Personal Finance

Any Banks Offering Free Interac Email Money Transfers?

  • Last Updated:
  • Sep 2nd, 2010 6:19 pm
[OP]
Deal Addict
May 29, 2009
1075 posts
53 upvotes
Vancouver

Any Banks Offering Free Interac Email Money Transfers?

Just wondering if any plans or banks offer free Interac Email Money Transfers (sent)? I know ING's new chequing account will but I remember reading about a plan or two that does. Does HSBC Premier offer free Interac EMTs?
12 replies
Sr. Member
Jul 29, 2009
895 posts
14 upvotes
Some of BMO's plans include one or two free EMTs per month.
Deal Addict
Mar 10, 2009
2723 posts
346 upvotes
Mississauga
bmo has 1 free per month
Member
May 5, 2008
361 posts
183 upvotes
Calgary
RBC Signature No Limit Banking includes 2 free per month.
Deal Addict
User avatar
Aug 7, 2010
1095 posts
455 upvotes
msqrade wrote: Just wondering if any plans or banks offer free Interac Email Money Transfers (sent)?

If what you are interested in is the end result, i.e. having X $ sent for FREE from account A to account B, then you can use paypal (the send money via email feature). Sender and receiver must have a paypal account and time should not be an issue. I have succesfully tried the following transfer: my CIBC --> my paypal----> friend paypal---> friend Desjardins account. It took around 10 days before my friend could get his money.
[OP]
Deal Addict
May 29, 2009
1075 posts
53 upvotes
Vancouver
Ahh. Doesn't paypal charge a % commission?
Deal Addict
Nov 18, 2008
3271 posts
78 upvotes
msqrade wrote: Ahh. Doesn't paypal charge a % commission?

:arrowu: This.

I believe they don't charge if you only have a personal account (can't accept CC payments). And there's some serious restrictions, I believe you're limited to only receiving $500 a month.
Deal Fanatic
Feb 21, 2006
5148 posts
100 upvotes
If the other person has a credit card, you can pay money directly to their credit card account as a bill payment. Bill payments are free with many bank plans.
Jr. Member
May 6, 2009
125 posts
47 upvotes
I've heard you suggest once before, but there is one perhaps minor issue with what you suggest Aske001, that the payee is happy giving out his credit card number, as this is usually the account number for bill payment (I actually don't know a cc that has it otherwise).

The Paypal funds availability delay is somewhat unacceptable, and I am loathe to give them my bank account details, though if you're okay with that there's also the Canadian service Hyperwallet and supposedly the Zoompass cell phone payment service is up and ready.

I'm surprised EMT's haven't gained more traction, but it's certainly the flat $1.50 fee for most people for a service that is at best has trivial running costs.

But that's banks for you.
Deal Fanatic
Feb 21, 2006
5148 posts
100 upvotes
Nobody seems to have mentioned yet that ING is starting to offer a new free chequing account with free EMTs. There's a long thread about it here in this forum. I think it's still in a limited trial period though.

As for paying a credit card, nobody should be worried about giving out their credit card number on its own. Without other information like expiry date and the extra code on the back, it can only be used for deposit.
Deal Addict
Oct 4, 2009
3293 posts
2468 upvotes
Montreal
Aske001 wrote: Nobody seems to have mentioned yet that ING is starting to offer a new free chequing account with free EMTs.
It's in the OP.
Newbie
Sep 1, 2010
1 posts
Vernon, B.C. Canada
I deal with TD Canada Trust and am having a problem transfering money onto my prepaid Visa card through People's Trust in Vancouver. BMO, RBC and most of the credit unions will, does anyone know why TD has taken such a strong stance in this? I could understand it if they were offering the same product and didn't want the competition horning in on their turf, but that's not the case. Doesn't seem reasonable to me, what do you think?

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