BANKING, MONEY TRANSFERS & FEES
On this page learn more about bank transactions and fees, transferring money to others, using ATM’s and tips on how to make your money count!
For locations of banks, ATM’s, Western Union and Post Offices near you, check out our business directory for your area here
Tips to save when withdrawing money from ATMs
Consider the following when using ATMs:
- use your own financial institution’s ATMs whenever possible to avoid extra fees when you withdraw cash
- fees can add up quickly when you use an ATM that your financial institution doesn’t own
- stay within your monthly transaction limit by making fewer withdrawals from ATMs
- consider how much cash you need to carry and if you could use your debit card for in-store purchases because you’re not usually charged a fee when paying by debit in-store
- note that if you use a credit card for a cash advance at an ATM, there may be additional fees
- ask for cash back from merchants that offer this service at no charge
With cash back, an amount is added to the total purchase price of a transaction you pay for with your debit card. You get that amount in cash along with your purchase.
How do you send money with Interac e-Transfer? You and the recipient each need your own:
Account with a participating bank or credit union
Active email address or mobile phone number
To send, follow the easy-to-use instructions on screen:
- Log into your online or mobile banking app and select the account.
- Choose or add your recipient’s email or mobile number.
- Enter the amount and a security question (no need if the recipient has registered for Interac e-Transfer® Autodeposit).
That’s all. Just make sure you safely share the security answer with your recipient. Better yet, have your recipient register for Interac e-Transfer Autodeposit for ease and added security.
Important: Make sure your security answer isn’t obvious and don’t share it in the Interac e-Transfer email notification message, Click here to learn more about security.
How-To: Accept money with Interac e-Transfer
This is what you need to do when you receive money via Interac e-Transfer:
- Check your email inbox, text messages, bank or credit union app.
- Follow the instructions to login to your account and enter the security answer.
It’s that quick to receive money and accept your funds. Make sure the sender safely shares the correct answer to the security question with you – or better yet, register for Interac e-Transfer Autodeposit.
Moneygrams can be sent internationally from any Canadian Post Office. Private companies, such as Western Union, can also wire funds internationally but will charge you a fee. You can deposit funds directly into a bank account free of charge at a local bank.
A cash store, sometimes called a payday lender, is a business that cashes cheques or lends you money for a fee, some also offer wire transfers. The fee a lender charges is often much more than you would pay at a bank. The money you get from a cash store is called a cash advance or a payday loan. It is not advisable to use these services.