eTransfer FAQ

Questions

  1. What is an Interac® e-Transfer?
  2. Is sending money by email secure?
  3. How long does it take to receive money by email?
  4. Can I send money by email to someone outside of Canada?
  5. Upcoming changes to e-Transfer Security Question Answers

Answers

1. What is an Interac® e-Transfer?

An Interac® e-Transfer allows members to transfer money by email and/or mobile phone through Interior Savings online banking to any other person who has an email address and an account at a Canadian credit union or bank. 

Back to the top


2. Is sending money by email/mobile phone secure?

Sending money by email/mobile phone is secure.  You create a shared security question, so that only the recipient can deposit the money.  The money never actually travels by email/mobile phone; it's deposited directly into the recipient's account after the recipient has 'unlocked' the email or text message by answering the security question.

Back to the top


3. How long does it take to receive money by email or mobile phone?

It can take up to 30 minutes for an Interac® e-Transfer to arrive at a recipient's email address or mobile phone.  The amount of time depends on internet connectivity, including the recipient's email system or mobile phone provider.  The money is withdrawn from your account immediately.

Back to the top


4. How much does it cost to send an Interac® e-Transfer?

Interior Savings Canadian personal chequing accounts include Interac® e-Transfers as a transaction within your monthly chequing package transaction limit.

Back to the top


5. How do I register for Interac® e-Transfer?

Registration is free and easy.  Log-in to online banking and go to the Transfer Money tab.  Click the Interac® e-Transfer link located on the Shortcuts menu and follow the instructions on the screen to create your profile and your recipients' list.  You can then begin to use e-Transfers right away.

Back to the top


6. Can I receive money by email or mobile phone, too?

Yes.  If you receive an Interac® e-Transfer, follow the instructions in the email.  When you are re-directed to the Certapay site (Certapay processes these transfers for Interac), select Interior Savings from the list of credit unions.  You will then be prompted to log-in to online banking to answer the security question and choose the account you want to deposit the funds into.  Once you have completed these steps, the money will be deposited into your account immediately, without a hold.

Back to the top


7. Who can use Interac® e-Transfer?
 
Interac® e-Transfer can be used by anyone who has an email address or mobile phone, a bank account at a Canadian credit union or bank and uses online banking.

Back to the top


8. Why are there limits on how much I can send by Interac® e-Transfer?

For your protection, limits placed on how much a person can send by Interac® e-Transfer.

Back to the top


9. Can I cancel an Interac® e-Transfer?

You can cancel an Interac® e-Transfer in online banking if the recipient has not yet deposited the money.  The money will be re-deposited back into your account.  Service Charges are non-refundable.

Back to the top


10. What happens if the money I send isn't deposited?

A recipient has 30 days to deposit money that you sent to them by email or mobile phone.  During that 30 days, you can send reminder emails to the recipient via online banking.  If after 30 days the recipient has not deposited the money you emailed, the money will be re-deposited to your account.  It can take up to 30 days after the 30 day expiry to receive the money back into your account.

Back to the top


11. Can a recipient decline to accept the money?

A recipient can decline to deposit the money that is sent to them in an Interac® e-Transfer.   The sender will receive notification by email or text message that the money has been declined and the sender can then follow instructions in the email to deposit the money back into their account.

Back to the top


12. Can I send money by email or mobile phone from a branch?

No.  For security reasons, you can only send money by email via online banking.

Back to the top


13. Can I send money by email or mobile phone to someone outside of Canada?

Money sent by email or mobile phone must be in Canadian dollars and it must be deposited into a Canadian account.  You cannot send money by email or mobile phone to someone who does not have a Canadian account and online banking access at their financial institution.

Back to the top


14. Changes to e-Transfer Security Question Answers

Interac will require new security answers to the question the sender asks the receiver to answer before funds are transferred.

  1. Effective immediately, members who have not updated the security answers will be notified when they send an e-Transfer.
  2. Any security answers not updated by September 1, 2019 will be deleted by Interac and members will be required to enter a new security answer the next time they send an e-Transfer to that recipient.

Back to the top