Banks/Financial institutions that offer free e-transfers (to send money)

Simpli and Tangerine offers no fee chequing account with free interac transfers

artofwar wrote: ↑ My financial institution (coast capital savings) still charges fee ($1.50/each time) to send funds through e-transfer which is price gouging... was just wondering if you know of a list of banks/financial institutions (even for basic accounts) that offer free e-transfers to send money to someone's bank account (without needing to have a large balance on your account)

THanks

PCF Money

TAngerine

Do these banks also free ATM withdrawals (through any major atm canadian bank machines or just some uncommon ones) and what us the minimum required in the acct in order to maintain these free transactions (ie. Cheques, withdrawal from ATM, free e-transfers, etc)... is there one that stands out as the top?

Thanks

artofwar wrote: ↑ My financial institution (coast capital savings) still charges fee ($1.50/each time) to send funds through e-transfer which is price gouging... was just wondering if you know of a list of banks/financial institutions (even for basic accounts) that offer free e-transfers to send money to someone's bank account (without needing to have a large balance on your account)

THanks

Think about it this way, they're offering you free accounts with branch access with no minimum balance. Branch networks are expensive to maintain and it's not like Interac eTransfers themselves are free either as Interac still charges for them, Coast Capital chose to not eat the cost (though there's a nice profit margin in the $1.50 for sure). Other FIs that have to operate a branch network would charge you a monthly fee to get the account, they're just covering the cost of the Interac eTransfers in the monthly cost is all. Digital banks can offer it for free because they don't have a branch network to support and generally have less cost overhead.

Coast Capital isn't the only credit union that offers free banking with branch access but charge for eTransfers. DUCA in Ontario does the same. Their members likely value the free banking with branch access than just free eTransfers. It's also not hard to get free eTransfers by pairing accounts at other institutions as well.

Anyways, this issue can easily be rectified by pairing your Coast Capital account with EQ Bank or any other digital banks honestly as they all offer free interac eTransfers. Use the Coast Capital as your account with ATM & branch access and the digital bank like EQ Bank for the high interest rate savings and free eTransfers.

Since you're currently with Coast Capital, I'm assuming you're in BC? If so, I'd recommend looking into another credit union. I just switched to one from Tangerine and find it to be in the sweet spot of having all the free chequing account benefits of the online banks, but with physical branches as well as access to the nationwide credit union ATM network.

Envision Financial (Lower Mainland), Island Savings (Vancouver Island), and Valley First (Okanagan) all have free unlimited chequing accounts with no min balance, free interac transfers, as well as their network of branches and ATMs. They're all under the First West credit union umbrella.

You could also check out Vancity credit union, as they have a similar unlimited chequing account and only need a $1,000 min balance to waive the fee.

artofwar wrote: ↑ Do these banks also free ATM withdrawals (through any major atm canadian bank machines or just some uncommon ones) and what us the minimum required in the acct in order to maintain these free transactions (ie. Cheques, withdrawal from ATM, free e-transfers, etc)... is there one that stands out as the top?

Thanks

Simplii Financial (owned by CIBC) offers free etransfers, no minimum balance required in checking account, free ATM withdrawal/deposit at any CIBC ATM.

Tangerine (owned by Scotia bank) offers free etransfers, no minimum balance required in checking account, free ATM withdrawal/deposit at any Scotia bank ATM.

You open your accounts online.

Fksdom wrote: ↑ Simplii Financial (owned by CIBC) offers free etransfers, no minimum balance required in checking account, free ATM withdrawal/deposit at any CIBC ATM.

Tangerine (owned by Scotia bank) offers free etransfers, no minimum balance required in checking account, free ATM withdrawal/deposit at any Scotia bank ATM.

You open your accounts online.

Simplii does a hard credit check even if you don't want overdraft.
Tangerine does a soft check if you don't ask for overdraft.

For those of you who transfer balances in and out of these digital accounts (which i assume to get the deals for the high interest offers), do they require a minimum amt to keep the account opened since once it closes and you want to open up again, another credit check is done? What do most of you use these digital accounts for?

EQ Bank. No minimum balance, free e-transfers, you can link up to 10 other banks to them and do online bank transfers free.

https://www.eqbank.ca/personal-banking/ ... us-account

scoper wrote: ↑EQ Bank. No minimum balance, free e-transfers, you can link up to 10 other banks to them and do online bank transfers free.

https://www.eqbank.ca/personal-banking/ ... us-account

When you say link up, is there an option within the EQ bank to link accounts.or how do you do that?

artofwar wrote: ↑ When you say link up, is there an option within the EQ bank to link accounts.or how do you do that?

Yes. Once you link the banks from the EQ system you can transfer $ from the 10 banks linked and to the 10 banks linked, at higher amount limits than Interac E-Transfers.
https://www.eqbank.ca/the-exchange/arti ... s-answered

artofwar wrote: ↑ For those of you who transfer balances in and out of these digital accounts (which i assume to get the deals for the high interest offers), do they require a minimum amt to keep the account opened since once it closes and you want to open up again, another credit check is done? What do most of you use these digital accounts for?

No minimum balance required. If you're referring to digital banks like EQ Bank or Motusbank, mainly the high interest savings.

No credit checks are required for savings accounts, only some banks do it for chequing accounts due to including an overdraft facility.

EQ Bank
https://join.eqbank.ca/registration

Free everything.

Is EQ Bank legitimate?
EQ Bank is owned by Equitable Bank, the ninth-largest domestic bank in Canada, and has over $35 billion in assets under management. EQ Bank is CDIC-insured just like the big banks, so you can enjoy peace of mind knowing your deposits are safe and federally covered up to $100,000 per eligible account

artofwar wrote: ↑ For those of you who transfer balances in and out of these digital accounts (which i assume to get the deals for the high interest offers), do they require a minimum amt to keep the account opened since once it closes and you want to open up again, another credit check is done? What do most of you use these digital accounts for?

There are no minimum balances that I'm aware of (I'm with Tangerine, LBC Digital, and Alternabank but will be cancelling Alternabank accounts soon). When I'm no longer part of Tangerine's bonus interest rate, I normally transfer all but a small amount (small amount could be $1 or could be $500 depending on what I use the account for) to another account. I normally leave ~$500 in my Tangerine Savings account when I'm not under their bonus interest rate just because I might need the money to top up my Tangerine Chequing account and it sometimes takes over a day to push the money from another bank to my Tangerine Chequing account causing my Tangerine Chequing account to go into overdraft after midnight.

Here is a list of free Canadian chequing accounts. If a listing doesn't mention e-transfers, that means they're free and unlimited. Each listing also mentions which ATM network(s) the FI is on.

If you want a bank that has brick & mortar locations, go with First West Credit Union. Depending on which part of BC you live in, they do business as Envision Financial, Island Savings, Valley First, or Enderby & District Financial.

thexdriver wrote: ↑EQ Bank
https://join.eqbank.ca/registration

Free everything.

Is EQ Bank legitimate?
EQ Bank is owned by Equitable Bank, the ninth-largest domestic bank in Canada, and has over $35 billion in assets under management. EQ Bank is CDIC-insured just like the big banks, so you can enjoy peace of mind knowing your deposits are safe and federally covered up to $100,000 per eligible account

Is EQ bank reliable? I read last year that the site goes down often.

Tangerine is very good, no fees and free etransfer and atm withdrawals. I moved from Vancity which charges fees etc.

I thought Tangerine charges $1 for sending interact etransfer?