Personal Finance

Banks with at least a few free email money transfers each month

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  • Nov 11th, 2016 5:38 am
Sr. Member
Jun 27, 2012
913 posts
100 upvotes
Winnipeg, MB

Banks with at least a few free email money transfers each month

EQ Bank offers 6 email money transfers each month to its customers.
I'm wondering if there are other banks that offer this? Its mighty handy at times. The typical $1.50 fee doesn't work if you're often sending small payments.
Tangerine offers a 2-3 day service for free but its a weird system that alienates some users.
Any others?

I recently tried to send money via Paypal to someone else in Canada. The system said it would take approximately 16 days for them to receive the money. I couldn't believe it. How, in this day and age, with the technology available, can our online payment systems possibly be so inefficient? If it was a US to US bank to bank Paypal transfer it would take about 1/5 the time. What a country we live in. Its a wonder anything ever gets done here.
11 replies
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Mar 30, 2004
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Durham Region
RBC offers unlimited no-fee etransfers on their chequing accounts. Whether that's worth paying whatever their monthly fees are is another story.
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Nov 22, 2015
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redflagguy2u wrote: EQ Bank offers 6 email money transfers each month to its customers.
I'm wondering if there are other banks that offer this? Its mighty handy at times. The typical $1.50 fee doesn't work if you're often sending small payments.
Tangerine offers a 2-3 day service for free but its a weird system that alienates some users.
Any others?

I recently tried to send money via Paypal to someone else in Canada. The system said it would take approximately 16 days for them to receive the money. I couldn't believe it. How, in this day and age, with the technology available, can our online payment systems possibly be so inefficient? If it was a US to US bank to bank Paypal transfer it would take about 1/5 the time. What a country we live in. Its a wonder anything ever gets done here.
Paypal was an instant transfer for me the few times I've used it in the past. Not sure why yours would take 16 days.... Have you tried having the other person request a payment from you via Paypal?

RBC has free eTransfers if you have multi-product rebate. I believe CIBC/BMO/TD offer free eTransfers and the fees can be waived if you keep a minimum balance.
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May 11, 2014
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Rankin Inlet, NU
Alterna Bank, gives two per account. including their savings accounts!
Support your local Credit Union!

RRSP where you can deposit with a Credit Card, earn rewards investing!
RFD Saskatchewan Pension Plan
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Sep 22, 2012
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Richmond Hill
CIBC has free Interac e-transfers with their Smart Chequing account.

$3000 minimum balance and a recurring direct deposit or 2 pre-authorized payments each month to waive the monthly fees.

Two automated pulls of $10 to my Tangerine account satisfies the pre-authorized payment requirements.

Quite a few of us probably have this account due to this promo.
Member
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Jul 23, 2007
251 posts
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Montreal
RBC gives unlimited on their day-to-day chequing acccount (entry level chequing acccount). No min balance.

4$ monthly fee, waived if you have multiproduct rebate (credit card + investment with min 500$ balance)
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Mar 23, 2004
47728 posts
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Markham
CorSter wrote: RBC offers unlimited no-fee etransfers on their chequing accounts. Whether that's worth paying whatever their monthly fees are is another story.
For their day-to-day chequing it's possible to waive the fees with a $500 investment and a rbc credit card used at least once every 3 months. At least that $500 is not dead money.
Newbie
Nov 27, 2011
82 posts
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OTTAWA
angel_wing0 wrote: For their day-to-day chequing it's possible to waive the fees with a $500 investment and a rbc credit card used at least once every 3 months. At least that $500 is not dead money.
I actually get the $4 monthly fee waived with credit card (used once a month on a small purchase like coffee) and an active investment -- in my case, the active investment is a $25 semi-annual payment to an RBC TFSA. For me, that's worth the unlimited e-transfers even though I don't use my RBC chequing account as often, I use Tangerine for everything! I just like having an RBC account in case I need brick-and-mortar support.
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Nov 10, 2005
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Ottawa
theinspiredpoet wrote: I actually get the $4 monthly fee waived with credit card (used once a month on a small purchase like coffee) and an active investment -- in my case, the active investment is a $25 semi-annual payment to an RBC TFSA. For me, that's worth the unlimited e-transfers even though I don't use my RBC chequing account as often, I use Tangerine for everything! I just like having an RBC account in case I need brick-and-mortar support.
It mentions GICs and mutual funds. So it is any investment type account?
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Nov 27, 2011
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OTTAWA
matradley wrote: It mentions GICs and mutual funds. So it is any investment type account?
Looks like it, the fine print for the "Active Investment" portion of the multi-product rebate is the following:

"An active RBC Investment:
Includes investments, such as RBC Guaranteed Investment Certificates (GICs) or RBC mutual funds and accounts held at RBC Direct Investing™.
Requires either the set-up of a regular re-occurring pre-authorized contribution (PAC) from any banking account to the investment account or the maintenance of a minimum balance of $500 market value in the investment account on the last business day of the Monthly Cycle of the banking account. The PAC or minimum balance requirement does not apply to investments held in RBC Direct Investing, where the balance must be greater than $0
Excludes the RBC Investment Savings Account and investments held through RBC Dominion Securities Inc. or other investment brokers, dealers or investment counsellors
Other conditions and exclusions may apply. For further details, please visit any RBC Royal Bank branch or call 1-800-769-2511."

http://www.rbcroyalbank.com/products/de ... ebate.html

So in my case the $25 semi-annual payment to RBC TFSA high-interest savings account qualifies for the multi-product rebate. Looks like any GIC/Mutual Fund/ account with RBC DI would qualify as well.
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Feb 25, 2014
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Mississauga
CIBC LOC?
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