Interac® e-Transfer

What's New

Interac® e-Transfer has some new enhancements to make transferring money even easier and more convenient:

  • Request Money — Now you'll have the ability to request money from an e-Transfer recipient.
    • When you log in to your online banking and fulfill the request, the funds are withdrawn immediately. The person requesting the funds receives a direct deposit into the account they selected in their original request.
  • Autodeposit — Now you'll have the ability to enable autodeposit when receiving e-Transfers.
    • Makes receiving money even easier by allowing you to register your email address with Interac and link the address with an account at your financial institution.
    • When an Interac e-Transfer is sent with Autodeposit, the funds are automatically deposited into the account associated with that email address. There is no need to login to online banking and answer a security question to claim the money.
    • When logged-in to online banking, the sender is made aware that the recipient is registered for Autodeposit.

For more information regarding Interac e-Transfer's new features please contact your branch.

What is Interac® e-Transfer?

Interac® e-Transfer* is a simple, convenient, and secure way to send and receive money directly from one bank account to another. All you need is access to online or mobile banking through a participating financial institution, and you can send money to anyone with an email address or mobile phone number and a bank account in Canada — without sharing any personal or financial information. It's a great alternative to cheques and cash.

Interac e-Transfers can be sent or received through email using a full-sized website on a desktop or laptop computer, or through email and text messaging using a mobile browser on a smart phone.

With Interac e-Transfers, you can:

  • Split a lunch bill
  • Send money to your children
  • Pay the babysitter, tutor or daycare
  • Pay for items purchased online
  • Contribute to a friend’s fundraising activity
  • And much more!

The Benefits of Interac e-Transfer

  • Direct – Send and receive money directly from and to your existing bank account
  • Fast – The money can be accessed immediately* after the transfer is accepted
  • Secure – The security question protects your transfer from being deposited by unintended recipients
  • Private – You never have to share your personal or financial information, such as your address, phone number or account information
  • Convenient – Easy access through online banking. No need to set up new accounts, user ID or passwords
  • Green – Email and/or text message carries the notification, so no need to drive, print or mail
  • Easy – Another tool to help you move your money

How it Works

  • You want to repay your friend the $20 you owe her
  • You login to Aldergrove Credit Union online banking and choose to send your friend an Interac e-Transfer of $20
  • You choose to send her a notification through text message (you could also choose to send her an email notification)
  • Your friend receives a text message and sees that she is receiving an Interac e-Transfer of $20
  • She clicks on the link within the text message and opens a mobile web browser on her phone
  • She logs into her Aldergrove Credit Union account, or her account at another banking institution, and accepts the transfer

It’s that easy! Watch the demo.

Learn More

®Trademark of Interac Inc. Used under license

*With Interac e-Transfer, recipients don’t have to wait for the funds to clear. Money can be instantly accessed after the transfer is accepted. However, to immediately receive a transfer, the recipient must bank with a participating financial institution. If the recipient’s institution does not offer Interac e-Transfer, the transaction will usually take three to five business days.

 

 

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