Ways to Bank

External Account Transfers

Moving money from one account to another should be easy, and we agree.

Available when you open an account online, External Account Transfers lets you link accounts from different financial institutions so you can transfer larger limits of funds with ease and security!

What can you do?

External Account Transfers

Frequently Asked Questions

Once you submit your request, it will take up to 3 business days for the external account transfer link to be active.

Yes, you can conveniently set-up recurring and future dated External Account Transfers. Recurring transfers can be made at regular intervals, such as once a day, once a week, once a month or once a year. One-time future dated transfers can also be scheduled. If a recurring or future dated transfer is to be processed on a certain day, set up the External Account Transfer at least 5 days before access to the funds is needed.

Yes, the following limits apply:

Transaction Frequency

Sending

Receiving

Transaction Limit

$25,000

$100,000

7 Day Limit

$50,000

$250,000

30 Day Limit

$125,000

$500,000

There are no minimum dollar amount limits to transfer funds.

Incoming External Account Transfers are subject to a 5-business day hold.

  • External account transfers count as a day-to-day transaction included in our personal banking packages and are charged at the current rate of $0.90 in excess of package limits or on our Pay As You Go banking package
  • Funds received via External account transfers are not subject to any fees and do not count as a day-to-day transaction

The following accounts are ineligible for External Account Transfers

  • US Dollar Accounts
  • Business and Community Accounts
  • Accounts that require multiple signatures for authorized transactions

Absolutely! External account transfers are a fast and convenient way to contribute to your RRSP and TFSA accounts. However, outgoing External Accounts Transfers can only be made from your TFSA account. Funds cannot be moved out of your RRSP using the External Account Transfer feature.

Funds must be transferred in Canadian dollars and must be deposited into a Canadian financial institution account.

Unless you share a joint account with the member, you will need to use Interac e-Transfer® services to send money to another member of Alterna Savings.

Yes. Once you have submitted your form and received your verification email, you can transfer from an Alterna Savings account via online banking at anytime, regardless if the other financial institution offers External Account Transfers.

Yes, however, you will have to submit a External Account Transfer form for each financial institution.

External account transfers between Alterna Savings and Alterna Bank are now real-time transfers and are subject to a 5 business day hold. Please give our Contact Centre a call if you need to have the hold adjusted.

Please note that due to the real-time transfers between Alterna Savings and Alterna Bank, the Alterna Savings limits are being recognized. Please give our Contact Centre a call for assistance.

In our new Online Banking and Mobile app, transfers now take up to 1 day to complete. Transfers created during the day will be completed at approximately 10pm ET.

All transfers are now scheduled. Transfers created during the day will be completed at approximately 10pm ET. The money should appear in the recipient account by the following business day.

To view pending transfers, click on the “Pay & Transfer > transfer > view scheduled transfers. Then select the account the funds were transferred from.

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