PC Money Account Review: Everything You Need to Know in 2021

PC Money Account Review Rating: 4.5/5

Are you looking for a cost-effective way of making purchases and transactions in or outside Canada? PC Money Account could be what you need.

This account rewards you for making purchases online or in-store and gives you unlimited free transaction access without monthly fees.

Unlike high-interest savings accounts, PC Money rewards you with PC Optimum points instead of interest rate, although the points have a monetary value.

But is this account right for you? What are the pros and cons of PC Money? Are there PC Money alternatives?

Here I provide you with an unbiased PC Money Account review covering everything you need to know to make an informed decision.

What is PC Money Account?

This is an online money management account administered by President’s Choice Financial.

Like a debit card, the PC Account can be used to make purchases. But it’s unique in the sense that it rewards you upon using it to make purchases online or in-store.

By making every $1 purchase, you get 10 PC Optimum points through your PC Account.

Interestingly, you can make unlimited free withdrawals from your account without worrying about monthly fees.

Furthermore, you can use the account worldwide, both online and offline.

As you continue reading, you will learn more about what PC Money entails and whether it’s suitable for you or not.

How Does PC Money Account Work?

This account is simple to use. All you need is to create an account, add money to the account, and start making purchases.

The more you make purchases with your PC Money account, the more you accumulate PC Optimum points that can be exchanged for goods or services or cash.

Additionally, you can pay bills and make transfers on PC Money without charges.

The following are the PC Optimum points that you’re likely to get with this account:

PC Optimum Points

You can get up to 50,000 PC Optimum points worth $50 through the accumulation of the following points:

  • First Purchase: You will get up to 20,000 PC Optimum points when you buy something from $50 and above for the first time with PC Money.
  • Payroll Direct Deposit: By setting up a direct payroll deposit and receiving up to three deposits, you will get 25,000 PC Optimum points as a one‑time bonus.
  • Bill Payments: Get up to five $50 and above bill payments to receive 1,000 PC Optimum points per payment.

However, introductory PC Points are not static. They can be modified, cancelled or extended at any time without notice.

Key Features of PC Money

Here are the key features of this digital money management account:

  • Early Payday: By setting up a direct payroll deposit on PC Money, you will receive your paycheque as early as two days ahead.
  • Unlimited Free Transactions: With this account, you can make unlimited free Interac e-Transfers daily in any part of the world.
  • PC Optimum points: You are rewarded for every dollar you spend. For each $1 purchase, 10 PC Optimum points are awarded. And for each $1 purchase at Shoppers Drug Mart, you will be rewarded with 25 PC Optimum points.
  • Digital Integration: The PC Money Account has an intuitive interface and can be used by both Android and iOS users.
  • Budget & Track Spending: This account has a budget and money tracking feature in one dashboard that helps you customize your spending and get on top of your finances.

Is PC Money Account Safe?

Yes. PC Money Account is safe because the

President’s Choice Financial is a member of the Canadian Deposit Insurance Corporation (CDIC).

Thus, your deposit up to $100,000 is covered by the CDIC.

Additionally, the PC Account is protected by 2-factor authentication and encryption, an advanced digital security feature.

As a result, your funds on PC Money are super safe, so you have nothing to worry about.

PC Money Pros and Cons

Like other money management services, PC Money has its good and ugly sides. Here I discuss the pros and cons of PC Money to help you make the best decision:


  • $0 Monthly Fees: You don’t have to worry about monthly fees with this account both on making purchases and transactions.
  • Unlimited Transactions. Unlike other online money management services, you can make unlimited everyday transactions with no penalties.
  • Free Interac e-Transfers: This competitive feature is part of the reasons why PC Money is so popular in Canada. Make unlimited Interac e-Transfers to friends and family at no cost.
  • Rewards: PC Money rewards you with PC Optimum points on every $1 you spent. These points have monetary value, so you can use them to make purchases.
  • Overdraft protection: Although this is an optional offer, PC Money helps you avoid the cost of non-sufficient funds in your account, helping you save money.
  • Advanced MasterCard: Enjoy the features of an advanced Mastercard for a seamless transaction experience and top-notch security features.
  • Ease of Use: With an intuitive interface, 24/7 support, budget and spending tracking feature, this PC money is easy to use by any Android or iOS user.


  • $0 Interest: If you’re looking for an account that offers interest, you will have to consider another option because PC Money doesn’t offer interest on savings.
  • No cheques: This account doesn’t have a cheque, so you don’t have the option of depositing or writing cheques.
  • Fees: Even though you have lots of free offers on PC Money, there are other fees for withdrawal at non-PC ATMs and inactivity etc.

Who Can Use the PC Money Account?

PC Account is available for all Canadians that meet the following requirements:

  • Be a resident of Canada.
  • Meet the age of majority in your province or territory.
  • Have a valid Social Insurance Number (Optional)

But the truth is, not every Canadian that meets the above requirements may find PC Money suitable.

This is because it can’t be used as a credit card to borrow money or improve your credit score.

Also, you can’t replace PC Money with a savings account. Even though it provides PC Optimum points, you can’t compare the points’ value with the high-interest savings account interest rate.

As a result of this, PC Money may be more suitable to those looking for cost-effective means of making purchases or those looking for unlimited free everyday transactions.

Are you one of them? Continue reading to make a better decision.

PC Account Fees

Here’s the range of PC Money fees as of the time of writing this PC Money Account review:

  • 0$ unlimited free Interac e-Transfers.
  • $3.50 for transfer cancellation.
  • $0 for PC ATMs withdrawals.
  • $1.50 for non-PC domestic ATMs withdrawals.
  • $3 for international ATM withdrawals.
  • $1 customer service-assisted transaction.
  • $5 for overdraft and rush card replacement.
  • $24 for recall on bill payment.
  • $15 for tracing bill payment.
  • $40 for not having a sufficient balance in your account.
  • $20 for one-month inactivity fee.

PC Money Account Review: My 5-Star Rating

Based on my personal experience and what I have seen work for others, here’s my PC Money Account review rating:

Account Features**** (4.5)
Rewards**** (4.5)
Ease of Use**** (4.5)
Customer Support****


Notably, PC Money is doing well at what it offers, and that’s why I rate it 4.5 out of 5 stars overall.

But as you can see, there’s room for improvement, especially if you compare PC Money features with other digital money management services in Canada.

However, I have compared PC Money with one of its competitors in this review to help you make the best decision.

How to Open a PC Money Account?

Once you’re convinced that PC Money is right for you, you should go ahead and open an account.

Thus, you can create an account online or through the PC Financial app, which is available on App Store and Google Play Store.

However, regardless of the method you used, the requirements are the same.

That’s, you must reach the age of majority in your province or territory, be a Canadian resident and have a valid Social Insurance Number (SIN).

Before starting, you will be asked whether you already have another PC Account or PC Financial Mastercard with the President’s Choice Bank.

The option you choose will determine your registration process.

That said, click here to create the PC Money Account online

How Do I Put Money in My PC Account?

After opening a PC Account, the next step is to deposit money into your account to start making purchases and earning PC Optimum points.

However, there are several ways of funding your PC account, that’s through:

  • Interac e-Transfer
  • Recurring bill payment through your other bank
  • External account

Note: Interac e-Transfer is the simplest method of funding your PC account.

How to Transfer Funds to Your PC Account from an External Account?

One of the attractive features of PC Money is the unlimited everyday transactions offer with no monthly costs.

So how do you transfer funds from another financial institution to your PC Account? It is as simple as linking your external account.

However, it can take up to three working days to link an external account to your PC Account.

But once the linking is successful, you can start making transfers from an external account to your PC Account through Interac e-Transfer.

For more information on transferring money from an external account to your PC Account, click here.

How to Link an External Account to Your PC Account?

To link an external account to your PC Account, follow these steps:

  1. Visit your PC account
  2. Click the plus sign ( “+”)
  3. Press “Move Money”
  4. Click on “Link External Account,”
  5. Provide the required information

Now you have to wait for three working days for the micro deposit you make to reflect in your external account.

Follow steps 1 to 3 again. When the amount of the micro deposit is prompted, confirm it.

After that, you will see a screen display with “success,” indicating that the external account is linked.

PC Money vs KOHO: Which to Choose?

From the foregoing PC Money review, you can see that the account has some limitations that make it worthwhile to compare with other accounts before making a final decision.

KOHO is one of the popular alternatives of PC Money because of its low banking fees and other special offers.

Established in 2017, KOHO is a digital money management service with automated savings and budgeting features.

Furthermore, KOHO reloadable Visa Card rewards you with 0.5% cash back upon making a debit transaction.

Additionally, KOHO allows you to round your purchase to the nearest dollar automatically.

Unlike PC Money, KOHO gives you 1.2% interest on your total balance.

As you can see, you can get rewarded for making purchases and on your savings with KOHO.

On the other hand, PC Money only rewards you for making purchases.

So depending on your needs, you may find either of the two accounts suitable.

But if you don’t have a savings account and are looking for an interest rate and cashback on your account, KOHO is ideal.

Verdict on PC Money Review

From the foregoing discussion, you have learnt what PC Money is all about: its features, pros and cons etc.

So the question you should be asking yourself now is, is PC Money right for you?

I compared PC Money with KOHO to make you understand what it means to open either account.

In the end, it all boils down to your needs and current financial situation.

But if you don’t have a savings account, it’s wise to choose KOHO to get cashback and interest rate in one account.

However, a high-interest savings account such as EQ Bank Savings Plus Account will likely yield you more return in the long run.

Overall, my PC Money review is positive.

FAQs on PC Money Review

Is PC Money a Debit Card?

Yes. PC Money is like a debit card because you can use it to make transactions online and in-store and still get rewards.

Does PC Money Account Pay Interest?

No, this is not a savings account; hence you can’t earn interest. However, you will get Optimum points in place of interests that have a monetary value.

How Many PC Optimum Points Will I Earn When I Make Purchases?

For every $1 purchase, you earn 10 PC Optimum points. But whenever you spend $1 and above at Shoppers Drug Mart, you earn 25 PC Optimum points.

How Do I Close My PC Money Account?

To close your PC account, you need first to withdraw all your funds from the account.

Subsequently, call the President’s Choice Financial customer representative using the telephone number behind your debit card and ask them to close your account.

If you have more questions on PC Account, let me know in the comment section.

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