An internal bank transfer is when two people (or entities) bank with the same institution. For example, if you and your friend both have chequing accounts at TD, you can send them money simply by showing up at any branch, providing the teller with your friend’s account and transit number, and instructing them to transfer  a certain amount of funds from your account to theirs. Since funds are staying within the same bank, the transaction is instant, and your friend will immediately be able to see the new funds in their account. We currently have accounts with Scotiabank and BMO. For customers who bank with these institutions, internal bank transfers is a quick and convenient way to pay us, without any delay for us to receive the funds, unless bank wires. They’re also free!