Frequently Asked Questions What is an Interac Email Money Transfer? Can I send an Interac Email Money Transfer through this site? Do I need to bank online? How can I send an Interac Email Money Transfer? How do I receive an Interac Email Money Transfer? How do I deposit an Interac Email Money Transfer into a non-Canadian bank account in another country? How long will it take to receive the money in my bank account? How secure is it to send money by email? What does it cost to send and receive Interac Email Money Transfers? Will other financial institutions offer Interac Email Money Transfers in the future? What is an Interac Email Money Transfer? An Interac Email Money Transfer is a fast and convenient way to transfer funds to anyone with an email address from within the security of your online banking service. It uses email for fast notification to the recipient that a transfer has been initiated, while the participating financial institutions transfer the funds using established and secure banking procedures. 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, TD Canada Trust, or select credit union), and the email address of the person that you are sending money to. Email carries the notification while the financial institutions use existing payment networks to transfer the money to any financial institution in Canada. 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 $4.00 fee will be deducted from the deposit amount. Can I send an Interac Email Money Transfer through this site? No. The only way you can send an Interac Email Money Transfer is within the security of your online banking service at a participating financial institution (BMO Bank of Montreal, CIBC, RBC Royal Bank, Scotiabank, TD Canada Trust, or select credit union). This way, the financial institution can identify you and process the transfer instantly. If you don’t have access to online banking, contact your financial institution or visit their online banking web site to sign up. The financial institutions offer convenient ways to get set up when you are in the process of depositing an Interac Email Money Transfer that you’ve received. Do I need to bank online? To send an Interac Email Money Transfer, you need to have access to online banking at a participating financial institution (BMO Bank of Montreal, CIBC, RBC Royal Bank, Scotiabank, TD Canada Trust, or select credit union). 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 through online banking at a participating financial institution. You can access your accounts quickly and simply direct the transfer into any account you wish as well as have access to 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 $4.00 fee will be deducted from the deposit amount. How can I send an Interac Email Money Transfer? All you need is an email address, access to online banking at participating financial institution (BMO Bank of Montreal, CIBC, RBC Royal Bank, Scotiabank, TD Canada Trust, or select credit union), and the email address of the person you are sending money to. To send an Interac Email Money Transfer: Login to online banking Locate the Transfer/Payment menu options Specify a recipient by entering their email address Fill in the Interac Email Money Transfer information (dollar amount, account from which to withdraw the funds, a security question that only the recipient will know the answer to and optional personal message) Follow the instructions to confirm the information and complete the transfer If you don’t have access to online banking, contact your financial institution or visit their online banking web site to sign up. The financial institutions offer convenient ways to get set up when you are in the process of depositing an Interac Email Money Transfer that you have received. How do I receive an Interac Email Money Transfer? 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: From whom (sender) Transfer amount Expiry date Message from the sender 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 through online banking. Simply click the link in the email notice, select your financial institution, login to online banking and deposit the money into the account of your choice. If you don’t have access to online banking, contact your financial institution or visit their online banking web site to sign up. Each participating financial institution offers convenient ways to get set up when you are in the process of depositing an Interac Email Money Transfer that you have received. 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 $4.00 fee will be deducted from the deposit amount. How do I deposit an Interac Email Money Transfer into a non-Canadian bank account in another country? Currently the Interac Email Money Transfer service is available to those who bank at a Canadian financial institution and have a Canadian currency account. You will not be able to deposit your Interac Email Money Transfer to any foreign bank account. If you have received an Interac Email Money Transfer from someone and if you do not have a Canadian bank account, you should contact your sender and advise your sender to cancel the transfer. Once the transfer is cancelled by the sender, the funds will be returned to the sender's account. If you are unable to contact your sender, the transfer will expire in approximately 30 days. Once the transfer expires, the sender will receive a notification to reclaim the funds. How long will it take to receive the money in my bank account? Once the email notification arrives, you have instant access to the funds, provided you bank online with one of the participating financial institution. Click the link that appears in the email notification to login to your online banking web site and you will be able to access your funds. If you don’t have access to online banking, the financial institutions offer convenient ways to get set up when you are in the process of depositing an Interac Email Money Transfer that you have received. If you do not wish to sign up for online banking, or you bank with a financial institution that does not yet offer Interac Email Money Transfers, you can still receive transfers to any Canadian bank account. You will be required to register by providing your bank account information in order for the money to be deposited 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 financial institutions often take longer to process these transfers. Also, if you entered the wrong account number it can take up to 10 days before your financial institution returns the funds to us as undeliverable. In this case, we will contact you by email and ask you to correct your account information. How secure is it to send money by email? It is very secure. It’s important to stress that only the notification travels by email to advise the recipient that the transfer has been initiated and to provide instruction on how to deposit the money. The money always resides safely at a financial institution and is transferred through existing payment networks that financial institutions have used for years to settle cheques, bank machine deposits and withdrawals. 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. What does it cost to send and receive Interac Email Money Transfers? It is free to receive an Interac Email Money Transfer through online banking; however there may be a fee from your financial institution for sending an Interac Email Money Transfer, so check with your financial institution. If you don’t use online banking but register with your account number to deposit your funds into your bank account, a $4.00 fee is deducted from the amount you have received from the sender. Will other financial institutions offer Interac Email Money Transfers in the future? Yes. Canadian financial institutions know that people want to self-direct transfers to anyone quickly and easily. Watch for upcoming announcements or contact your financial institution to find out when they will be offering Interac Email Money Transfers.