An Interac e-Transfer is a fast, secure and convenient way to send money to anyone in Canada from within the security of your online banking service. It uses email or text messaging for fast notification to the recipient that a transfer has been sent, while the participating financial institutions transfer the funds using established and secure banking procedures.
To send an Interac e-Transfer, all you need is an email address, online access to your bank account at a participating financial institution and the email address or mobile phone number of the person that you are sending money to. Email and/or text messages carry 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 deposit transfers to any Canadian bank account. This option is available when you click the link in the notice you get when receiving an Interac e-Transfer. If you cannot click on the link, either cut and paste or type the link into your browser. 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 4 - 6 business days to process and a $4.00 fee will be deducted from the deposit amount.