How to Pay Off a Credit Card with a Different Bank

Canadians tend to love having all of their financial products with one bank, as it can make everything easier. The real secret is that this approach is typically far from optimal, and actually the opposite of what we recommend.

The reason is that there are many financial products in Canada that are highly competitive across banks, and it rarely (if ever) makes sense to only obtain products from one financial institution. Diversity with financial products and issuers, as with many things in life, ensures that you are obtaining the best banking, credit, and other financial products for your personal financial needs.

One of the most common questions I see is how to pay off a credit card with a different bank account, meaning that the consumer may hold an RBC credit card but has a chequing account with CIBC. Paying off a credit card with a different bank account is not only possible but also very simple once you have it set up in your online banking platform.

Let’s explore how you can pay off a credit card with a different bank account with the exact steps required for the main banks in Canada.

The Basics of Paying Off a Credit Card With a Different Bank

Simply put, you don’t need to have a chequing account with the same bank that your credit card is issued by in order to pay it off. 

Setting up your credit card as a bill payee in your online banking portal is easy, and we will cover the steps in the next section. Once you have set up your credit card as a bill payee, making payments is simple and requires minimal effort.

It is important to note that it can take a few business days for the payment to post to your credit card account, so don’t expect an instant payment. Typically, payments should not take longer than five business days, but some financial institutions will be able to post them sooner than that timeline.

Understanding how to pay off a credit card that is issued by a different bank than where your chequing account is set up opens up a whole world of credit card options.

Whether you are interested in one of the best credit cards in Canada or want to explore all of the credit cards available for Canadians, picking the right card that is best for your financial situation and wallet is much easier when you know how to pay off the card. No longer will you only have to focus on credit cards that are offered by your main bank, but instead, you can sign up for any card that is of interest to you!

How to Pay Off a Credit Card with a Different Bank

No matter what Canadian bank you use for your chequing account, the process to add an external credit card as a bill payee is quite similar between them. However, below we have provided the instructions to set up a credit card as a bill payee with all of the major Canadian banks.

Bank of Montreal (BMO)

BMO banking customers will need to log into their online banking platform and click on the “Pay & Transfer” dropdown, and then click on “Bill Payments”.

On the “Bill Payments” screen, select “Add a Payee” to start the process.

On the “Add a Payee” screen, you will need to search for the bill payee name of the credit card you want to pay. Try to search using keywords, and both the full name of the bill payee in addition to any abbreviations.

Below are a few common credit card bill payees you will find when searching with BMO:

Once you have selected your bill payee, you will need to enter the 16 digit credit card number in the “Account Number” field. You can also enter a nickname for the bill payee, which makes it easy to identify the credit card for future payments.

Once all details have been entered, you can verify and submit to add the new payee to your account. From there, navigate back to the “Bill Payments” screen to select the desired payee, enter the amount you wish to pay, and submit for the payment to be processed.

CIBC

CIBC customers can locate the “Move Money” menu on the left-hand side once they are logged into their online banking account. You will need to click “Bill Payments”.

On the “Pay Bills” screen, click “Add Payee” to initiate the process.

Once you have landed on the “Add or Edit Payeesl” screen, you will need to search for the billing company name. CIBC includes a few good tips on this page to help you find the right billing company for the credit card you are trying to pay.

Below are a few common credit card bill payees you will find when searching with CIBC:

Once you have selected the desired bill payee name, enter the 16 digit credit card number in the “Payee Account Number” field. If you want, you can add a nickname for this payee to easily identify the credit card account for future payments.

Once the details are correct, click “Next” and verify the details, then “Submit” to add the bill payee to the account. From there, navigate back to the “Bill Payments” screen to select the desired payee, enter the amount you wish to pay, and submit for the payment to be processed.

National Bank

National Bank customers will need to log into their online banking portal and click on “Pay a bill” on the left-hand menu.

On the following screen, click “+ Add a bill” to add a new credit card account as a bill payee.

On the “Add a bill” screen, search for your credit card’s bill payee name. You may have to search with a few variations of keywords until you find the desired name.

Below are a few common credit card bill payees you will find when searching with National Bank:

Once you have selected your bill payee, you will need to enter the 16 digit credit card account number in the “Reference Number” field. A bill payee description can also be added, which can make it easier to identify your credit card account for future payments.

After you have added the payee, return to the first bill pay screen and select the payee. Once the credit card account payee has been selected, enter the amount of the payment, select the account you want to pay from and submit the payment for processing.

Royal Bank of Canada (RBC)

RBC customers will need to log into their online banking portal and click on “Pay a Bill” on the right-hand side of the main dashboard, under the “Transfers and Payments” section.

On the following screen, click “Add bill payee” to add a new credit card account as a payee.

Once you are on the “Add Bill Payee” screen, you will need to search for your desired bill payee name. Using keywords can make this easier, and it is recommended to search for a few variations until you find the payee you need.

Below are a few common credit card bill payees you will find when searching with RBC:

Once you select the desired bill payee, you will need to enter the 16 digit credit card number in the “Account Number” field. You can also enter a nickname to easily identify the credit card account for future payments.

Once the credit card account bill payee has been added, you can navigate back to the main “Pay a Bill” screen. There, select your bill payee, enter the amount, and submit the payment for processing.

Scotiabank

Scotiabank customers will need to log into their online banking platform and select the “Move Money” dropdown, before clicking “Pay Bills”.

On the “Pay Bills” screen, click “Manage Payees” to add a new bill payee.

The following screen will show any payees you have already set up. Click “Add Payee” to start the process of adding a new bill payee.

You will need to search for the payee name in Scotiabank’s system. It is recommended that you search using keywords, and consider trying both the full name of the financial institution and the abbreviation (if there is one) until you find the desired payee.

Below are a few common credit card bill payees you will find when searching with Scotiabank:

Once the desired bill payee is selected, you will need to enter the 16 digit credit card number in the “Account Number” field. You can also enter a “Payee Nickname” for easy identification of the credit card for future payments.

Once the payee is added, navigate back to the “Pay Bills” screen and select “One Time” to make a payment. Select the payee, enter the payment amount, and submit to have the payment processed.

Simplii Financial

Customers who have a Simplii Financial No Fee Chequing Account will see the “Bill Payments” menu on the left-hand side when logging into their account. Click “Pay Bills” to start the process.

On the next screen, click “Add or edit bills” to start the process of adding a new bill payee.

Once you have landed on the “Add a Bill” screen, you will need to search for the billing company name. Simplii Financial includes a few good tips on this page to help you find the right billing company for the credit card you are trying to pay.

Below are a few common credit card bill payees you will find when searching with Simplii Financial:

Select the desired and correct “Billing Company” and populate the account number, which is your 16 digit credit card number. You can also add a nickname for the card to easily reference which credit card it is.

Once you click “Next”, you’ll be prompted to confirm the payee details, and upon confirmation, the payee will be added to your bill pay list. 

Once added, you simply need to go back to the “Pay Bills” screen, select the payee, enter your payment amount, click “Next”, review the details, and click “Finish” to complete the transaction.

Tangerine

Customers who have a Tangerine Chequing account will need to log into their online banking platform and click on “Pay Bills” in the upper right corner.

On the “Pay Bills” screen, you will need to click “Add a Payee +” to add a new credit card payee to your account.

Use the search box to find your desired credit card account payee. You may have better results searching for various keywords (e.g. RBC or Royal Bank of Canada) for the same payee.

Below are a few common credit card bill payees you will find when searching with Tangerine:

Once you have selected the correct payee name, enter your 16 digit credit card number in the “Account Number” field. You can also add a nickname if desired, for easy identification of the credit card payee.

After confirming the details, the bill payee will be added to your approved list. From there you can click “Pay Bills” again, select the credit card account payee, enter your payment amount, and submit the payment.

TD Canada Trust

TD Canada Trust banking customers will need to log into the online banking portal and click on “Pay Bills” which is located in the left-hand sidebar.

Once you are on the “Pay Canadian Bills” screen, you will want to click “Add Payee” to start the process of adding an external credit card as a bill payee to your online banking account.

On the “Add Payee” screen, you can enter your desired payee in the search box. It is recommended to start with the bank name or bank name abbreviation to narrow down your search quickly.

Below are a few common credit card bill payees you will find when searching with TD:

Once you select your desired payee, you will need to enter the account number and payee name. The account number for a credit card account is always the 16 digit credit card number (with no spaces) and the payee name can be whatever name you want to use to identify your card in your bill payee list.

Once you click “Next”, you’ll be prompted to confirm the payee details, and upon confirmation, the payee will be added to your bill pay list. 

Once added, you simply need to go back to the “Pay Bills” screen, select the payee, enter your payment amount, click “Next”, review the details, and click “Finish” to complete the transaction.

Conclusion

While it is a simple and straightforward process once understood, knowing how to pay off a credit card with a different bank account is a good piece of knowledge to have. No longer will you need to keep yourself to one financial institution, but instead can explore all of the financial options that Canadians have available.