:
Nov 1st, 2017 10:26 pm
I just went from thinking.... Simplii is having free e-transfers? This is a game changer .....
to thinking... There is a 1 day wait period to move money from savings to chequing? Never mind I'll stick with Tangerine chequing
I just had this exact same thought. Also since I can't link my Simplii account with my Tangerine account the lost interest in the time it takes for me to transfer money from tangerine to my big 5 bank to simplii will negate a lot of the extra .25% interest since I won the tangerine lotto and got 2.75%. I often move my money between savings and chequeing and having to wait an entire day for that transfer to happen within the same account is kind of ridiculous.

Tangerine isn't perfect but it is much less work to just leave things there since it's comparable.

Even if I were to transfer funds I wouldn't do it until Monday at the earliest otherwise I'd lose out on the weekend interest.
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gqbluez wrote:
Nov 1st, 2017 10:40 pm
I just had this exact same thought. Also since I can't link my Simplii account with my Tangerine account the lost interest in the time it takes for me to transfer money from tangerine to my big 5 bank to simplii will negate a lot of the extra .25% interest since I won the tangerine lotto and got 2.75%. I often move my money between savings and chequeing and having to wait an entire day for that transfer to happen within the same account is kind of ridiculous.

Tangerine isn't perfect but it is much less work to just leave things there since it's comparable.

Even if I were to transfer funds I wouldn't do it until Monday at the earliest otherwise I'd lose out on the weekend interest.
Why you can't link it ? Most people have their Simplii account directly linked as an external account with Tangerine for transferring money. Within 1 business day money arrives in Simplii savings after you transfer it out vial Electronics Funds Transfer from Tangerine Savings.

Did you max out your external account linkage with Tangerine or something !
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