Frequently Asked Questions

What is an Interac® e-Tranfsfer?

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.

Is an Interac e-Transfer secure?

Yes, there is no money attached to emails or text messages. Instead, financial institutions use standard practices for safe money transfers. Security measures have been built into the system, including:

  • Encryption technology
  • Confidential user IDs and passwords issued by financial institutions
  • Secure login process
  • A security question to ensure only the intended recipient receives the money
  • 128-bit browser encryption

Is an Interac e-Transfer for mobile as secure as email money transfers?

Yes, Interac uses the same security measures for mobile as email transfers.

Is there a charge for sending an Interac e-Transfer?

Yes. The fee is $1.50 per transaction regardless of the amount transferred.

Are there limits on how much can be sent or received?

While there are no minimums – you can send any amount above $0 – there are maximums for both sending and receiving Interac e-Transfers.

Limits Per Day
Sending

Up to $3,000

Receiving

Up to $10,000

Limits Per Week
Sending

Up to $10,000

Receiving

Up to $25,000

Limits Per Month
Sending

Up to $20,000

Receiving

Up to $50,000

How can I send an Interac e-Transfer?

All you need is access to online or mobile web banking at ECU and the email address or mobile phone number of the person you are sending money to. You simply logon and complete the e-Transfer registration process and follow the instructions.

To send an Interac e-Transfer using your computer (online banking):

  1. Log into online banking at www.ecusolutions.com and click Transfers.
  2. After a one-time registration process, you can simply choose send Interac e-Transfer.
  3. Select a recipient with an email address and/or mobile phone number. If recipient does not exist they can be
    added to the recipient list along with a security question/answer determined for that recipient.
  4. Key in the e-Transfer information including the account from which to withdraw the funds, a dollar amount,
    how to send it by email, mobile or both and an optional personal message.
  5. Follow the instructions to confirm the information and complete the transfer.

To send an Interac e-Transfer using your mobile phone:

  1. Log into mobile web banking at or use the Mobile Web icon on our home page.
  2. Choose Send Money. (Make sure the sender’s profile has been created).
  3. Select a recipient with an email address and/or mobile phone number. If recipient does not exist they can be
    added and a security question/answer determined for that recipient.
  4. Key in the e-Transfer information including the dollar amount, how to send it by email, mobile or both, select
    the account from which to withdraw the funds and an optional personal message.
  5. Follow the instructions to confirm the information and complete the transfer.
    To send an e-Transfer on a mobile phone, you do not need to download or install any application. You just need a
    mobile phone with a desktop-class web browser.

How do I deposit an Interac e-Transfer?

When someone sends you an Interac e-Transfer, you will receive a notification via email or text message indicating a transfer has been sent to you. The notification includes information about the transfer including:

  • Sender’s name
  • Transfer amount
  • Expiry date
  • Message from the sender

The notification also includes links and directions to help you deposit your transfer to your account. Simply click the link in the notification, select your financial institution, login to online or mobile web banking and deposit the money into the account of your choice. If you cannot click on the link, either cut and paste or type your link into your browser. 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. You will be required to register with Interac 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 fee will be deducted from the deposit amount.

How long does it take for an Interac e-Transfer to be received by a recipient?

It can take up to 30 minutes for an Interac e-Transfer to be received by its recipient. The recipient will receive an email or text message and will be able to follow the prompts. The money is taken from your account immediately.

Can I send an Interac e-Transfer to anyone?

Yes, you can send money to anyone with a valid email address or mobile phone number and a Canadian financial institution account. The recipient will follow the link from the email and step through the instructions provided. Please note: if your recipient’s financial institution does not yet offer the Interac e-Transfer services, or if they don't bank online, they can still receive transfers to any Canadian financial institution account. They will need to register through the Interac website and provide their account information inorder for the money to be deposited. The deposit usually takes 4-6 business days to process and a fee will be deducted from the deposit amount.

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.

How do I cancel an Interac e-Transfer?

Providing the recipient does not accept the transfer, a member can cancel the Interac e-Transfer by logging in to online or mobile banking, selecting Transfer and then Interac e-Transfer, and choosing the Pending Interac e-Transfer menu option. Select Cancel for the transaction you wish to cancel. Once complete, the money will return to your account that the e-Transfer was sent from, however the initial service fee will not be reimbursed. There is no charge to cancel the transaction.

How long does a recipient of an Interac e-Transfer have to deposit the money?

The recipient of an Interac e-Transfer has 30 days to deposit the money. In that 30 day period, the sender can resend a reminder to the recipient. Simply logon to online or mobile web banking, select Transfer and then Interac e-Transfer, and choosing the Pending Interac e-Transfer menu option. Select Resend Notice for the transaction, and then Confirm. There is no charge to resend a notice.

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.

Why do text-message notifications come from 100001?

This is the short code from which all Interac e-Transfer text notifications are sent.

Can I send an Interac e-Transfer to a landline?

If you provide only a landline as the way to notify a recipient, you'll be informed that the transfer could not be completed. You'll need to provide new contact information – either a mobile phone number or email. If, however, you provide a landline and an email, the recipient will be notified via email.

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.

What happens if I use an incorrect mobile phone number?

The notification will be sent to that phone number, however, that person will not be able to deposit the transfer because s/he won't know the answer to the security question. Recipients must correctly answer a security question before they can deposit the money.

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.

What other options do I have?

The Interac e-Transfer menu through online and mobile web, allows you to add, modify and delete recipients, update your profile, and view e-Transfer history (online only).

 

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