Personal Finance

Easy free transfer method between PCF and other?

  • Last Updated:
  • Jul 22nd, 2017 3:49 am
[OP]
Deal Addict
Mar 5, 2012
1949 posts
139 upvotes
Guelph

Easy free transfer method between PCF and other?

I know I've read about this before on here but couldn't find it, is there an easy way to transfer money from a pc financial account to a cibc, or TD account? Perhaps by adding them as a bill payment or something? Trying to avoid the recurring e transfer fees.
5 replies
Deal Addict
User avatar
Jun 23, 2017
1190 posts
690 upvotes
Toronto, ON
dtm252535 wrote: I know I've read about this before on here but couldn't find it, is there an easy way to transfer money from a pc financial account to a cibc, or TD account? Perhaps by adding them as a bill payment or something? Trying to avoid the recurring e transfer fees.
I have my PCF linked to my accounts at CIBC, Tangerine and RBC.
Once they are linked, transfering funds is easy.
Go to "Transfer" .. "Add Accounts".
The process to set up the link is antiquated. They require you to mail in a VOID Cheque. ("You must send in a void cheque or a customized account confirmation form to complete this request. The address will follow")
Setting up the link will take days factoring in travel time via CanadaPost.

In contrast, setting up external links from EQ Bank and Tangerine to external accounts only takes a day or so. (done via 'micro-deposits' to the accounts you want to link.
[OP]
Deal Addict
Mar 5, 2012
1949 posts
139 upvotes
Guelph
905P4N6 wrote: I have my PCF linked to my accounts at CIBC, Tangerine and RBC.
Once they are linked, transfering funds is easy.
Go to "Transfer" .. "Add Accounts".
The process to set up the link is antiquated. They require you to mail in a VOID Cheque. ("You must send in a void cheque or a customized account confirmation form to complete this request. The address will follow")
Setting up the link will take days factoring in travel time via CanadaPost.

In contrast, setting up external links from EQ Bank and Tangerine to external accounts only takes a day or so. (done via 'micro-deposits' to the accounts you want to link.
[OP]
Deal Addict
Mar 5, 2012
1949 posts
139 upvotes
Guelph
905P4N6 wrote: I have my PCF linked to my accounts at CIBC, Tangerine and RBC.
Once they are linked, transfering funds is easy.
Go to "Transfer" .. "Add Accounts".
The process to set up the link is antiquated. They require you to mail in a VOID Cheque. ("You must send in a void cheque or a customized account confirmation form to complete this request. The address will follow")
Setting up the link will take days factoring in travel time via CanadaPost.

In contrast, setting up external links from EQ Bank and Tangerine to external accounts only takes a day or so. (done via 'micro-deposits' to the accounts you want to link.
Thanks for the reply. I was hoping they weren't still in the Stone Age of having to mail anything in to set it up.
[OP]
Deal Addict
Mar 5, 2012
1949 posts
139 upvotes
Guelph
Shadow Rider wrote: Just use their free checks
And then snail mail the cheque to the person I can't physically meet hence the need for a means of electronic transfer?
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3992 upvotes
BC
dtm252535 wrote:
Thanks for the reply. I was hoping they weren't still in the Stone Age of having to mail anything in to set it up.
dtm252535 wrote: And then snail mail the cheque to the person I can't physically meet hence the need for a means of electronic transfer?
Is your OP asking about transferring to a different person? or to yourself at those other banks?

You can't link another person's account to your PCF, it's a 2-way link that lets you deposit AND withdraw.

If you are transferring to yourself, then cheques are a legit easy solution ... write yourself a free cheque, open your CIBC or TD app, deposit the cheque.
This would be if you have free Interacs to send from TD?

If it's another person at CIBC or TD the suggestions upthread are not for you.

If you need to send free Interac e-Transfers, EQ Bank will let you link to PCF and then give you 5 free e-Transfers per month... and also pay you 2.3% and be better than PCF at everything except having cheques and a debit card.

Things EQ is better than PCF at:
  1. Linking to external accounts with micro-deposits to verify (up to 10 external accounts)
  2. Same day transfers between accounts instead of artificial one day delays imposed by PCF from savings to chequing
  3. Pay bills from savings accounts (they are all savings accounts!) as well as PADs, PACs
  4. 5 free Interac e-Transfers per month
  5. Unlimited free instant EQ-to-EQ transfers
  6. 2.3% vs 0.8%
  7. You can create as many savings accounts as you want
  8. You can give these accounts names instead of PCF where you can't
Things you keep PCF for:
- free cheques
- a debit card
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)

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