What is an Interac® eTransfer?
It is an easy, secure, quick and convenient way to send or receive money. Recipients are notified by email and must login to their online banking to accept the transfer.
Who can use Interac® eTransfer?
Any individual or small business owner with an account at a Canadian financial institution that offers the service can initiate an eTransfer, while anyone with an account at a Canadian financial institution can receive one.
Is it safe to transfer money by email or text message?
Actually, there is no money attached to emails. Instead, financial institutions use standard practices for safe money transfers.
Is there a charge for sending an Interac eTransfer?
Yes, there is a fee of $1.00 for sending an eTransfer.
Are there limits on how much can be sent or received?
Yes, like most other financial transactions there are limits on the amount that you can send or receive.
Daily Maximum – Sending Up to $3,000 per day, Receiving Up to $10,000 per day
Weekly Maximum – Sending Up to $10,000 per week, Receiving Up to $25,000 per week
Monthly Maximum – Sending Up to $20,000 per month, Receiving Up to $50,000 per month
Is there a fee to cancel an Interac eTransfer?
There are no cancellation fees, however, the sending fee is nonrefundable. If you cancel an eTransfer, your account will be credited with the dollar amount of the transfer minus the sending fee.
Is there a fee to receive an Interac eTransfer?
As long as you use online banking, it’s free to receive an Interac eTransfer.
Why do text message notifications come from 100001?
This is the short code from which all Interac eTransfer text notifications are sent.
Can I send an Interac eTransfer to anyone?
No. In order to send and/or receive Interac eTransfers, both senders and recipients must have accounts at Canadian financial institutions. The transfer must also be in Canadian dollars.
How long does it take to receive the money?
For recipients, it takes approximately 30 minutes for notifications to be received. As soon as the notification is received, the recipient can deposit the money. As a sender, the money is debited from your account immediately after finalizing the transfer.
Can I cancel an Interac eTransfer?
You can cancel the transfer anytime until the recipient accepts it. Generally, it takes 30 minutes for notifications to be sent to recipients. To cancel a transfer, click on the ‘Cancel’ link beside the list of pending transfers. If a transfer hasn’t been accepted within 30 days, it will automatically expire and the sender will be notified. The sender can either click on the ‘Cancel’ link beside the list of pending transfers or letInterac cancel the transaction. Money will be returned to the sender within seven days of cancelling the transaction, however, fees charged at the time of sending the transfer are not reimbursable. You can also send reminders to recipients who have yet to accept transfers by clicking on the ‘Resend Notice’ link beside the list of pending transfers.
What happens if the recipient rejects the transfer?
In that case, you’ll be notified and prompted to login to your online banking to cancel the pending transfer.