Tag Archives: transfers

How to Transfer Money into Your PC Financial No Fee Bank Account

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When we opened our PC Financial joint chequing account, we also applied to link the account to our joint chequing account at one of the Big 5 Canadian banks. After some confusion because they linked the accounts but the only for my Husband we eventually could both transfer money to and from the two chequing accounts. Here’s how to transfer money into your PC Financial no fee chequing account from another bank.

This article is obsolete as of November, 2015 and has been replaced by:

How to Transfer Money Between Your PC Financial Account and Another Bank Account

Sign In to your PC Financial Bank Accounts

  1. Go to http://www.pcfinancial.ca/
  2. Make sure Online Banking is selected from the drop down list in the top right corner of the screen, then
    Click the Go button.
  3. In the Card Number field, type the number on your ABM card.
  4. In the Password field, type the password you set up for online banking.
  5. Click on the Sign In button.

To Transfer Cash from your Bank to PC Financial

  1. From the link list on the left side of the screen, click on: transfers
  2. From the drop-down list, select from which account to take the money.
    • For example, I selected our Big 5 chequing account.
    • NOTE: you cannot see how much money you have in your account except for your PC Financial account. You might need to update your passbook or check your balance some other way to make sure how much money you have before making a transfer.
  3. From the drop-down list, select to which account the money should be deposited.
    • For example, I selected our PC Financial no-fee chequing account.
    • I could also have selected our PC Financial savings account.
    • Because this is a PC Financial account, it does show the current balance in the account.
  4. In the How much? field, type the amount you want to transfer.
  5. From the drop-down list, select How Often to make the transfer.
    • I selected Once.
    • Choices include:
      • Once;
      • Every week;
      • Every two weeks;
      • Once a month;
      • Every 3 months;
      • Every 6 months;
      • Once a year.
  6. In the When? Field, select the month and type the day and year.
    Or select the date from a Calendar by clicking on the icon.
  7. Read the warning notes.
    For example, the account balances shown for the PCF accounts include funds on hold that may not be able to be transferred.
  8. Click on the continue button.
    • If, like me, you left the date as today’s date, you will get a rejection message that states:
    • “The transfer date is invalid. The transfer date must be dated at least one day in the future. Funds transferred to and from another financial institution usually take 1 to 2 business days to process.”
    • Don’t ask why it waited till this point to reject my request. Anyway I changed the date to tomorrow and clicked on the Continue button again.
  9. On the Transfers – before you finish screen, review the details.
    • In particular if you have several bank accounts make sure the correct account numbers are selected.
    • Read the warnings about Holds placed on the incoming funds and delays.

    Click on the set up transfer button.

  10. Copy the Confirmation screen or make a note of the Reference number if desired for future needs.
  11. If you are finished banking,
    1. At the top right of the screen, click on the Sign Out button.
    2. Click on the OK button.
    3. Close your browser to increase the security of your banking information.

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Do you regularly transfer money to your PC Financial no fee chequing account? Have you ever encountered any problems or glitches? Please share your experiences with a comment.

Does It Cost Anything to Transfer Part of my ING Direct RRSP to Another Institution?

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ING Direct, now Tangerine.ca, offers a great service for quickly making a new RRSP contribution. You can make the contribution into a daily interest savings account RRSP, a cashable RRSP GIC, or a RRSP “Streetwise” Mutual fund by simply logging in to your online account and “moving” your money from your chequing or savings account into the RRSP investment you want. You can print your RRSP receipt immediately if the cash was already in your account, or as soon as the hold clears if your cash has to be transferred in from another non-Tangerine bank account. This convenience means we often make our new RRSP contributions to our ING Direct Tangerine RRSPs. Sometimes, though, a better investment opportunity comes up later and we want to move some of that RRSP money elsewhere. When that happened recently, I contacted ING Direct Tangerine to check whether it costs anything to move part of my RRSP to another institution.

Tangerine To Start Charging a Fee to Transfer Out RRSPs and TFSAs!

UPDATE: Please be aware that as of January 2015, Tangerine has started charging a fee if you transfer your RRSP or TFSA from Tangerine to another bank, credit union, brokerage or financial institution.

ING Direct Tangerine Does not Charge Transfer Out Fees for RRSPs

Here’s a direct quote from ING Direct Tangerine: “We don’t have unfair fees, so there’s no charge from us to transfer out your RSP funds. Before making the move, check with your other bank for any unfair fees they may charge you for an RSP transfer in the future. You don’t want the fee to eat away at your retirement savings.”

Their advice is sound. Most “big banks” charge a hefty fee to transfer money out of an RRSP at their bank.

How Do I Transfer some of my RRSP funds from Tangerine to Direct Investing, InvestorLine or Investor’s Edge?

Don’t take the money out of your RRSP to move it! You can NOT add it back to your RRSP. And you will have to pay a non-refundable tax on the withdrawal.

To move the money, you must transfer it, not withdraw it. The money will move directly from one RRSP to the other.

I’m going to quote ING Direct Tangerine again on this one:
“To transfer out your RSP funds from ING Direct Tangerine you will need to submit an RSP Transfer Form (T2033) to the other bank that will be receiving your RSP funds. You can find this form at your local bank branch or online at cra-arc.gc.ca. Once they’ve received your completed form, they’ll communicate on your behalf to move your money.”

In any situation where you are transferring an RRSP, you must have an RRSP account at both locations BEFORE you can make the transfer. If you want to transfer out, first set up the new account at the new bank or trust company so there is somewhere to send it to!

Where Can I Get a RRSP T2033 for Direct Investing, InvestorLine, Investor’s Edge or ING Direct Tangerine?

To get the T2033 form to move an RRSP from anywhere TO BMO InvestorLine, go to
https://www.bmoinvestorline.com/ILClientWeb/marketing/accountTransfer.do?method=displayMarketingForm&lang=E
or
https://www.bmoinvestorline.com/public/pdf/Trans_SD.pdf

To get the T2033 form to move an RRSP from anywhere TO CIBC Investor’s Edge, go to
https://www.investorsedge.cibc.com/ie/pdf/2033.pdf

To get the T2033 form to move an RRSP from anywhere TO RBC Direct Investing, go to
http://www.rbcdirectinvesting.com/transfer-an-account.html

To get the T2033 form to move an RRSP TO ING Direct Tangerine from another institution, login to your existing Tangerine account. From the menu on the left, click on the link Transfer RSPs to open the form.

How Long Does It Take to Transfer Money from One RRSP to Another?

And quoting once again:
“An RSP transfer takes 3-6 weeks to complete.”

Actually, that’s a bit on the quick side. It has taken me as long as 8 weeks to transfer an RRSP, and that was from one bank to that same bank’s self-directed brokerage firm!

So if you were thinking of moving the money fast enough to take advantage of a special GIC rate, it may not be fast enough. Call the bank or brokerage with the good rate and find out if there’s any way to have them “hold” that rate for you. (It’s not very likely, though, unless you’re bringing in a very large amount of money.)

If it’s for a quick investment opportunity like a low stock price, you likely won’t be able to move the money fast enough. In that case, consider whether you could make a new contribution to your brokerage account in time to make the purchase.

Please remember you will pay a fee to transfer your money out of Tangerine to InvestorLine or any other financial institution. BEFORE starting any transfer talk to the institution that will receive the money and ask them to pay the transfer fee. Get any agreement in writing BEFORE beginning the transfer process.

UPDATE: Please be aware that as of January 2015, Tangerine plans has started charging a fee if you transfer your RRSP or TFSA from Tangerine to another bank, credit union, brokerage or financial institution.

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Do you ever use a strategy of quickly contributing to your RRSP at one location, then shifting it later to another? What was the longest you had to wait for a transfer to take place? Please share your experiences with a comment.

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