How to pay a credit card with a different bank?

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Managing your credit card payment from a different bank in Canada is straightforward. Use online banking or apps to cover your bills. You can set automated payments to dodge late fees. Telephone banking, ATMs, or even a branch visit offer personal touch, while mailing is an option if you’re not in a rush.

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Credit Card Payment Question

How to pay a credit card with a different bank? I need to pay my credit card bill, but the account is with a different bank. What’s the best way to do this?

From: Anonymous Question
Location: Oshawa, Ontario (ON)
Category: debt management plan

Credit Card Payment Answer

To pay off a credit card from another bank in Canada, you can easily use online banking. Just hop onto your other bank’s website, find the bill payment section, and pop in the credit card biller code along with your customer reference number. If you’re more of an app person, mobile banking is super convenient, and if you’d rather set it and forget it, automated payments ensure your bills get paid on time without you lifting a finger. Goodbye late fees!

For those who prefer a more personal touch, telephone banking allows you to manage everything over the phone, or you can swing by a bank branch to sort your payments face-to-face. ATMs linked to your account are another quick option for paying off that balance. And yes, you can mail a payment if you’re not in a rush, just keep in mind postal delays are a thing. Want to dive deeper into options for handling credit card payments? Check out How to pay a credit card with a different bank?.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

To pay a credit card with a different bank, you can use several methods:

1. Online Bank Transfer: Log into your bank’s online banking service and set up a bill payment to your credit card company. Use the credit card account number as the payee information. This is generally the most convenient method.

2. Interac e-Transfer: If your credit card issuer allows, you can send an Interac e-Transfer directly to your credit card account.

3. Wire Transfer: You can request a wire transfer from your bank to the credit card company. Be aware that this option may incur fees and processing times.

4. Cheque Payment: Write a cheque from your account at the other bank made out to the credit card issuer and send it via mail.

5. In-Person Payment: If your credit card issuer has a physical location nearby, you can visit and make a payment directly with funds from your account at a different bank.

It is important to check with both your bank and credit card issuer for specific instructions and potential fees that may apply to these payment methods.

From: OSB Helper

Related Questions

Here are the top 5 most frequently asked questions related to paying a credit card with a different bank, based on common online searches and current trends in Canada:

1. How to set up a credit card as a bill payee in online banking?

• Log into your online banking, navigate to the bill payments section, and add the credit card as a new payee by searching for the credit card issuer’s name[1].

2. How long does it take for a credit card payment to post from a different bank?

• Payments typically take up to five business days to post, though some financial institutions may process them sooner[1].

3. Can I pay a credit card from a different bank using my chequing account?

• Yes, you can pay a credit card from a different bank using your chequing account by setting up the credit card as a bill payee in your online banking[1].

4. What steps do I need to follow to add a credit card as a bill payee with my bank?

• The steps vary by bank, but generally involve logging into your online banking, navigating to the bill payments section, and searching for the credit card issuer to add it as a new payee[1].

5. Are there any specific instructions for adding a credit card as a bill payee with major banks like BMO, CIBC, or RBC?

• Yes, each major bank has its own process: for example, BMO users click on “Pay & Transfer” and then “Bill Payments,” CIBC users click on “Move Money” and then “Bill Payments,” and RBC users click on “Pay a Bill” under the “Transfers and Payments” section[1].

If you have a question about debt see our debt questions or ask your own debt related question.

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