Interac Email Money Transfer is a service that transfers money directly from your personal bank account to anyone who has an email address and a personal bank account at a Canadian financial institution. It is a rapid and cost-saving means of effecting fund transfers and saves mailing and handling costs. Many recipients will reduce billings to cover the $1.50 bank transfer fee! so paying bills this way may cost you nothing!
Once you have registered for the Interac Email Money Transfer service, it all happens in four easy steps.
After registering, you will add the names and email addresses of recipients to your personal Recipient List. You will also create a Security Question and Answer specific to each recipient (and make sure to advise the recipient when processing the transfer so they know how to respond). This Security Question and Answer, which you create prior to the transfer taking place, is used to ensure the identity of the recipient. If the question is not answered correctly, you will be advised via email and instructed as to how to deposit the money back into your account.
After completing a 'Send Money' request and receiving a confirmation number, the money will be withdrawn immediately from your Bank Account. An email will be sent to the recipient advising them of the Interac Email Money Transfer along with instructions on how to collect the money.
To receive the money, the recipient must read their email notification and follow the instructions included (including correctly answering the Security Question). The recipient will be given the options to deposit the money immediately using their online banking service1 or to provide direction to deposit the money to their bank account by CertaPay.
There is no service fee to receive an Interac Email Money Transfer using most bank Internet systems. However, if the recipient chooses to receive the Interac Email Money Transfer by providing instructions to CertaPay, a service fee may be deducted by CertaPay from the transfer amount.
Once the recipient has deposited the money into their bank account, you will receive an email notification confirming the completion of the transfer.
Email carries only the notification of the pending transfer. It does not include any personal account information. To transfer the money between your account and the recipient's account, the banks use reliable and secure payment networks that have been in place for a number of years. Furthermore, to identify the recipient when collecting the money, the recipient must successfully log in to their online banking service and correctly answer the Security Question before receiving the money.
To send an Interac Email Money Transfer, the fee2 is $1.50. To receive and deposit an Interac Email Money Transfer using your bank's Internet Access, it's free.
No problem, simply call your bank or visit any branch to register. You then register for Interac Email Money Transfer through EasyWeb.