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.
®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.