Interac is a Canadian interbank network that allows financial institutions, people, and other enterprises to establish links for electronic financial transactions. Interac e-Transfer is a simple, fast, and secure way to send and receive money within Canada from one bank account to another. However, knowing how Interac e-Transfer works and why it has become such a popular payment method in Canada is important.
Key Highlights
- Interac e-Transfer crossed more than 1 billion transactions in 2022.
- In Canada, 9 out of 10 people used the Interac e-Transfer payment method.
- Interac e-Transfer helped Canadians to transfer over CAD 338 billion in the last 12 months.
- 49% of people admitted that they increased their use of the Interac e-Transfer service.
What is Interac e-Transfer?
Interac e-Transfer, also known as email money transfer (EMT), enables people and businesses to send and receive money electronically directly from one bank account to another using email or mobile phone numbers. Due to Interac e-Transfer’s high efficiency and security, the company claims that more than 2 billion e-transfers with Interac will be made by customers in 2024.
The Interac e-Transfer payment system is nearly supported by all major Canadian banks and credit unions. It allows customers to quick transfer funds between accounts from different financial institutions.
How to send money using Interac e-Transfer?
If you want to send money to someone by using Interac e-Transfer, follow the simple steps below:
Step 2: Enter the recipient’s email address or mobile phone number correctly.
Step 3: Then, put in the amount to send and submit your transfer.
Step 4: You may choose to add the security question and answer which is optional but can help to make the transfer more secure.
If recipients have signed up for Interac e-Transfer Autodeposit, they will receive the funds directly in their bank account. If not, they will be notified by email or SMS to retrieve the funds by the correct answer to the security question.
How to receive money using Interac e-Transfer?
However, receiving or accepting money with Interac e-Transfer is also extremely simple; here are the steps.
Step 2: Log into your account and follow the same instructions you received in the notification. You must answer the security question the sender should have previously told you.
Once you accept the incoming payment according to the steps mentioned above, the transfer will be immediately credited to your account. After the incoming payment is accepted following the steps above, the funds will be credited to your account immediately.
Interac e-Transfer is a simple, fast, and secure way to send and receive money in Canada. Unlike banks, it is available 24/7, and transfers are completed easily within minutes.
Benefits and uses of Interac e-transfer
The benefits of using Interac e-Transfer are:
- Speed and Convenience: Interac e-Transfer facilitates to swift transfer money from one bank account to another within few minutes. It is available 24/7, making it great option to send/receive funds outside traditional banking hours.
- Highly secured: Interac e-Transfer method using robust and moder security measures like encryption and identity verification which makes it secure digital transaction platform.
- Accessibility: Most of the major Canadian banks and credit unions support Interac e-Transfer. Users can easily make transactions by using online banking portals or mobile apps.
- Very cost-effective: As compare to traditional money transfer, Interac e-Transfer often more cost-effective. Many Canadian banks include it as part of their standard banking package, with no or nominal additional fees.
Common uses of Interac e-Transfer are:
- Sending your monthly rent.
- Reimbursing a friend for an expense you’re sharing, like a meal.
- Splitting bills and household expenses with a partner.
- Buying items on a local marketplace.
- Paying a babysitter.
- Paying urgent payments for medical emergencies.
Are there any fees to use Interac e-Transfer?
Usually, Interac e-Transfer is free to receive, but it totally depends upon your financial institution. Typically, each bank and credit union have its own fee structure. However, if you are charged to send an Interac e-Transfer, you can expect to pay between $0.50 and $1.50 per transfer.
What are the transfer limits for Interac e-Transfer?
Transfer limits with Interac e-Transfer can vary from one financial institution to another. Generally, transfer limits are imposed on the basis of per-transaction, daily, weekly, and monthly. However, these limits are commonly set at CAD 3,000 within 24 hours, CAD 10,000 within a week, and up to CAD 20,000 every 30 days.
How long does an Interac e-Transfer payment take?
Interac e-Transfer are designed to made transaction quick and completed within minutes. However, some factors like bank’s processing time or lack of Autodeposit may delay deposit time. Without Autodeposit, recipient must accept the transfer manually, which could slightly delay transfer.
Which banks in Canada support Interac e-Transfer?
Interac e-Transfer is widely supported among Canadian financial institutions. Most major banks, including RBC, TD Canada Trust, Scotiabank, BMO, and CIBC, provide this service to their customers. Additionally, many credit unions and smaller banks across Canada also offer Interac e-Transfer as part of their digital banking services. According to Interac official website, there are approx. 250 banks and credit unions in Canada using Interac e-Transfer as a primary payment method.
Is Interac e-Transfer good for you?
Yes, Interac e-Transfer is a secure and fast way to send and receive money in Canada. It speeds up the life of every Canadian, thanks to its quick transfer timing. It is a great option for anyone who needs to send money to family or friends, pay bills on time, or make urgent purchases without time limits.
You can even apply for instant e-transfer loans in Canada and get money within minutes. At Payday Shop, we offer up to CAD 5,000, and once approved, you will receive funds directly into your bank account by Interac e-Transfer.
Expert Financial Writer
Starting his career as a financial advisor and freelance writer, Jonathan has worked in the Canadian finance and loan market for the past 12 years and gained tremendous knowledge related to almost all types of loans. Jonathan’s writing has been published on platforms like MSN, Finance, Yahoo, and more. His main USP is translating financial jargon into more manageable and accessible, informative pieces that benefit the readers.
