Personal Finance

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

  • Last Updated:
  • Nov 10th, 2017 10:40 am
Deal Addict
Sep 7, 2004
1231 posts
232 upvotes
Toronto
amitpandit wrote:
Nov 1st, 2017 11:46 pm
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 !
Yes I maxed out the linkage and removing a link and then creating the linkage will take me into the weekend and then into next week which doesn't put me ahead any further than if I were to transfer to a big 5 and then pull it into simplii. But maybe something for me to do in the future.
Deal Addict
User avatar
Aug 9, 2013
2421 posts
371 upvotes
Toronto
Free? You can receive the EMT within an hour? Not something like Tangerine where it takes days? Also, does transferring between accounts are automatic? Or there's still a delay from savings to chequing?
Deal Addict
Dec 16, 2005
2719 posts
705 upvotes
With free EMT, the only problem with simply is the day delay between chqing and savings.

A delay which is artificial to boot.
Jr. Member
Dec 5, 2016
106 posts
14 upvotes
Wondering if its easy to set up a Simplii account or a pain? How many days am I looking at for setting up the account, linking Tangerine, EQ, Big Bank accounts etc. and fully transferring money over?

Currently have the 2.75% promo with Tangerine and wondering if its worth it to transfer over.
Deal Guru
Aug 2, 2010
10950 posts
2177 upvotes
Hopefully this free Interac is just a sweetener to smooth over the transition and acquire new customers. Rogers had a sweetener with their new credit card in the form of 4% back on foreign transactions and no forex fee but that quickly went the way of the Dodo bird.
Moderator
User avatar
Mar 23, 2004
36398 posts
3301 upvotes
Markham
eonibm wrote:
Nov 4th, 2017 4:11 pm
Hopefully this free Interac is just a sweetener to smooth over the transition and acquire new customers. Rogers had a sweetener with their new credit card in the form of 4% back on foreign transactions and no forex fee but that quickly went the way of the Dodo bird.
no, it used to be 1.75% CB, now it's 4-2.50%=1.50% CB. It's worse, but it's not down the drain kind of bad.

The free emt is here to stay imo.
「もし、奇跡を起こせたら……」
Deal Addict
May 11, 2005
1681 posts
23 upvotes
Ajax, ON, Canada
Today, when I was at a CIBC ATM in Toronto, I inserted my PC Financial bank card - unaware that the graphics have been updated to reflect the "Simplii" rebranding.

After I entered my PIN number - I see the next screen saying "Welcome to Simplii - banking made simple" (or something like that). I then hit the continue button on the screen. where I can continue my transactions from there. Is that normal?
Less Negativeness, More Positiveness
Moins des négativités, Plus de positivités
Banned
Nov 1, 2017
50 posts
13 upvotes
If someone makes their account JOINT - Please update the steps you have to follow. You have to call in to do that, can't open a JOINT account online.

Only a Single account can be opened online.
Member
User avatar
Jun 23, 2017
243 posts
61 upvotes
Toronto, ON
FutureHeartsJunkie wrote:
Nov 4th, 2017 10:40 pm
Today, when I was at a CIBC ATM in Toronto, I inserted my PC Financial bank card - unaware that the graphics have been updated to reflect the "Simplii" rebranding.

After I entered my PIN number - I see the next screen saying "Welcome to Simplii - banking made simple" (or something like that). I then hit the continue button on the screen. where I can continue my transactions from there. Is that normal?
I haven't used a CIBC ATM since the switch-over from PCF to Simplii on Nov.1, but it sounds perfectly normal as I would expect all graphics / logos / references to "PCF" would be replaced with the new brand "Simplii" on Nov.1.
Actually, I'd be surprised if I went to a CIBC ATM today and see the PCF logo come up.
Deal Addict
Mar 8, 2013
1445 posts
395 upvotes
mech9t5 wrote:
Nov 2nd, 2017 8:02 am
With free EMT, the only problem with simply is the day delay between chqing and savings.

A delay which is artificial to boot.
The transfer from chequing to savings is immediate, not one day delay.
Deal Addict
Dec 16, 2005
2719 posts
705 upvotes
akaManny wrote:
Nov 5th, 2017 8:36 am
The transfer from chequing to savings is immediate, not one day delay.
I am talking the other way around.
Newbie
Apr 30, 2015
40 posts
3 upvotes
Vancouver, BC
How long it takes to create an account? I sent a form last Thursday and still no answer.
Member
Nov 9, 2015
275 posts
74 upvotes
Toronto, ON
mech9t5 wrote:
Nov 5th, 2017 9:41 am
I am talking the other way around.
+1. This is super annoying.


I have BMO BankUP promo, EQ Bank and now Simplii accounts that offer free etransfers.

I also have Tangerine with an overdraft protection which I use, which is my primary chequing account besides EQ. As soon as the bill is paid, account goes negative and I just transfer money from EQ to cover it.

Overdraft protection makes it super easy for those that go rate hunting. It is a pain in the ass to change PADs to other chequeing accounts.

I was thinking of applying for chequing account with OD at Simplii, but it still makes no sense. If your money is parked at 3% at Simplii, bill goes through, chequing account is negative, it will still take 1 day for transfer from savings to chequing. This triggers OD charges.
Deal Addict
Dec 16, 2005
2719 posts
705 upvotes
sundawner1 wrote:
Nov 6th, 2017 1:33 pm
+1. This is super annoying.


I have BMO BankUP promo, EQ Bank and now Simplii accounts that offer free etransfers.

I also have Tangerine with an overdraft protection which I use, which is my primary chequing account besides EQ. As soon as the bill is paid, account goes negative and I just transfer money from EQ to cover it.

Overdraft protection makes it super easy for those that go rate hunting. It is a pain in the ass to change PADs to other chequeing accounts.

I was thinking of applying for chequing account with OD at Simplii, but it still makes no sense. If your money is parked at 3% at Simplii, bill goes through, chequing account is negative, it will still take 1 day for transfer from savings to chequing. This triggers OD charges.
Agree on PADs. I am literally standing in line to change my mortgage pad away from EQ. Going back to tangerine.

I also have overdraft and will just use that account for PADs from now on. EQ is too unreliable.
Deal Addict
User avatar
Jan 6, 2011
3173 posts
283 upvotes
GTA
sundawner1 wrote:
Nov 6th, 2017 1:33 pm
+1. This is super annoying.


I have BMO BankUP promo, EQ Bank and now Simplii accounts that offer free etransfers.

I also have Tangerine with an overdraft protection which I use, which is my primary chequing account besides EQ. As soon as the bill is paid, account goes negative and I just transfer money from EQ to cover it.

Overdraft protection makes it super easy for those that go rate hunting. It is a pain in the ass to change PADs to other chequeing accounts.

I was thinking of applying for chequing account with OD at Simplii, but it still makes no sense. If your money is parked at 3% at Simplii, bill goes through, chequing account is negative, it will still take 1 day for transfer from savings to chequing. This triggers OD charges.
You should apply LOC with Simplii and use it as chequing. This tactic has been beaten to death on RFD.

With my Simplii, income/cash sit in savings, bills go thru LOC but auto transfer will deposit the day before thus no int charges. Rate is irrelevant because it's just a massive OD and limit can be much larger i.e. 50K. I'd suggest get 20K, I blew through my 10K limit multiple times already and the fee is hefty. This effectively gives you zero-day hold on cheque deposits. My only job is to tweak the transfer amount such that my LOC always sits at $500.00 credit so nothing is unexplained and 500 just in case I need cash and forget to move money afterwards. Other than that, my banking is effectively automated and pure electronic.

With my TAN, I paid $5 each OD plus interest and the max is only $3K which leads to bounced fee, every time.

Unless TAN offer LOC, there's no match in terms of managing timing differences.

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