A survey done in March 2022 on behalf of Interac found that 88% of adult Canadians had used Interac e-Transfer at least once. In addition, Interac had handled over a billion transactions in a year as of April 2022.
Since 2003, this Canadian interbank network has enabled instantaneous electronic financial transfers. Because of this, transferring funds throughout Canada is now easy and safe, provided you adhere to a few basic precautions.
What is the Process for Making an Interac e-Transfer?
Sending and receiving funds by email or phone number is now possible thanks to Interac e-Transfer, sometimes known as an email transfer or email money transfer. The funds are not transmitted by electronic communication (email, text message).
Interac claims its users are shielded by multiple layers of protection, making it possible for them to safely transfer money between accounts and financial institutions.
Insights into the Value of Interac e-Transfer
Electronic transfers, like other mobile payment methods, eliminate the risk of carrying large amounts of currency. In addition, e-transfers can be time-saving and cost-effective because they negate the need for a face-to-face encounter to hand over cash and instead create a transaction record.
Instances where an electronic transfer could be helpful include:
- Paying back a friend for a shared expense, such as a meal.
- The cost of hiring a sitter.
- Your rent payment for the month has been sent.
- Having a partner means sharing household costs.
- Paying a visit to a neighborhood market and picking up some goods.
Interac e-Transfers: How to Get Started
An e-transfer can be sent or received by anyone with an email address or mobile phone number and an online banking account at a financial institution that supports the service.
Follow these steps to get your account ready for sending and receiving electronic transfers:
- Use the internet to access your account.
- Money can be sent by Email Money or Interac e-Transfer.
- Create an account and personalize your profile to your liking.
You may set up automatic deposits, send and receive money, and add contacts from within the settings menu. It’s possible to have multiple email addresses and phone numbers registered with some banks to receive e-transfers. If your account supports this feature, you can access it from your profile’s settings or the e-transfer page.
The Basics of Making an Interac e-Transfer Payment
- To send money by Interac e-Transfer or Email Money, select “Send Money.”
- Choose a contact from your address book, add a new one, and send the money to their email or mobile number.
- Pick the bank account that will receive the transfer.
- Put in the amount of cash you’re sending.
- If the receiver still needs to register for automatic deposits, you’ll need to create a security question and answer. If you want to pay someone money, they’ll need to answer a question correctly before you’ll release the funds.
Ensure the security question and answer are easy to remember and do not reveal personal information about you. You can get the answer to the right person by calling them or sending them a text message.
How to Receive Your Interac E-transfer
- If you have received an Interac e-Transfer alert via text message or email, check it carefully to ensure it is legitimate.
- To access your account, click the provided link and log in as directed.
- If the sender specified a security answer, enter it here.
- Choose the bank account into which the money should be deposited.
- Just click “accept,” and the funds will be deposited.
Accept E-transfers More Easily with Auto-deposit
Automatic deposits can be established or modified through the bank’s electronic funds transfer section. A security question is not required for incoming electronic transfers after an email address, or phone number has been registered. When you sign up for a direct deposit, the funds will be sent directly to the account of your choice.
How to Request an Interac e-transfer?
From your bank’s website or mobile app, you can initiate an Interac e-Transfer. Click “Request Money,” then specify the amount you need and the contacts you want to ask for the money from. All you need is the recipient’s email or phone number and a Canadian bank account to send a request their way. If necessary, you can also send reminders through this system.
Although e-transfers are accessible on the receiving end, sending them may incur fees depending on your financial institution. Although costs for using Interac e-Transfers may apply, many checking and savings accounts allow for unlimited free transfers. Like with Canada Interac casinos, the fees will always depend.
According to research by NerdWallet, the average cost of sending an Interac e-Transfer is $1.50.
To learn more about the fees associated with sending an e-transfer, check the terms and conditions of your bank account or contact your banking institution directly.
Limits on Making Interac e-Transfer Payments
Most financial institutions set daily, weekly, and monthly limits on the amount of money you can transfer in and out. Limits are typically high but may differ from institution to university. For instance, if you bank with TD Canada Trust, you can transfer up to $3,000 in a single transaction and up to $10,000 in seven days.
Declining and Canceling Email Money Transfers
If the recipient of an Interac email transfer reacts within 30 days, the transfer is canceled. There may be a fee for returned payments deducted from the refunded amount before sending it back to the sender and alerting the recipient of the expiration.
Refusing an electronic transfer: You don’t have to respond to a transfer request if you don’t want to. After 30 days, the sender will get a refund to the account from which the e-transfer was made.
Alternatively, you can log into your account as instructed in the e-transfer notification and decline the transfer there. At that point, the sender has two options: either cancel the transaction or try sending it again. After 15 days, if the sender has yet to take action, the funds will be redeposited into their account.
You can only say yes to e-transfers if you have an automatic deposit.
A deposited electronic transfer cannot be canceled or reversed, so be sure you’re ready to go before you make the deposit. However, suppose the e-transfer has yet to be accepted or auto-deposited. You can cancel it by signing in, finding the corresponding Interac e-Transfer transaction, and clicking the “cancel” button. Canceling a wire transfer may incur fees from your bank.