Money transfer/banking

[Brannigans Law]

So pretty soon I'll be collecting rent money from my GF as we'll be splitting the mortgage. What's the cheapest/easiest way to transfer money between banks? Are there banks out that offer free transfers between fellow members of said bank?

[Nammer403]

Email money transfers if its different banks or financial institution
Quickest and easiet you can set it to reoccurring transfers

[Brannigans Law]

Originally Posted by Nammer403

Email money transfers
Quickest and easiet you can set it to reoccurring transfers

Does it sound incredibly cheap of me to bitch about the fact there's a 1 dollar charge for each one?

[evman150]

I just give my gf cash. Works for us.

Edit: I guess this is tougher when it's a mortgage cause it'll be more money. $450 is ATM-able. $1000 isn't so easy.

[Nammer403]

Originally Posted by Brannigans Law

Does it sound incredibly cheap of me to bitch about the fact there's a 1 dollar charge for each one?

No I hate paying for bank fees haha so it's understandable but I can't complain because I don't pay for neither fees or EMT fees

[Flames_Gimp]

with rbc you can do instant transfers into other rbc accounts, don't think there is a fee

[ken0042]

With TD you can setup a "personal payee." My wife and I still each have our own accounts, and that's how we move money back and forth. No fees.

[DownhillGoat]

Alternatively, you could set up a joint account at said bank that is used solely for mortgage payments, and both of you could transfer to that account.

[Minnie]

We bank with ATB and each have our own account. We do immediate transfers back and forth to each other and it costs us zip.

[Swayze11]

write a cheque?

[Bend it like Bourgeois]

Vogogo.com

Not free, but at least you can use any bank to any bank, and debit is pretty cheap

Oops. Just read the OP properly and since it is your girlfriend maybe that's not best.

Check out zoompass. A pain to set up but might work for you. And ING has a free transfer

[jtfrogger]

You can do free money transfers with ING Direct.

[drPepper1]

Originally Posted by Brannigans Law

Does it sound incredibly cheap of me to bitch about the fact there's a 1 dollar charge for each one?

If $1 is too much, you can always have her withdraw cash from her bank at no cost and than do a third party deposit to your acct. However it could be a lot more inconvenient considering she would have to wait in line and if driving there could cost more in fuel.

What bank are you with?

[HalifaxDrunk]

Like Kunkstyle said, setup a joint account for mortgage payments only.

So you have two accounts on your card at a bank machine:
Chequing - Your own account
Savings - Joint account (Mortgage only)

Her debit card at machine
Chequing - her account
Savings - Joint account (Mortgage only)

This way you can both do transfers into the shared account for free but not access each other's everyday accounts.

I guess if you don't trust her, the risk is she can empty the account anytime you put money into it for the mortgage. But if she is doing that I think you have other issues to deal with.

[nfotiu]

Originally Posted by Brannigans Law

So pretty soon I'll be collecting rent money from my GF as we'll be splitting the mortgage. What's the cheapest/easiest way to transfer money between banks? Are there banks out that offer free transfers between fellow members of said bank?

Can't you each just pay half? Or do some kind of auto draft of have from each account to the mortgage?

[Jimmy Stang]

Originally Posted by kunkstyle

Alternatively, you could set up a joint account at said bank that is used solely for mortgage payments, and both of you could transfer to that account.

Along the same lines, if you still prefer to have the mortgage come out of your own account, is that you could set up the joint account simply as a means to get the money from her to you.

She transfers money into the account when she owes you something, you transfer it out into your own account. It would basically have a zero balance unless you are both in the middle of a "transfer". That way any late or missing payments from her won't result in your mortgage payment bouncing. And should things change in the future, you wouldn't have to update your banking info for your direct withdrawal of the payment.

But it all sounds like a hassle to make sure you're at the same bank, etc. If she's paying you rent monthly, having her send an email transfer will cost her $12 annually, which seems pretty good considering you'll be moving thousands of dollars around.

[northcrunk]

TD has accounts where you can have free email transfers. If she is sending you the transfer though she is the one paying the bank fee. The person recieving the transfer does not pay fees.

[albertGQ]

Just get her to write post dated cheques.

[Brannigans Law]

Thanks for all the advice everyone. Since I'm on RBC I'm just gonna have her switch to RBC too and we use the free instant transfer. Another problem solved by CP

[Canehdianman]

Not related to the question, but if you are moving in with your gf and sharing a mortgage, I'd want some sort of co-habitation agreement in place that sets out the rights and responsibilities of the parties....