Twenty ways you can use Interac e-Transfer to make your life easier

Weddings, graduations, baby showers, birthdays: No matter the reason, Interac e-Transfer makes it easy to split the cost of gifts among family and friends.

Plus, it turns out you get more than you give — at least when it comes to gifts. A behavioural science experiment from Interac revealed that buying gifts for others boosts our own feelings of happiness and excitement, thanks to a pleasant dose of serotonin.

Working as a tutor for your university classmates? Babysitting for friends of the family? Maybe you’ve started your own business offering professional services like photography or writing …

However you’re making money on the side, Interac e-Transfer is a convenient way to receive payments and keep track of your invoices. It helps you avoid all sorts of hassles and problems that happen when you’re accepting cheques or cash.

Imagine this: You’ve seen the perfect new table online. You check it out in person so you can make sure it looks just as good IRL. When you meet the seller, they agree to your price. The only catch? You don’t have time to go and get cash. Cue Interac e-Transfer.

Interac e-Transfer is also a convenient way to take payment when you’re selling something online (if you’re buying a new table, you might have to sell the old one to make room, right?).

Whichever side of the transaction you’re on, check out our guide to buying and selling via online marketplaces for tips that’ll help you make transactions conveniently and securely using Interac e-Transfer.

Your best friend is coming over for dinner. While cleaning up, you realize you’re out of dishwasher pods. You text them to pick some up on the way. Within minutes, you’ve paid them back using Interac e-Transfer.

If the favour happens the other way around and you’re the person who ran the errand, you can use Interac e-Transfer Request Money to let them know how much to pay you back (and in a way that takes away the awkwardness of asking). Request Money is an enhanced feature of Interac e-Transfer that allows you to send an email request that includes all the payment info; the recipient can follow the instructions to easily send you money that’ll go right to your account.

No more fees for ordering cheques, or spending time writing them out! Use Interac e-Transfer to easily send money to your landlord. Have trouble remembering each month? Try setting a reminder in your phone, or set up recurring Interac e-Transfer payments if your bank offers that feature.

If you’re a landlord yourself, why not encourage tenants to pay using Interac e-Transfer? It’ll save you the hassle of depositing their cheques. With Interac e-Transfer, you’ll also get your money in near-real time instead of waiting days for cheques to clear. (We have a whole report on how Interac e-Transfer can help landlords save costs and work more efficiently).

People have been using Interac e-Transfer to pay businesses more often — payments involving a business account for nearly a quarter of transactions. Maybe the person or business you’re paying is also using Interac e-Transfer to make their transactions more convenient, so ask if they accept it. For example, you could send payment to an appliance installer just minutes after they’ve finished hooking up your new washer and dryer.

Paying a business is like paying a friend: You’ll need to know what email address or phone number you should use.

Why not dedicate some of your budget to supporting causes important to you? Many local charities can quickly and easily receive donations via Interac e-Transfer. Your funds will be available almost immediately to those who need them.

While you’re having a chat with a loved one, they tell you they’re going through a tough time financially. Before they even ask, you’ve sent them an Interac e-Transfer to help out. It can be a more discreet or less awkward way to give people money for any reason, compared with cash or cheques.

Finally turned your talent for making things into an income stream? Use Interac e-Transfer Autodeposit to receive quick payments from your new customers. Money will be deposited straight into your account, no security question required. Take a look at how to set it up here.

Planning an event or get-together with friends? Since no one likes hounding people for ticket costs and expenses, make it easy by helping everyone pay their share using Interac e-Transfer Request Money.

Sharing a ride with friends? Renting a car together? Use Interac e-Transfer to easily share the cost. And if you’re the one playing the role of driver with your own vehicle, use Interac e-Transfer Request Money to ask everyone to pitch in for gas money.

A night out is a lot more fun if you’re not spending the whole time trying to sort out who owes what. Why not focus on the great time you’re having, and then use Interac e-Transfer to settle up with your friends and family afterwards?

At a restaurant, for example, settling the bill using Interac e-Transfer after you leave is often much easier (not to mention way quicker) than asking the server to split it up amongst a whole bunch of people. And some restaurants don’t allow splitting the bill anyway.

And here’s an idea: When it’s someone’s birthday, why not use Interac e-Transfer to divide the cost of their meal or night out among friends? That way, you can all pitch in and give them a treat.

If you organize the tip-outs as part of your job at a restaurant or another business involving gratuities, your co-workers will appreciate having their funds directly quickly deposited into their bank accounts thanks to Interac e-Transfer.

Every once in a while, your eye lands on a great find at a garage sale, flea market or street sale. But what if you’re not carrying cash (as many of us don’t)? Offer to pay for the item using Interac e-Transfer — that way you can snap it up before someone else beats you to it.

When you’re planning a getaway with friends — whether it’s a vacation abroad or a road trip to a vacation rental, like a cottage  — Interac e-Transfer makes it easy to share the costs. If you’re the organizer, use the Request Money feature to send everyone a request for the amount they owe… and then relax and enjoy the trip.

If you need to pay for house cleaning, or any other kind of service in your home — like gardening, painting or personal training — Interac e-Transfer can help you make the payments simple and secure. It’ll also ensure the person who’s helping you receives payment right away and doesn’t have to spend time dealing with cash or cheques.

Does someone in your community need a show of support? Maybe a local business needs an infusion of funds after an unexpected setback, or you want to make sure a beloved crossing guard gets a nice retirement present. If you’re collecting community donations, let people know they can give by sending you money using Interac e-Transfer. (Which they can do if they know your name and either your email address or your SMS number.)

To make your task as simple as possible, set up Interac e-Transfer Autodeposit. That way, the donations will land right in your banking account without you having to set up a separate security question and answer for each donor.

If you live with roommates, then you know how collecting money for shared bills can be a real time waster. But it’s easy to split the cost of utilities, streaming services and shared groceries with roommates using Interac e-Transfer. Whenever they owe you, nudge them using the Request Money feature. Remember that if you’re signed up for Autodeposit, the money will deposit automatically into your account after a routine fraud check by your financial institution.

(And if you’re just moving in together, or planning to move soon, check out our guide to taking the financial stress out of moving.)

If you’re a natural organizer, then you’ll appreciate how easily you can collect member fees using Interac e-Transfer Request Money — whether you’re splitting an order for 20 copies of a bestseller for your book club, court fees for a pickleball league, or another one of your new hobbies.

If you’re a natural organizer, then you’ll appreciate how easily you can collect member fees using Interac e-Transfer Request Money — whether you’re splitting an order for 20 copies of a bestseller for your book club, court fees for a pickleball league, or another one of your new hobbies.