Personal Finance

Electronic Money Transfer

  • Last Updated:
  • Jun 3rd, 2016 9:36 pm
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[OP]
Deal Addict
Jan 6, 2015
2860 posts
778 upvotes
Toronto, ON

Electronic Money Transfer

I have to pay a company that can only accept electronic money transfer. Is there a cheap way to do this? As I have to pay monthly. I asked Scotia and they charge $30-$50.

Anyway around this ? Or cheaper way? Cheque is nt an option.
11 replies
Member
Feb 13, 2011
267 posts
30 upvotes
Can you do an interac email money transfer? They are usually free or sometimes cost around $1.50 depending on your account. It is free to receive them. All you need to have is the recipient's email address and they need to have a Canadian bank account to receive the funds (I think most major banks in Canada allow interac email money transfer, but I'm not 100% sure about this).
[OP]
Deal Addict
Jan 6, 2015
2860 posts
778 upvotes
Toronto, ON
jerryhung wrote: if we're talking about EMT/Interact email money transfer

CIBC Smart Checking = free EMT
$5/month
open now for the $300 promo

RBC is free EMT as well I think
Can't do email money transfer, as the company wants the money to go directly into account. No email or cheques :( I'll have to stop by each bank to ask them, nothing online. Wonder if it's possible to bring a cheque to the company's bank and ask to pay them that way?
Newbie
User avatar
Oct 18, 2013
19 posts
8 upvotes
Beaconsfield, QC
Maybe they're getting at pre-authroized debits? Or bill e-payments? Maybe you should get some clarity from the company on exactly what they want/how other clients set up their payments.
Deal Addict
Dec 12, 2009
4671 posts
2295 upvotes
Toronto
KrolArtemiza wrote: Or bill e-payments? Maybe you should get some clarity from the company on exactly what they want/how other clients set up their payments.
That is what I was thinking. If the OP already pays bills online, log in to your bank and see if the company is listed in the "pay bills online".
Newbie
Jan 15, 2016
5 posts
2 upvotes
Toronto, ON
If you have a business account you should be able to enter their Bank info and pay them via the "Pay Employees and Vendor" function. Works with RBC. You can transfer up to $5000 per day for about $0.85.
Deal Addict
Dec 12, 2009
4671 posts
2295 upvotes
Toronto
danube4344 wrote: If you have a business account you should be able to enter their Bank info and pay them via the "Pay Employees and Vendor" function. Works with RBC. You can transfer up to $5000 per day for about $0.85.
Interesting!
Anybody know if that works with CIBC?
Deal Fanatic
Aug 3, 2014
5650 posts
3568 upvotes
Send a Tangerine email transfer to yourself and then enter their bank account information. Free!
Deal Addict
User avatar
Aug 7, 2010
1042 posts
397 upvotes
hvwozq wrote: Send a Tangerine email transfer to yourself and then enter their bank account information. Free!
What is you had set your account to automatically accept such transfers? How to disable this feature?
Deal Expert
Mar 25, 2005
21903 posts
2720 upvotes
komodor wrote: What is you had set your account to automatically accept such transfers? How to disable this feature?
There is no auto acceptance feature.
[OP]
Deal Addict
Jan 6, 2015
2860 posts
778 upvotes
Toronto, ON
danube4344 wrote: If you have a business account you should be able to enter their Bank info and pay them via the "Pay Employees and Vendor" function. Works with RBC. You can transfer up to $5000 per day for about $0.85.
Hmm I wonder where it is on TD. Yea basically have to pay this vendor and they only take EMT through bank. Arghhh gonna look into tangerine.

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