Navigate the Legal Jargon: How AI Legalese Decoder Can Simplify Transferring Money Between Banks
- May 11, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Finding a Free Method to Transfer Money Between Banks in Canada
Apologies for the basic question, but I am still relatively new to Canada and am struggling to find a free method to transfer money between banks. My wife and I currently have a joint account at TD, while I maintain a personal account at BMO.
Interac seems to be the most popular option for bank-to-bank transfers, but the $1.50 fee for each transaction is a bit of a deterrent.
## How AI Legalese Decoder Can Help
Using the AI Legalese Decoder tool can be beneficial in this situation as it can help decipher the complex legal jargon often found in banking terms and conditions. By using this tool, you can easily navigate through the various options available for transferring money between banks in Canada and identify any hidden fees or charges that may not be immediately apparent. This can help you make an informed decision on the best method to use for transferring money while minimizing unnecessary costs.
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AI Legalese Decoder: Simplifying Legal Jargon
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Most Big Bank banking packages have free Interac eTransfers, make sure to send from chequing account. Unfortunately there’s no me-to-me transfer support with the Big Banks.
Write yourself a cheque and do e-deposit.
Also I recommend opening accounts at an online bank–EQ or Tangerine. You don’t pay fees like you do at TD or BMO and transfers are easier. EQ also has 3% interest on its savings account. Both have easy to use apps and websites. Tangerine has a good no-fee Mastercard with 2% cash back rewards in 3 spending categories.
I just write a cheque to myself using the from bank cheque. Then I deposit it at an ATM for the other bank.
Reach out to your local bank and see if you can add your BMO account as payee. Once it all set up, you maybe be able to transfer online for free, however, this is only a one way transaction
If you’re new to Canada, all the big banks like Td and bmo should have given you a newcomer offer that waives fees on the premium account offerings for at least a year. I would definitely check up on what type of accounts you have and ask about the newcomer offers, since e transfers are all usually free on certain bank accounts.
Get accounts that have no fees. Many out there.
Most the large banks charge for stuff and I avoid them.
Alternatively as TD how to get free banking. Usually you have to have a minimum balance in the account where they don’t pay any interest – essentially the lack of interest is the fee.
If your bank is charging you $1.50 for e-transfers then they are scamming you. It also has daily limits of only $3,000 and monthly limits of $10,000 I believe.
An alternative way to transfer money is to open a Tangerine or Wealthsimple account. These online-only banks allow you to link external banks like TD, BMO and transfer money directly to/from these accounts. The accounts are free. You will also get higher interest on their savings accounts than the ‘big five’ banks. The big five are also super corrupt so I would advise not doing any business with them anyway.
The transfers do have limits and it takes a few business days for the transfer to process but you can transfer large amounts in one go. You can login to Tangerine, initiate a deposit from TD into your Tangerine account. Once the money is there, initiate another transfer from the Tangerine account to the BMO account. There is no fee.