Interac Payment

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Interac Email Money Transfer Service
 
With Interac Email Money Transfer you can send money to anybody with an account at any Canadian Financial Institution.
 
All you need is an e-mail address! 
 
  Fees 
· Send an Interac Email Money Transfer  $1.50** 
· Receive an Interac Email Money Transfer  Free 
· Cancel an Interac Email Money Transfer  Free 
   
How it works:   
· Sending an Interac Email Money Transfer 
· Specify the amount and desired account for the payment
· Provide the name and e-mail address of the recipient
· Create a security question only the recipient will be able to answer
· Submit your request and an e-mail notification will be sent to the recipient
 
Receiving an Interac Email Money Transfer 
· Select the "Collect your money" link on the e-mail notification to access a secure online banking site
· Answer your security question and deposit the funds into one of your accounts
 
Cancelling an Interac Email Money Transfer 
· Go to the Payment History page and click on the confirmation number link
· Cancel the Interac Email Money Transfer and redeposit the funds in your account
 
Money is not sent through e-mail.  E-mail is only used to notify the recipient that they can access the funds through the security of online banking. 

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FAQ - Interac†

What is an Interac Email Money Transfer?
In addition to the current payment options available through Online Banking, you can also transfer funds to your friends and family who have accounts at other Canadian Financial Institutions. The recipient is sent an e-mail notice about the money transfer and how to collect the funds through the Interac Email Money Transfer secure payment system.

I would like to send an Interac Email Money Transfer to someone I don’t know very well. Do we have to exchange any personal account information?
No. The only information you need to send an Interac Email Money Transfer payment is the recipient's e-mail address. The sender must also enter a security question along with the answer that must be shared with the recipient.

If I change my mind can I retrieve/cancel an Interac Email Money Transfer payment after I’ve sent it?
Yes. If the recipient has not deposited the funds in their account, the payment may be reclaimed through Online Banking.

· From the Account Balances Page:
· Select "Pay Bills and Transfer Funds".
· Select the "Payment History" tab.
· From the Payment History list, select the Interac Email Money Transfer to be cancelled and choose "Cancel Payment".
  
I own my own business, can I send an Interac Email Money Transfer from my Online Business account?
Yes. Interac Email Money Transfers are offered to Personal and Business Online Banking clients.

How much does it cost to send an Interac Email Money Transfer?
The charge is $1.50 per Interac Email Money Transfer plus account debit cost is applied (if applicable). The $1.50 applies to all clients regardless of the package on the account.
  
Is there a limit to how much I can send in an Interac Email Money Transfer?
Yes, an Interac Email Money Transfer is subject to client card entitlements. There is a daily limit of $1,000, a weekly limit of $3,000 and a monthly limit of $7,000. There is also a minimum transfer limit of $10.

If I send regular Interac Email Money Transfers to another individual, is there any way I can save their information so that I don’t have to enter it each time?
Yes, Interac Email Money Transfers can be added to your payee list (recipient's name, e-mail address and security password).

Can I send or receive Interac Email Money Transfers from/to my US dollar account?
No, Interac Email Money Transfers can only be transacted in Canadian dollars.

Does the transaction expire if the receiver does not pick up the payment? If so, what happens to the funds?
Yes, there is an expiry date of 30 days. The sender receives an expiration notification with instructions to reclaim the funds.

How long does it take for the transfer to take place?
These transfers are made in real time. Funds are debited from the sender’s account immediately. Following a short processing time, an e-mail notification is sent to the receiver with instructions for deposit. As soon as the receiver picks up the e-mail notification they can click on the link provided and go through the steps of immediately depositing the funds through their Online Banking session.
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† Registered trade-mark of Interac Inc.