What is an Interac^® e-Transfer?

It is an easy, secure, quick, and convenient way to send or receive money. Recipients are notified by email and/or text message and must login to their Online Banking to accept the transfer.

Who can use Interac® e-Transfer?

Any individual or small business owner with an account at a Canadian financial institution that offers the service can initiate an e-Transfer, while anyone with an account at a Canadian financial institution can receive one.

Is it safe to transfer money by email?

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® e-Transfer?

Yes, there is a $1.50 fee for transferring funds. There is no charge to receive funds.

Is there a fee to cancel an Interac® e-Transfer?

There are no cancellation fees, however, the sending fee is non-refundable. If you cancel an e-Transfer, your account will be credited with the dollar amount of the transfer minus the sending fee.

Is there a fee to receive an Interac® e-Transfer?

As long as your financial institution offers the service and you use online banking, it's free to receive an Interac® e-Transfer.

What happens when a recipient's financial institution doesn't offer this service?

Recipients can still receive the money by registering with Interac® and providing their banking information. The deposit usually takes four to six business days and Interac® charges a $4.00 administration fee, which is deducted from the total amount of the transfer.

What if I don't bank online, can I still deposit an Interac® e-Transfer?

Yes, provided you have an account at a Canadian financial institution. However, you'll have to register with Interac® and provide your banking information. The deposit usually takes four to six business days and Interac® charges a $4.00 administration fee, which is deducted from the total amount of the transfer.

I'm a business owner. Can I send and/or receive an Interac® e-Transfer?

Yes, and delegates can too.

Can I send an Interac® e-Transfer to anyone?

No. In order to send and/or receive Interac® e-Transfers, 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® e-Transfer?

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 let Interac® 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.