How Interac Email Money Transfers Work Interac Email Money Transfers are a fast and convenient way to send money to anyone from within the security of your online banking service. It's a great alternative to cheques and cash. To send an Interac Email Money Transfer all you need is an email address, access to online banking at a participating financial institution, and the email address of the person 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. The fastest way to receive an Interac Email Money Transfer is through online banking. When someone sends you an Interac Email Money Transfer, an email notification announcing the transfer will be emailed to you. The message includes links and instructions explaining how to deposit the transfer into your bank account. 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, each participating financial institution offers convenient ways for you to get set up. Contact your financial institution or visit their online banking web site to sign up. If you don't bank online, you can still receive transfers to any Canadian bank account. 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. (Note: this fee is rising to $4.00 effective September 14, 2008.)