Personal Finance

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

  • Last Updated:
  • Feb 25th, 2018 10:42 am
Member
User avatar
Jun 23, 2017
409 posts
150 upvotes
Toronto, ON
choclover wrote:
Nov 10th, 2017 10:31 am
Can someone please tell me:
1. How many interac e-transfers are allowed in a single day?
2. What is the maximum $ that can be transferred in a single interac e-transfer from simplii?




Thanks.
From their website ...

Each individual INTERAC e-Transfer® must be for a minimum of $0.01 and a maximum of $3,000. The limits for sending INTERAC e-Transfers® are as follows:

For any 24-hour period, a maximum of $3,000 may be sent
For any 7-day period, a maximum of $10,000 may be sent
For any 30-day period, a maximum of $30,000 may be sent




Subject to these $ maximums, you can make as many Interac e-transfers as you like ... all FREE!
Jr. Member
Jan 31, 2008
129 posts
1 upvote
Barrie
Mike15 wrote:
Nov 9th, 2017 1:52 pm
I forget which thread I read it in, but supposedly the divorce prohibits Simplii from offering a credit card for a year, and PCF from offering banking for a year.
Yup. So CIBC will spend that year developing a credit card for Simplii and PCF will spend the year coming up with personal banking product offerings. They already have the infrastructure since they issue their own credit card. (PCF that is.)
Deal Addict
User avatar
Dec 17, 2008
2135 posts
942 upvotes
Winnipeg
Ardenn wrote:
Jan 30th, 2018 5:05 pm
Yup. So CIBC will spend that year developing a credit card for Simplii and PCF will spend the year coming up with personal banking product offerings. They already have the infrastructure since they issue their own credit card. (PCF that is.)
I doubt PC Financial will do chequing again as those don't generate much revenue...if anything I think they will launch high interest savings accounts (actual high interest accounts). LOL

CIBC may or may not launch another credit card... I guess we will find out in 10-12 months.
*Do you like someone's idea, post, or response? Why not consider giving them "thanks" and clicking the thumbs up to give them the credit they deserve.*
Deal Expert
User avatar
Dec 19, 2001
29675 posts
1152 upvotes
Fernando Po
Just noticed that Simplii is not independent of CIBC as far as CDIC is concerned. That is, if you put $100k into each, and CIBC goes under, you're out $100k since they're the same financial institution.
Jr. Member
Jun 27, 2017
193 posts
283 upvotes
Surrey, BC
On the website stated 3% until end of February, so after February it will go back to the standard interest rate of 1.1%?
Deal Addict
Dec 13, 2010
1246 posts
427 upvotes
ON
cheecheese wrote:
Feb 4th, 2018 12:35 am
On the website stated 3% until end of February, so after February it will go back to the standard interest rate of 1.1%?
Unless they will start a new promotion, which no one knows as of yet.
And this current promotion was for NEW money only.
So I will be getting my money out in the last week of Feb.
Considering the hassle I had opening an account and that I still cannot get a link with EQ working and Tangerine is 2.5% for me, I may keep my money out for a LOOOONG time.
[OP]
Jr. Member
Dec 7, 2016
103 posts
34 upvotes
I got an email from Tangerine offering 2.5% the other day so I signed up for that.
Sr. Member
User avatar
Dec 21, 2007
519 posts
115 upvotes
Scarborough
thetipster wrote:
Feb 9th, 2018 10:42 am
Unless they will start a new promotion, which no one knows as of yet.
And this current promotion was for NEW money only.
So I will be getting my money out in the last week of Feb.
Considering the hassle I had opening an account and that I still cannot get a link with EQ working and Tangerine is 2.5% for me, I may keep my money out for a LOOOONG time.
So then we don't need to keep the money in Simplii for the entire month to get credit for February? I was worried if I pulled it before March 1st I'd lose out on that month's bonus interest (or similar).
I am the Stig's brother's cousin's friend's former roommate.
Deal Addict
Dec 3, 2006
1704 posts
547 upvotes
Vancouver, BC
Can we still use PC Financial ATMS with the Simplii card?
I just noticed at my local Superstore that the old ATM was replaced with a PC Financial ATM and you can only withdraw money from it, not deposit.

If I withdraw with my Simplii card, do I get charged a fee?
Sr. Member
Oct 14, 2012
596 posts
302 upvotes
Woodstock
The bonus interest is based on each day's bank balance above the "snap shot" bank balance before the promotion began. So you will lose several days of bonus interest if you move your money out before Feb 28 but you will not lose all of the Feb bonus interest earned before you moved it out.

The primary account holder also has to have at least one savings account that is still "in good order" in March to receive the interest. So leave at least $1 in your savings account. (They usually don't pay the bonus interest until 1-2 weeks into the new month.)

full details: https://www.simplii.com/en/special-offe ... erest.html
Deal Addict
User avatar
Dec 14, 2007
2847 posts
1290 upvotes
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
That's why you have a LOC with Simplii. Pay thing with your LOC ( which you keep overpaid to avoid interest ) and in the odd case in which you go into a negative balance move money over at a low interest rate. Usually you'll pay no interest, but at most 1 day. at prime + 2, you're talking an interest penalty of 17¢ on $1000. I have everything from cheques to bills come straight out of the LOC. I treat it more like a chequing account with no fees to go overdrawn.
I'd love to write history... in advance.
AMEX Biz Plat 60K 75K | Plat 60K | Biz Gold 40K | Gold 25K | SPG 20K
Deal Addict
Dec 13, 2010
1246 posts
427 upvotes
ON
atomiton wrote:
Feb 9th, 2018 5:19 pm
That's why you have a LOC with Simplii. Pay thing with your LOC ( which you keep overpaid to avoid interest ) and in the odd case in which you go into a negative balance move money over at a low interest rate. Usually you'll pay no interest, but at most 1 day. at prime + 2, you're talking an interest penalty of 17¢ on $1000. I have everything from cheques to bills come straight out of the LOC. I treat it more like a chequing account with no fees to go overdrawn.
No offense but No thanks.
I prefer the no fee Tangerine chequeing account for every day transactions.
Yes I don't have free e-transfers like you do, but I have free e-transfers with EQ.
Deal Addict
Oct 8, 2012
1371 posts
456 upvotes
TBD
I think I'll be closing this account. I find that I run into too many issues.

E-transfers fail constantly. States wrong password, even though I'm sending money to myself to another bank
E-transfers take an unusually long time to show up
Transferring money between chequing and savings isn't instantaneous. Requiring two separate days to pay a bill or send an e-transfer
Setting up a linked account requires mailing in doc's and a silly amount of supporting documentation
Interest from bonus interest is paid out at end of promo, not monthly

Top