What is an
The fast, secure way to send, request and receive money
Interac e-Transfer is a convenient way to send, request and receive money directly from one bank account to another. All you need is access to online or mobile banking through a participating financial institution, and you can send or request money to anyone with an email address or mobile phone number and a bank account in Canada without sharing any personal financial information
Receive money directly into your account with
How it works
An e-Transfer resembles an e-check in many respects. The money is not actually transferred by e-mail. Only the instructions to retrieve the funds are.
- The sender opens an online banking session and chooses the recipient, the amount to send, as well as a security question and answer. The funds are debited instantly, usually for a surcharge. The sender sends the security answer separately to the recipient, usually through another medium outside of the e-mail as a secondary security measure.
- An e-mail or text message is then sent to the recipient, with instructions on how to retrieve the funds and answer the question, via a secure website.
- The recipient must answer the security question correctly. (If the recipient fails to answer the question correctly after three tries, then the funds will automatically be returned to sender.)
- If the recipient is subscribed to online banking at one of the participating institutions, the funds are deposited instantly at no extra charge.
- If the recipient’s deposit account is not at one of the participating institutions or not subscribed to online banking at all, the funds are deposited within three to five business days, and a surcharge (currently $4.00) is deducted from the amount received.
- The Autodeposit feature allows senders to send money and be received by the recipient without the recipient having to answer a security question. The recipient must enable this feature in their account settings. Not all banks offer this feature.