What is an Interac® e-Transfer?
An Interac® e-Transfer allows money to be sent to friends and family by email or text message.
Anyone with an account at a Canadian financial institution can receive the money and no exchange of account information is required.
How do I send an Interac® e-Transfer?
You’ll need to create a recipient list before you can send an Interac® e-Transfer to someone. The recipient’s name, email or mobile phone number, and a security question for the recipient are required.
- Login to online banking.
- Click on Transfers > Send Interac® e-Transfer.
- If not previously setup for Interac® e-Transfers, choose Create Your Sender Profile.
- Transfer To: Select the recipient. Note: If the recipient is registered for Autodeposit, you will see a confirmation checkbox appear at the bottom of the page.
- Transfer From: Select the account you are withdrawing from.
- Enter the amount of money you would like to send.
- Message: You have the option to write a message to the recipient. Note: Do not put the answer of the security question in your personal message.
- If the recipient has registered for Autodeposit, you will need to click on the checkbox to confirm that you understand that the recipient will not need to answer a security question to deposit the funds.
- Click on Send Transfer.
- Click on Confirm.
Note: Autodeposit will only work if the receiving party’s financial institution supports Autodeposit.
How do I receive an Interac® e-Transfer?
You will receive a notification by email or text message indicating that you have been sent an Interac® e-Transfer. Once you have logged onto online banking, you will need to answer the security question that was set up at the beginning of the transaction. When you answer that correctly, you will be taken through a few simple steps to deposit the funds.
Why do I need to update the answer to my security question?
Effective September 1, 2019, Interac® will require new security answers. This is related to the question you ask your recipient to answer before funds are transferred. If you have not updated your security answer since September 20, 2018, you can expect to be notified of this change when you send an e-transfer.
If you do not update your security answer before September 1, 2019, Interac® will delete your old answer and you will be required to create a new security answer the next time you send an e-transfer to your recipient.
Are Interac® e-Transfers secure?
An email or text message acts as the notification that a transfer has occurred and provides instructions on depositing the money. The money is actually transferred over a secured network, and a security question ensures the money goes to the right person.
For security, always use a unique security question and answer for each individual recipient. Ensure the email or phone number of your recipient is correct and up to date. Remember, never put the answer to your security question in the message field when sending your Interac® e-Transfer.
What information do I need to make an Interac® e-Transfer?
Once you have logged in to online banking, you will need the recipient’s name, email address or mobile phone number, the transfer amount, and a unique security question and answer.
How do I cancel an Interac® e-Transfer?
You can cancel an Interac® e-Transfer as long as it has not been deposited by a recipient.
- Login to online or mobile banking.
- Choose Transfers.
- Click on Send Interac® e-Transfer.
- Click on Pending e-Transfer to find the transfer that has not yet been deposited by your recipient.
- Click on Cancel to cancel the transfer.
How long will it take to receive money by email or text message?
Once an Interac® e-Transfer has been sent, it may take up to 30 minutes or more for the recipient to receive the notification. The length of time may also be affected by your email system and internet speed.
Once the recipient accepts the transfer, the money is deposited directly into their account immediately.
How long does the recipient have to accept an Interac® e-Transfer?
The recipient has 30 days to accept an Interac® e-Transfer. Once the Interac® e-Transfer expires, the sender will receive an email indicating the transfer has expired. They will also be given a link to re-deposit the funds into their account. The sender has 30 days from the date of expiry to re-deposit the funds into their account.
What is the cost of sending an Interac® e-Transfer?
At G&F Financial Group, Interac® e-Transfers are free and unlimited for all personal members at G&F.
For businesses and organizations, there is a non-refundable fee of $1.50 to send an Interac® e-Transfer. This fee will apply even if the recipient declines the transfer or the transfer expires.
All G&F members can receive Interac® e-Transfers for free*.
As for the people you are transferring money to, they may be charged a fee for receiving your Interac® e-Transfer. This will depend on the financial institution they choose to bank with.
*A business which performs a Request Money transaction will be charged a fee once the request has been carried out by the other party and the business has received the funds.
Are any business or organization accounts exempt from the fee?
The Interac® e-Transfer fee applies to ALL business and organization account types including package accounts and community accounts.
Can I send an Interac® e-Transfer to someone outside of Canada?
At this time, only Canadian dollars can be sent and deposited to a Canadian account.
Can a recipient receive an Interac® e-Transfer without access to online banking?
Yes. The person you send the money to (the recipient) will be able to deposit the money by registering with Certapay, an affiliate of Interac®.