Interac e-Transfer is an electronic means of sending and receiving money from one bank account to another. It functions very similar to bank account transfer. However, it is much easier to use and well secured. Interac money transfers are easy, very well secured and cost a nominal fee/free depending on your financial institution.
With the Interac e-transfer, you can easily send and receive money online at the tap of your phone screen and in just a few minutes the money is sent to the recipient.
Whether you want to send a quick $10 split-meal bill amount to your friend or $1000 to your rental owner, you can do it with ease using the Interac e-Transfer. The money is sent within a few minutes and you get notified once the money is accepted and deposited. All you need is a password (you create the password before sending money) that you need to share with the recipient.
To perform the Interac transfers, all you need is the email address of the recipient – to transfer the money. If you have enabled the “Auto Deposit” feature for your bank account, the money you receive via the Interac e-Transfer will automatically get deposited. You will always get an email confirmation once you send or receive transfers.
Well, with the Interac e-Transfers around, It’s time to drop the idea of writing and depositing cheques or looking for an ATM every time you need to make a transaction.
How Does Interac e-Transfer Work?
Interac e-Transfer makes use of the recipient’s email address or phone number which further protects your financial account. It is the ideal, convenient and quickest way of sending or receiving money electronically
In case you don’t know, Interac e-Transfers are offered by most financial institutions in Canada (approximately 250).
So if you are looking to use Interac e-Transfers, there’s a good chance your bank is a participant.
Features & Benefits Of Using Interac e-Transfer
Below is the list of benefits of using the Interac e-Transfer:
1. Very Easy To Use
Sending and receiving money through Interac e-Transfer requires no rigorous process.
You’ll only need the email address or the mobile phone number.
With just a few steps, your transaction is completed within minutes.
Setting up an Interac e-Transfer becomes easier if you are already using online banking; ID cards and passwords won’t be required for you.
2. It Is Time Saving
Time spent on filling out forms, signing cheques, standing in lines in banks can all be avoided with Interac e-Transfer.
Notifications and all necessary information are passed across through emails and text messages.
3. It’s Blazing Fast
With Interac e-Transfer, transactions are completed within minutes.
Money can be accessed immediately after the money is received.
4. Safe and Secure
Since your account details are not shared in order to receive money, your account is safer.
Also, to protect and ensure transfers are deposited into the right account, a security question has to be answered by the receiver.
Sending Money With Interac e-Transfer
The primary criteria for sending or receiving money using e-Transfer, includes an email address or valid Canadian phone number, an eligible bank account in Canada and easy access to online banking.
To successfully send an Interac e-Transfer, follow these simple instructions:
Log in to your mobile banking app and choose the account
Select or add the recipient’s email or mobile number
Input the desired amount and a security question
It’s as simple as that!! Please note that the security answer must be shared with the recipient so he/she can claim the money.
Note: It is important that the security answer is not all obvious and must not be shared in the Interac e-Transfer email notification message for security reasons.
Accepting Money With Interac e-Transfer
Accepting money via Interac e-Transfer is one of the easiest things to do:
Your email inbox, text messages, bank or credit union app should be checked for any alert
All instructions to login to your account must be followed
Enter the security answer.
It’s as simple as that!! Please ensure that the security answer shared with you is correct or better still you can opt to register for the Interac e- Transfer Autodeposit.
Interac e-Transfer Autodeposit
From the name “Autodeposit” you pretty much can guess what it is all about.
If you’re the kind of person who’s usually busy, the Autodeposit feature spares you the time of manually accepting money with the Interac e-Transfer.
The funds you receive through the Interac e-Transfer are automatically deposited into your bank account. You don’t even need to log in to the banking app, check your email even or do anything such as enter the password.
How To Setup The Interac e-Transfer Autodeposit?
Follow the below steps to set up the Interac e-Transfer Autodeposit:
Log in to your online mobile banking app
Search for the “Autodeposit feature” in the Interac e-Transfer section
Register with your email address and link the account
A configuration email will be sent, once received click on “Complete Registration”
That’s it you are done! You’ve successfully registered for the Interac Autodeposit feature. Following the above steps helps to set up the Autodeposit feature so you don’t have to worry about confirmation email/message or missed payments.
Autodeposit settings can always be managed in your bank account settings. You are free to unregister anytime you want.
Another special feature offered by the Interac e-Transfer apart from the Autodeposit is the Interac e-Transfer Request Money.
Interac e-Transfer Request Money
Interac’s Request Money feature helps to communicate with the sender through email).
With reminders, you can request for money. This helps to reduce delays in sending and receiving payments on time.
The request money feature also helps to avoid confrontations in businesses and ensures it’s smooth running. You can always learn more about how Interac e-Transfer powers your business.
How To Request Money With The Interac e-Transfer?
Requesting money with Interac e-Transfer is as simple as sending money with Interac e-Transfer
First, Log in to your mobile online banking app and choose the preferred account type
All the fields requested should be filled out (sender’s information only)
It’s as simple as that.
In case, where there’s no immediate reply, follow up reminders can also be sent with Interac e-Transfer.
International Transfer’s Through Interac e-Transfer
If the need arises for you to send money to someone overseas, you can always choose to pay using Mastercard and Western Union money transfers via Interac e-Transfer.
Interac e-Transfer is in collaboration with both Mastercard and Western Union to provide the same secure, easy to use Interac services internationally.
International Transfer By Mastercard via Interac e-Transfer
Before you can make any international transactions by Mastercard and Interac, it is required you own:
An active Canadian Account with a participating bank or credit union
You have an active email address and a Canadian mobile phone number
To make a successful Interac e-Transfer, follow these instructions on your mobile screen:
Log in to your mobile online banking app and choose the account type
Choose “Send Money” > International and then choose the recipient’s destination and banking information
Your request is immediately delivered to the recipient and a confirmation email is sent to you once funds have been sent.
The recipient receives the funds directly into his/her bank account.
International Money Transfer By Western Union Money Transfers and Interac e-Transfer
The following steps should be followed to make an international transfer via Western Union and Interac e-Transfer:
First, log into your mobile online banking
Next, visit the section of “Western Union money transfers via Interac e-Transfer”
Input the recipient’s information
Fill in the required mandatory fields and confirm your money transfer amount
Depending on the destination you’re sending money to, choose a security question for the recipient
After all the necessary confirmations, you’ll be provided with a Money Transfer Control Number (MTCN).
The MTCN number and the answer to the security question should be securely given to the recipient. Then the recipient is required to visit a Western Union branch closest to him/her to access their money.
A valid Display ID, MTCN number and security question information must be tendered before the money can be accessed.
Payment to the recipient is always in cash and most times in the local currency of the country where the recipient is.
Other factors to remember when accessing money:
The number of agent locations may vary
The availability of Western Union money transfers via Interac e-Transfer is dependent on your financial institution’s policies. Please contact your participating financial institution for further details.
Transactions may sometimes be stalled due to certain conditions such as amount sent, regulatory issues, differences in time zones, destination country, currency availability, identification requirements, Agent location hours, or selection of delayed options
For some specific countries, pre-confirmed recipient amounts will not be issued. You will be informed in advance if your recipient destination falls into this category. It is important you contact your participating financial institution for more details
Western Union also makes a profit on currency exchange
FAQs – Interac e-Transfers
List Of The Frequently Asked Questions about Interac e-Transfers:
1. How Long Does International Interac e-Transfers Take?
Money transferred through Western Union and Interac e-Transfer takes a minimum of 30 minutes to be completed.
However, the exact duration it takes for the money to be received by the recipient depends on where you’re sending money to. A notification will be sent to you as regards that immediately you log into your mobile online banking and model the transaction.
2. Which Canadian Financial Institutions Offer International Interac e-Transfers?
At the moment, only a handful of financial institutions offer International through Western Union money transfers and Interac e-Transfer:
BMO Bank of Montreal
Education Credit Union
Energy Credit Union
First Calgary Financial
Libro Credit Union
Summerland Credit Union
Tandia Credit Union
3. Does Interac e-Transfers Expire?
If funds are not claimed by the recipients, Interac e-Transfers expire after 30 days.
4. Are There Any Transaction Limits?
Each financial institution has its own daily, weekly and monthly limits for both International and local transfers using e-Transfer.
It is important you contact your financial institution to get the full details on the transactional limits on your personal account.
5. How Do I Cancel An Interac e-Transfer?
Cancelling your e-Transfer is quite simple:
Log into your mobile online banking app
Click on the “transaction or payment history”
Choose the Interac e-Transfer transaction you wish to cancel then proceed with the cancel option given
Please note that this process also varies from one financial institution to the other.
You may also be required to pay a cancellation fee. Contact your financial institution to get more information.
6. How Safe Is It Sending Money Through Emails and Text via Interac e-Transfer?
Money is not being sent by email or text message, only the notification about the transfer being initiated is passed crossed through emails and text messages
Money transfers still occur through the existing payment network that financial institutions have always used. So your money is still safely kept at your financial institution.
In addition to your bank security system, Interac e-Transfer also has its own security measures such as:
Secure login process
Security questions and answers to make sure only the true recipient receives the money
128-bit browser encryption
7. What If I Don’t Want To Accept Funds Sent To Me via Interac e-Transfer?
There are two options available, however, the process may vary from one financial institution to the other.
Ignoring the transfer notifications until the transaction expires (30 days). After expiration, the money that was transferred will be automatically reversed into the sender’s account.
This is the only option available to you if your financial institution does not give the option to decline transfers.
However, If your financial institution does make available the option to decline transfers, these steps should be followed:
Click on the deposit link in the email or text notification
Choose your financial institution to deposit the money into
Log into the mobile online banking portal of your financial institution
Answer the security question
Click on “decline”
The option to send a message back to the sender, stating the reason(s) for the decline is always provided.
Contact your financial institution for more detailed information.
8. Is It Possible To Reply To a Transfer Text Message From Interac e-Transfer?
The answer is Yes. You can always send your reply to the text message or rather send a message to 100001.
However, the system only accepts two responses; “Help” and “Stop”. Sending any of these responses attracts the standard text messaging charges.
“Help” – Typing “Help” into the text message gets you a response containing the URL for the Interac website. The response also contains an instruction to click on the link or paste it into your browser.
“Stop” – Typing “Stop” into the text message permanently disables all text message notifications from Interac e-Transfer. You won’t be able to re-install the text message notifications once you opt-out of the service.
9. How Can I Trace An Interac e-Transfer?
All the Interac e-Transfer transaction records (both completed and pending) are kept in the online banking history.
Past transactions can be checked by logging into online banking, clicking on the Interac e-Transfer option, and then selecting “View History”.
10. What Actions Should I Take When I Suspect Fraud?
Luckily, If the transaction is still pending and yet to be received by the recipient, kindly cancel the transaction from the Pending e-Transfers screen.
In the case where the transaction has been completed, you should immediately contact Interac’s contact us section to report possible fraud.
There you go, that was my detailed in-depth guide on the Interac e-Transfer.
Interac e-Transfers are extremely helpful and I personally use it multiple times in a month for various needs. As I said, it’s not only fast and secure but once you add a recipient’s email and phone number into your banking account, you can send money multiple times and as frequently you need.
This not only saves you time to add the same recipient again but will also make things hassle-free.
Let me know your thoughts and comments below, do share this article on social media and help spread the word.
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Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.