E-transfer or email money transfers refer to fund transfers between accounts in participating Canadian financial institutions using email and online banking services. It is commonly known as Interac e-transfers, as the transactions are facilitated by Interac, Canada's interbank network.
The method is known for its convenience, allowing access to money transfers through a smartphone with multiple levels of encryption for security. E-transfers are also a quick way to send and receive money, with most transactions completed within 30 minutes.
According to their data, Interac e-Transfer transactions were valued at 1.18 billion in 2023.
E-transfers are initiated through an account holder's online banking application- usually appearing as an option for money transfers. Once you select this option, you'll need a recipient's name, email address or phone number and confirmation to complete the transaction.
A complete breakdown of the process is as follows.
Limitations imposed by Banks on Interac e-transfers can be a downside for users who are used to transferring large sums. With most institutions, the Interac e-transfer limit usually lies within the $2000-$3000 range, per transaction.
tWhile e-transfer is the best way to send small amounts of money within Canada Remitbee is a popular choice for money transfers from Canada to other parts of the world due to its user-friendly platform and competitive exchange rates. With Remitbee, individuals can easily send money domestically and internationally with options like cash pickups, Interac e-transfer, Debit, Bill payment, or Direct Withdrawals (EFT). Its fast and secure transfer process ensures that funds reach the recipient quickly and reliably.
While Interac e-Transfer remains a widely used and convenient method for transferring money in Canada, exploring alternatives can offer additional flexibility and benefits. Whether using platforms like PayPal for online transactions, wire transfers for larger sums, or mobile banking apps for seamless transfers on the go, Canadians have various options to suit their specific needs. Each alternative comes with its own set of advantages, such as lower fees, faster processing times, or broader international reach. Individuals can select the most suitable alternative to Interac e-Transfer for their financial transactions by considering factors such as convenience, security, and cost-effectiveness.