Personal Finance

Looking for a Free Chequing/Bank Account w/ Interac E-mail Money Transfer Receiving

  • Last Updated:
  • Jul 3rd, 2010 7:10 pm
[OP]
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May 24, 2007
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London, ON

Looking for a Free Chequing/Bank Account w/ Interac E-mail Money Transfer Receiving

I'm currently with President's Choice Financial, and they do not offer Interac EMT. Judging by the Interac FAQ, it's still possible to receive EMTs, but there would be a $4-per-transaction fee. That's kinda useless to me.

Are there any free (not free with $1,000 initial deposit or anything like that; free free) bank accounts that would allow me to receive EMTs, either free, or for a much lesser transaction fee? Otherwise, I'll probably just suck it up and accept PayPal's 3%+. Thanks.

Also, I presume Interac EMTs are only available within Canada?
11 replies
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Sep 26, 2007
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Interac Email Money Transfer participants

BMO Bank of Montreal
CIBC
Community Savings Credit Union
Interior Savings Credit Union
Island Savings Credit Union
Kingston Community Credit Union
Mennonite Savings and Credit Union
Northern Credit Union
Northern Lights Credit Union
OPPA Credit Union
Prospera Credit Union
RBC Royal Bank of Canada
Rochdale Credit Union
Scotiabank
TD Canada Trust
Teachers Credit Union
Unigasco Community Credit Union
United Communities Credit Union
Unity Savings and Credit Union
VantageOne Credit Union
Westminster Savings Credit Union
Windsor Family Credit Union

pcf is a branch of cibc however they do not support emt.
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Aug 18, 2005
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If you don't want a minimum deposit, you can get some free accounts from RBC if you have a minimum amount of investment, a credit card with them, etc.

Interac EMT is only in Canada.
- casual gastronomist -
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Dec 11, 2005
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Just open a savings account at any of the big 5. All have a no-fee savings account, and you can recieve EMTs from a savings no problem. You just can't send them without a fee.
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Feb 17, 2005
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brunes wrote: Just open a savings account at any of the big 5. All have a no-fee savings account, and you can recieve EMTs from a savings no problem. You just can't send them without a fee.
But if OP needs anything more than 1 or 2 withdrawals, then that option won't work. You could combine PC Financial for chequing and basic savings at big 5 and withdraw the occaisional EMT to deposit at PCF.

For a "free" chequing with EMT, it's either minimum balance or multiple products.
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Mar 7, 2005
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When is PCF gonna get with the times?
a closed mind is already defeated
[OP]
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May 24, 2007
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brunes wrote: Just open a savings account at any of the big 5. All have a no-fee savings account, and you can recieve EMTs from a savings no problem. You just can't send them without a fee.
Alright, that sounds doable. Thanks.
evoviii wrote: But if OP needs anything more than 1 or 2 withdrawals, then that option won't work. You could combine PC Financial for chequing and basic savings at big 5 and withdraw the occaisional EMT to deposit at PCF.

For a "free" chequing with EMT, it's either minimum balance or multiple products.
I'm not planning on giving up PCF, or changing them from my primary account for the little banking that I do. If I can get a free savings account w/ free EMT receiving, but be limited to a few transactions per month, that works just fine.

Would it be possible to set something up with online banking, where I can do a direct transfer from the Big 5 savings to my PCF chequing/savings? Would that sort of thing cost anything?
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Sep 26, 2007
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angel_wing0 wrote: on world cup final day of all days (sunday). Maybe it's for transferring money to cover gambling debts? :lol:
lol!! how thoughtful of them.

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