BristolUK

Ah...you did one with TD. An email transfer. I thought you meant a smartphone specific thing.

BMO is very fast
It depends what you're doing and the alternative.
A couple of tenants used to pay their rent that way. Much more convenient than going over to collect - could be raining so cycling not fun. Bus would cost me $5 return. Post dated cheques required a trip to the bank and then a clearance period - even collecting cash and paying that into the bank, there was a waiting period at first.
It really was so convenient. I'd have been happy to have it deducted from rent, but that seemed a bit fiddly so it was just a factor in deciding not to increase rents and keeping everyone happy.

One winter I had a snow clearing contract at the duplex. There had been some media reports about people paying up front and then that was the last they heard

I found someone whose terms were quarterly payments. There was much less risk and with email payments there was a record of who you were paying. The 4 x $1.50 (as it was then) was a good deal in relation to the full cost of $500.

Shard

Actually, it was UK smartphone banking app that inspired the thread. Just thinking back to days when a simple transfer of funds from person A to B or even account A to B was such a palaver and took five days. Now it's instant!

I've just done a couple of Canadian ones through a website, but it was several months back so I can't remember. But it was easier than it used to be. But probably not as easy as in Britain. I think the apps/websites here are generally better.

BristolUK

That's what I thought you meant until you mentioned TD

I can believe that but I'm not sure if the email method is as freely available. Or maybe it's considered old fashioned UK-side.

My brother was organising a birthday present for my mum and there didn't seem an equivalent way of paying him for my share from my UK bank. So I did an Amazon egift voucher - chances are he was getting it from there anyway, but if not he could make use on something else.

Almost Canadian

The last time I received a payment from a client using Tangerine's interac email, it took 2 further days for the funds to be deposited after I had corrected answered the security question. I don't know if they have improved their service in the year since.

Shard

I don't think we have the email system. It's sort code and account number and no confirm required from the other side.

BristolUK

That's the nice thing about the email option; no need for either party to know the other's details or risk emailing it.

Shard

Yes. Advantageous in that respect.

Jingsamichty

Agree that modern banking means I can do everything I need, business and personal banking, from my phone or laptop. However, my personal bank account remains the one I opened at age 16, in a town I haven't lived in for 30+ years, so needing a "local branch" is a long-gone thing.

scrubbedexpat091

Depends what service the person sending picks.

Tangerine offers 2. Their in house one which is free but if the recepient isnt a Tangerine customer will take 3 to 5 days to go into the receivers account.

If the sender chooses interac and pays the 1.00 then its faster and the recepient gets the money straight away. They should anyhow as long as interac hasnt delayed it.

At least cheques are down to 12/yr lol...rental company wont accept electronic payments.

Siouxie

RBC e-transfers are free and fast, they also offer text transfer (although that may be between RBC clients).

RBC and other banks offer the banking of cheques via smart phone app - no need to go to the bank - as well as transfers, bill payment etc.. some offer autopayment for goods and services by a tap of the phone.

https://www.rbcroyalbank.com/ways-to...bc-mobile-app/
https://www.tdcanadatrust.com/m/convenient-payments.jsp
https://www.bmo.com/main/personal/wa...-money/mobile/
Mobile & Tablet | Scotiabank
https://www.cibc.com/en/personal-ban...-services.html

Atlantic Xpat

I think I posted this in another thread somewhere but I recently put the Crappy Tire app on my phone & use it to collect CT money. For the first time in 13 years I actually bothered to redeem some since its all there on your phone rather than faffing around bringing the great pile of CT cash thats sitting somewhere - or has been thrown out. So that's progress of a sort I guess.

Shard

I wonder if the CT bod that suggested they digitize CT money will get a promotion or a demotion !!