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Frequently Asked Questions
No. The only way you can send an Interac Email Money Transfer is through online banking at a participating financial institution (BMO Bank of Montreal, CIBC, RBC Royal Bank, Scotiabank, or TD Canada Trust). This way, the bank can identify you and process the transfer instantly. Over six million Canadians have online banking passwords. You can get a password by contacting your bank. The banks also make it easy and fast to get one when you are in the process of depositing an Interac Email Money Transfer that you’ve received.
To send an Interac Email Money Transfer, you need to have an online banking password at a participating financial institution (BMO Bank of Montreal, CIBC, RBC Royal Bank, Scotiabank, or TD Canada Trust). To receive a transfer, you can either use online banking or register with your account number on our secure Web site. The fastest way to receive an Interac Email Money Transfer is to have an online banking password at a financial institution offering the service (see list above). A password gives you access to your accounts quickly and you can simply direct the transfer into any account you wish. In addition, an online banking password lets you use other online banking features. If your financial institution does not yet offer the service, or if you don't bank online, you can still receive transfers to any Canadian bank account. This option is available when you click the link in the email notice you get when receiving an Interac Email Money Transfer. You will be required to register and provide your banking information in order for the money to be deposited into your bank account. The deposit usually takes 3-5 business days to process and a $2.50 fee will be deducted from the deposit amount.
Interac Email Money Transfers can only be sent from a bank account at BMO Bank of Montreal, CIBC, RBC Royal Bank, Scotiabank, or TD Canada Trust. If you have an account at one of these participating financial institutions, all you need to do is obtain an online banking password. The Interac Email Money Transfer service is located within the online banking Web sites of these participating financial institutions. If you do not bank with any of them and wish to send transfers, you must contact the bank of your choice, open a bank account, and obtain your online banking password.
When someone sends you an Interac Email Money Transfer, an email notification announcing the transfer will be emailed to you. The notice includes information about the transfer including:
The email also includes links and directions to help you deposit your transfer to your bank account. The fastest way to get your funds is to have an online banking password. Simply click the link to your bank’s Web site from the Deposit Options screen, login and deposit the money into the account of your choice. If you don’t yet have an online banking password, each participating financial institution offers quick ways for you to obtain one and deposit your transfer. Contact the participating financial institution of your choice or visit their online banking Web site to obtain your password. If your financial institution does not yet offer the service, or if you don't bank online, you can still receive transfers to any Canadian bank account. This option is available when you click the link in the email notice you get when receiving an Interac Email Money Transfer. You will be required to register and provide your banking information in order for the money to be deposited into your bank account. The deposit usually takes 3-5 business days to process and a $2.50 fee will be deducted from the deposit amount.
Once the email notification arrives, you have instant access to the funds, provided you bank online with one of the participating financial institutions. Click the link that appears in the email notification to login to your online banking website and you will be able to access your funds. If you don’t have an online banking password, the banks have made it very easy and fast for you to get one when you attempt to deposit your transfer. If you do not wish to get a password, or you bank with a financial institution that does not yet offer Interac Email Money Transfers, you must register by providing your bank account information in order to receive the deposit into your bank account. A transfer collected this way usually takes 3 to 5 business days to process. Depending on where you bank, the deposit could take several days due to factors such as holiday schedules or manual processing. Smaller, regional banks often take longer to process these transfers. Also, if you entered the wrong account number it can take up to 10 days before your bank returns the funds to us as undeliverable. In this case, we will contact you by email and ask you to correct your account information.
It is very secure. It’s important to stress that only the notification travels by email. Money is settled through existing funds transfer networks that banks have used for years to settle cheques and electronic transfers. Interac Email Money Transfers simply use email to replace paper cheques and the need for you to get cash from a bank machine or bank branch. There are also additional security measures in place to ensure that only the intended recipient can access their transfers. For example, the sender sets up a security question that only the recipient can answer correctly before being able to deposit the funds. We also employ encryption technology and confidential user ID’s and passwords for your protection. Our secure servers support up to 128-bit encryption and are located in a secure, physically protected facility. Finally, if a transfer is not deposited within 30 days, the sender is notified by email and the funds are returned for re-crediting.
It is free to receive an Interac Email Money Transfer but each financial institution charges differently for sending, so check with yours. If you don't use online banking but register with your account number to deposit your funds into your bank account, a $2.50 fee is deducted from the amount you have received from the sender. If you do not provide valid account information for the deposit of your Interac Email Money Transfer and it has to be re-processed, an additional handling fee may be charged.. Interac Email Money Transfers are an easy, fast and secure way to send money to your friends and family from your online banking account. You can deposit Interac Email Money Transfers quickly and easily
if you have an online banking password. To send an Interac Email
Money Transfer, all you need is an email address, online access to your
bank account at a participating financial institution (BMO Bank of Montreal,
CIBC, RBC Royal Bank, Scotiabank, or TD Canada Trust), and the email address
of the person you want to transfer money to. Email carries the notification
while the banks use existing payment networks to transfer the money to
any bank in Canada.
Yes. Canadian financial institutions know that people want to self-direct transfers to anyone quickly and easily. Watch for announcements or contact your bank to find out when they will be offering Interac Email Money Transfers.
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