EQ to EQ transfers – send money quickly, for free
November 2nd, 2018
Busier lives, better solutions
We all lead busy lives and convenience is now more of a priority than ever. We want to book our taxi ride from our phone, order a jacket online and get it the next day (or same day!), and track our health through an app. We want day-to-day solutions that are quick, convenient and don’t cost an arm and a leg.
When it comes to banking, we also want those solutions to be quick, secure and easy to manage when we’re on the go. We want to be able to quickly send money to our loved ones, without paying fees.
When Interac e-Transfer® was introduced in 2002 , it was a good start. Yes, we could transfer that money, but the process was a little cumbersome – setting a password every time we needed to make a transfer, then sending an email to the recipient to ensure they could access the funds. The money was not instantly available - there was a time lag between sending the funds and receiving them. If the recipient got the password wrong, the money was returned to the sender and we had to start the process from scratch. There was usually a fee for each transfer and at the end of the month, those fees could really add up. More convenient than cash or cheques, yes, but not ideal.
No passwords and no fees? Sign me up.
We’ve progressed quickly since the advent of Interac e-Transfer® - EQ to EQ transfers, a feature of the EQ Bank Savings Plus Account, are quick, free, and more convenient than yesterday’s Interac e-Transfer® process, for EQ Bank customers. An EQ Connection – a connection between two EQ Bank customers – can be established for you and a friend or family member to move money quickly and painlessly between the two of you. No more fumbling to create a password each time you transfer to a friend, and no need to remember a password each time you receive funds. The whole process is frictionless – the EQ to EQ transfer moves funds quickly to the destination account – so the recipient doesn’t need to find the email in their inbox (check your junk mail!), or even accept the transfer, so you can get on with your day. And there’s no fee for EQ to EQ transfers, which means you can use them all day, every day.
Just think of the ease of sending money coast to coast* – you can transfer money to your university-bound teenager to pay for their tuition, books and meal plan.
Send money quickly to your spouse to cover daycare fees, car payments or the mortgage. Smaller transfers are just as seamless – you can pay your co-worker back for lunch, chip in for the office baby gift, or split the cost of golfing or camping trips with friends. You can even send them on a regular basis by setting up recurring EQ to EQ transfers.
More convenient, fast, and free. Secure and seamless. With our lives more complex than ever and our time at a premium – you need try out the EQ to EQ transfer today. With all of this convenience - it may just be the banking solution you can’t do without.
To get started, simply add a new EQ Connection:
1. Sign in to your EQ Bank account (or sign up if you don’t have one), and click on EQ Connections
2. Click on ‘Add a new EQ Connection’, and then enter the email address of a friend or family member who has an EQ Bank Savings Plus Account
3. Setup a one-time security question and answer (make sure the answer is something only your friend or family member would know).
Once your friend or family member answers your security question, your EQ Connection is verified and you can send money quickly, at no cost!
*The EQ Bank Savings Plus Account is currently not available in Quebec.