What Is a PC Money Account? A Detailed Guide for 2024

If you are in search of an easy and efficient way to make transactions and purchases in Canada, you’ve come to the right place. PC Money offers limitless free transactions, no monthly fee and rewards for both online and in-person purchases.

So, what exactly is a PC Money Account?

In this article, you’ll get introduced to its features, benefits, and drawbacks, and with everything covered, you can conclude if it’s the right option for you.

Without further ado, let’s get started!

What Is a PC Money Account?

The PC money account is an account for online money management controlled by President’s Choice Financial. This account can be considered a hybrid account, which means that it’s a combination of debit, credit, and rewards cards and is an adaptable replacement for conventional banking goods, as well. 

Contrary to the traditional debit account, the PC money account can be used for paying your bills, doing your daily banking, and many more things. Anywhere Mastercard is accepted, you can use your PC prepaid card, whether it’s online or overseas.

The PC Money account and the numerous credit cards (such as PC World Mastercard and PC World Elite Mastercard), along with the PC Optimum points program, are the two primary financial products offered by the digital banking organisation. 

What makes the PC Money account different from other prepaid credit cards and bank account products is its referral scheme. For every dollar you spend on goods, you’ll receive PC optimum points. You can save money in this account or use it to pay bills since it has limitless transactions and no monthly fees.

But, if you want access to your credit card or to write and deposit cheques, you might need to search for another alternative.

There are three ways offered of loading money onto the card since it is a reloadable account, such as direct deposit, Interac e-Transfer, and third-party bank account transfer. What you can see in many PC Canada reviews is that it offers great reward opportunities and cashback, unlimited free transactions and Interac e-Transfers, as well as free ATM withdrawals.

The PC Money mobile app can be accessed anytime and anywhere, so you can monitor your spending and create a budget for future savings targets.


Just like any other online bank account, PC Money’s features are designed to provide an excellent banking experience. Let’s take a look at some of the key features of the PC Financial savings account:

Debit Card/Chequing Account Features

In essence, the PC money account works like a debit card, allowing you to use it as a physical card in-store for regular purchases. Additionally, you can send unlimited free Interac e-Transfers to both yourself and other people, as well as pay bills online with this account.

The PC Money card automatically awards 10 PC Optimum points for each $1 spent on any purchase, so you don’t have to carry your Optimum card if you have a PC Money card.

The PC Money account also serves as a PC chequing account, but it is not actually a chequing account by default. The associated prepaid Mastercard is much the same as a debit card, but it cannot be used for writing cheques and chequebook ordering.

Mastercard Account/Credit Card Functionality

In terms of functionality, the PC money account works like a credit card. To utilize the card, you need to preload it manually because the PC Money account does not enable you access to bank-loaned money like a credit card does.

The Zero Liability Protection offered by Mastercard applies to the PC Money account as well, so the cardholders are shielded against theft. It also features tap-and-go payments, as well as secure online payments. The fact that you can only use the money in your account distinguishes it as a PC prepaid Mastercard, with no approved credit limit, which makes it different from typical credit cards.

Online Banking

The accessibility features for the PC Money account are provided on both the desktop and mobile app, which is compatible with both Apple Pay and Google Pay. It offers two-step authentication, facial recognition, and additional security features, including fast setup and it’s also compatible with iOS and Android devices.

You can effortlessly manage your transactions and your balance, as well as the daily, weekly, or monthly average spending trends. You can always check your PC Optimum points to keep up to date with your transactional points and the number of points you can exchange for free necessities at Shoppers Drug Mart and Loblaw. Also, in case your card gets stolen or lost, your account will be protected by temporarily locking one card or replacing it.

ATM Network

The PC Money account has a modest but effective ATM network despite being a completely online bank, so clients can withdraw money at any PC Financial ATM that is normally found in stores that are affiliated with Loblaws. Clients who frequently need cash should determine if there are any locations linked with Loblaws nearby where they can withdraw money without paying any fees.

When you use a PC Financial ATM to withdraw money, you won’t be charged any fees whatsoever. The majority of PC-affiliated establishments, including Great Canadian Superstore and Shoppers Drug Mart, usually offer ATMs inside, but you cannot use a CIBC ATM for free because PC Financial is no longer affiliated with them.

Rewards and Sign-Up Promotions

When a new customer opens a PC Money account, they are eligible to earn up to 200,000 PC Points or Optimum rewards, equivalent to $200 in cash value. Every transaction brings 10 PC Optimum points for each invested dollar. Earned PC or PC Optimum points could only be redeemed in $10 increments, which can take a very long time to accumulate, but they never run out, so that’s neat.

When used at Shoppers Drug Mart, aside from the points you earn with your PC Money account card, you can also get additional 15 points for spending on essentials, beauty, etc, or at least 30 PC Premium points per liter when buying fuel at Esso or Mobil Stations.

And another thing about PC Money account points, you can earn a bonus of 10,000 PC Optimum points when you link your account to an external bank or a bonus of 1000 Optimum points if you make five bill payments of $50 or more to different payees. Furthermore, when you set up automatic payroll and make a minimum of three direct deposits in the next three months, you can earn 25,000 points.

a couple wining a sing up promotion for a PC Money Account


Let’s talk fees!

The ability to accrue points without incurring significant costs is one of the PC Money account’s most alluring features. There are no fees for transactions or Interac e-Transfers, and what is more, you will not be charged extra for exceeding a particular number of transactions each month, so you can make as many as you’d like.  

Although it does not charge a monthly fee and service, there are still some associated fees, so let’s take a look at them:

Inactivity Fee (for one year):


Card Replacement Fee: First free per year; additionally $5
Foreign Exchange Transaction Fee: 2.5%
Non-sufficient Fund: $40
Use of Domestic ATM: $1.50
Use of International ATM: $3
Customer Service Transaction: $1
E-Transfer Cancellation: $3.50
Bill Payment Recalling: $24
Bill Payment Tracing: $15
Previous Account Statement Printed Copy: $5
Overdraft Protection Fee: $5
Unlimited In-store or Online Purchases: Free

 As you can see, the PC Money account is still pretty cost-efficient, compared to other providers.

Safety and Security

As part of this PC money account review, we’ll also go through the security features that the company establishes to make sure that your account is safe. Let’s get right into them!

PC Financial is a safe and legit bank regulated by government bodies. Especially when it comes to PC Financial insurance, you don’t have to worry about your deposits because they are protected by the CDIC (Canada Deposit Insurance Corporation) up to a maximum of $100,000. You also get overdraft protection and fraud detection, plus, it offers effective security measures to shield you from harmful behavior.

The PC Financial banking account, similar to other major banks, is secured with two-factor authentication (2-FA) and assists in confirming your identity each time you log in and makes sure you generate a strong password for maximum security. 

Furthermore, the PC Financial online app permits biometric recognition, such as fingerprint and facial recognition, so that your personal information is shielded from prying eyes. What is more, using firewall technology, the PC bank account keeps an eye out for any dubious behavior and makes sure that only those with permission can access specific web pages.

The industry standard for online privacy and encryption is something that PC Financial considers important, so your transactions are always protected from potential dangers and kept confidential. One of the most important things is that it provides the finest fraud monitoring, so you will be promptly warned in the event of a security incident using a variety of alerts.

Additionally, what’s important for banks handling sensitive data is the encrypted connection that comes with online access to the SSL certificate, which ensures that all of that data will not be accessed by a third party. Finally, if this is not enough for you,  you can choose to pay for additional features to enhance security even more.

Customer Support

PC Financial’s customer support team is available 24/7. If you have any issues related to your account or PC Optimum Points, you can contact their virtual assistant, give them a call, write an email, or submit a complaint on their website. 

Additionally, PC Financial has a thorough FAQ section available on their website where you can find answers to some basic questions regarding account opening, products, benefits, digital banking, security, and more. 

PC Money Account Alternatives

In this section, I want to go over two alternatives to the PC Money Account and compare their differences and similarities, just in case you want to look at different options before making your final decision. Does that sound good? Let’s dive in!

KOHO Prepaid Visa

The KOHO Prepaid Visa has a few similarities with the PC Money Account. For instance, both options allow offer rewards on both online and in-store shopping. When it comes to cashback, KOHO provides 0.5% real cashback on debit purchases, with the possibility of a rate increase should you decide to pay a $9 monthly fee and subscribe to the KOHO Premium prepaid card.

Similarly to the PC Money account, KOHO comes with no monthly fees and offers top-notch security as well as free access to ATMs. Moreover, the company provides financial coaching, price matching, and one free international ATM cash withdrawal per month.

Regarding fees, KOHO charges a 1.2% interest rate, which is a bit higher compared to the PC Mastercard interest rate. Plus, it also asks for a minimum balance, which is slightly less convenient than the PC Money card. On top of that, KOHO charges an inactivity fee of $1 (which is acceptable) as well as a foreign fee of 1.5%, unless you are a Premium user.

To sum it up, if you’re looking for credit-building features, we definitely recommend KOHO.

STACK Mastercard

STACK also offers a reloadable Mastercard which is a great alternative to the PC Money account. When it comes to cashback, STACK works with over 140 retailers, so earning rewards is relatively easy. They also offer a $5 sign-up bonus if you load at least $300 upon registration.

STACK’s excellent app keeps track of your spending and allows you to send money to your friends and family safely, and of course, it’s also protected by the Mastercard Zero Liability Policy as well as the CDIC. 

The STACK Mastercard comes with no monthly or yearly fees, no transaction fees, or balance interest. 

However, it has a few advantages over the PC Money account. For instance, there’s a thing called STACK Travel that offers 20% cashback if you book your travels using the STACK card. Plus, it doesn’t charge any foreign ATM fees. So, if you consider yourself a frequent traveler, the STACK Mastercard is a great option for you.

How to Open a PC Money Account?

If you like what you’ve seen so far, I will now talk about the requirements to open a PC Money account. 

Before you start, make sure you meet the following criteria:

  • Be a citizen of Canada or a permanent resident;
  • Be at least 16 years old;
  • The SIN is not required but can speed up the process;
  • Occupation or employment status details.

Next, to open the account, visit the official website or download the official PC Financial mobile app. Follow these simple steps to create your PC Financial banking account:

  1. Visit the PC Financial sign-in page;
  2. Fill in your personal information;
  3. Set a username;
  4. Set a password;
  5. Carefully read the Terms and Conditions;
  6. Verify your account by clicking on the link that was sent to your e-mail.

And that’s all folks! You are now a proud owner of a PC Money Account.


If you are in search of a service that will enable you to earn points for purchases but also make online purchases without having to obtain a typical credit card, the PC Money account could be the proper option for you. 

This free banking product is ideal for individuals who wish to maintain a budget and prevent unnecessary credit card debt since it features a hybrid debit and credit card in addition to the PC Optimum reward points program.


How to pay the PC Financial Mastercard?

The PC Financial Mastercard can be paid in three ways:

  1. Via  phone, online, or bank machine payments, which are reflected 2-3 days after the transaction has taken place;
  2. Via mail, which allows for the transaction to be processed in 7-10 business days;
  3. In person, at your local branch, which takes up to 10 business days.
How to cancel a PC Mastercard?

First of all, you’ll need to withdraw all of your funds from the account before you can close your PC account. The next thing to do is to call the PC customer service line and ask for cancellation. The number is located on the back of your PC debit card.

Why is my PC Mastercard tap not working?

The PC Mastercard tap may not be working due to several reasons:.

  1. You may have over-exhausted your Tap to Pay limit;
  2. The Tap to Pay feature may not be activated yet;
  3. You may have damaged you card.

Check out our detailed guide on possible solutions.

What is a PC Money Account?

The PC Money Account is an online money-management account which allows you to make transactions, pay bills, save and withdraw money.


With an early start in journalism and years of work as a technical translator, Marija felt it was natural to blend the two. Passionate about news and research, she enjoys sifting through the data, researching new currents and the constant changes in our technologically and financially driven lives, as well as presenting the stats and facts to the readers so you don’t have to dig deep on your own.

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