Royal Bank: Interac E-Transfer NOW Free for ALL Chequing Accounts

[tjthemanto]

https://www.rbcroyalbank.com/onlineb...etransfer.html

There used to be a $ 1.50 fee before that for most accounts.

Now its FREE for each and every personal chequing account, even the low end ones.

Better than writing cheques, which cost money & time & deposit holds and are more prone to fraud .

Interac E-Transfer is instant in most cases..or maximum 30 minutes for certain banks.

Great for Trading too. Someone wants to sell their unwanted $ 10 Gift Card for 5 bucks. You can just Interac E-Transfer that money to them. Both Sender & Receiver cost is Zero.
Most Gift Cards are also E-GC now.

[tjthemanto]

Hopefully other banks follow suit. Sometimes I have to give (owe) 20-30 bucks to someone, I hesitate to email them the money due to the charge.

Then I have to get money out of the ATM and give them cash, there is a withdrawal fee for that too

Tangerine has a free transfer but its their own transfer, which is not instant and takes a day to arrive. For Interac E-Transfer, which is almost instant, even Tangerine charges a fee

[Granger]

I bank with RBC...and now that you mention it, I have noticed the charge was not recently applied to some e-transfers.

[Colsgirl]

I hope the other banks follow. We tend to give cheques and people pay them in using the cell phone app because they get access to the money right away and it doesn't cost.

[tjthemanto]

I hope the other banks follow. We tend to give cheques and people pay them in using the cell phone app because they get access to the money right away and it doesn't cost.

When other banks start losing some clients to RBC, especially the younger crowd, who are more mobile and tech friendly, maybe they will change.

I hope Tangerine also does this Interac E-Transfer for free, their own E-Transfer is free but a bit cumbersome to explain to non_Tangerine customers