EQ Bank Savings Plus Account
Interest rate of 1.7%
- Zero everyday banking fees
- Free transactions
- No minimum account balance
Updated . What changed?
Banks have long since entered the digital age and are creating more ways to connect to your cash. Between Interac e-Transfers and mobile apps, you have more access to your finances than ever. Here’s how you can transfer money to any bank account easily from the comfort of your own home.
Estimated time: Immediate or less than 1 business day
Whether you’re transferring money between your own accounts or sending money to someone else with the same bank, it’s easy – and usually free – to make transfers to other accounts within the same bank. The transaction is made on the bank’s internal network and servers.
Since transfers within the same bank don’t require much by way of external resources, they’re usually free (or low cost) and quick. Transactions are usually completed immediately or overnight — but in the meantime, your account will be debited for the amount you send and the recipient will be credited for that amount.
With no everyday banking fees and free transactions, open an EQ Bank Savings Plus Account and get an interest rate of 1.70%.
Estimated time: Immediately – 2 business days
Fee: None or usually a small fee
It’s easy to send money anywhere in the country – in some cases it can even be done for free. There are plenty of reasons why you might need to transfer money to another Canadian bank account. These include:
Transferring money to other banks is still straightforward, but the process is a little different than making transfers within the same bank. This is because the transaction is completed on external networks and needs to go through additional security measures. Click on the plus sign below if you want to learn more about that process.
As you can see, the methods for transferring money within the same bank and transferring money to another bank in Canada are relatively the same. Here’s a breakdown of how some of these more popular methods work.
In the past, bank or wire transfers were among the most common ways of sending money domestically, although email transfers such as Interac e-Transfer have since become very popular. Wire transfers can be done at a branch, by phone or online and will generally require the recipient’s name and address as well as his/her bank account number, financial institution number and branch transit number.
Sending money with this method is easy and often takes less than 24 hours to complete but can often come with hefty fees.
You can make transfers through your mobile banking app or through your online banking portal. In most cases, you’ll open the app on your phone or log on to your account online and select the “transfers” or “bill pay” option. From there, you’ll select the type of payment you’d like to make and enter all the necessary information. Depending on the method you use, here’s what you might need for the initial setup: recipient’s name, bank account number, financial institution number and branch transit number.
A popular, super quick and easy way of transferring money is through email money transfer. Most banks and credit unions in Canada have partnered with Interac to offer Interac e-Transfers, which allows customers from the same or different banks within Canada to send money to each other’s accounts. Currently, there are over 250 financial institutions in Canada that offer Interac e-Transfers, including:
1. Login to your online banking service or mobile banking app
2. Navigate to the link for transferring money
3. Select Interac e-Transfer from the options listed
4. Fill in the fields and select “send”
Unlike a regular transfer or bill pay, you’ll only need the following information handy: recipient’s name, email address or phone number. Recipients can set up Autodeposit so that funds will be deposited immediately without needing to be manually accepted as per usual. In addition to sending funds with Interac e-Transfer, you can also request funds. Once the request is fulfilled and the sender has the funds, he or she will receive a notification to go ahead and initiate the transfer.
International money transfers are a bit more complicated than sending money within the country, but luckily you can use a number of different methods. Most of these methods will charge a fee to either the sender or recipient, or sometimes both. The time frame for international money transfers can also vary depending on which method you use.
International wire transfers are not much different than domestic transfers, but they may require a bit more information. To get started, visit your local bank branch and ask for a wire transfer request form. In order to fill it out, you’ll most likely need:
Once the form is complete, you can return it to your bank, pay the fee and your money will be on its way.
International bank drafts are essentially more secure cheques that are accepted in most countries around the globe. With a standard cheque, there’s no guarantee that there’s enough money in the sender’s account to complete the transaction, as the funds aren’t withdrawn until the cheque clears.
With bank drafts, the sender pays for the transfer up front and the funds are withdrawn from the bank’s account, making it a much more secure way to send money. While it’s easy to send an international bank draft, there’s almost always a fee and it can take weeks to complete the transaction. You can get started by visiting your local branch and asking to send an international bank draft. All you’ll need is the amount to be sent and a way to fund the transfer, along with the recipient’s name and address.
There are a slew of international money transfer services out there that are specifically designed to help you send money across the globe. These services can take anywhere from a few seconds to a few days for your recipient to get the funds. The transfer speed usually depends on how you’re funding the transaction, your recipient’s location and how they plan on receiving the money.
Depending on the service you choose, transfers can usually be funded by:
And then there are multiple ways for the recipient to access the money you send, including:
Fees will vary by the money transfer specialist you choose and usually depend on where the money is being sent, the currency you’re sending, how the transfer is funded and how the recipient will receive the money.
Thanks to new technology and innovative services, you can easily transfer money between your own bank accounts, reimburse a friend or pay your bills in just a few simple steps. While transferring money within the same bank is usually fast and free, sending money to an international account comes with varied fees and can take days to reach your recipient — depending on the method you use. Check out our guide to different types of bank accounts to find the type of account that will best meet your transfer, savings and spending needs.
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