Interac® e-Transfers

Interac® e-Transfer just got better

We have just introduced two new features to Interac® e-Transfer: Autodeposit and Request Money. With these new features it is now easier than ever to send, request and receive money from anyone with a Canadian bank account.

Receive Money Faster With Autodeposit

You can now get money owed to you without having to do anything. You no longer need to log in to online banking or answer security questions once you have registered for this service.

Request Money You Are Owed

When you send a request for money, the recipient is notified instantly and can accept the request. If accepted, the requested amount will be automatically deposited into your account.

Interac® e-Transfers

Interac® e-Transfers allows you to send money in minutes to anyone with an email address or mobile phone number and an account at a Canadian credit union or bank. The process is simple, convenient and secure. It's a great alternative to cheques and cash.

Interac® e-Transfer Security Question Answers Will be Reset

Interac® will require new security answers to the question the sender asks the reciever 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.

Ways to Use Expand/Collapse

With Interac® e-Transfers you can:

  • Use the Request Money feature to ask family, friends or anyone else for a quick payment
  • Use the Autodeposit feature to automatically accept Interac® e-Transfer payments without having to login or answer security questions
  • Send money to children at college
  • Send gifts to friends or family
  • Pay your rent electronically
  • Pay for items purchased online or at garage sales
  • Settle a bill with a friend
  • And much, much more...the possibilities are endless.

Benefits Expand/Collapse

  • Use the Request Money feature to ask for money owed to you
  • Register for Autodeposit and you won't have to login and answer security questions anymore
  • Send and receive money directly from and to your existing bank account
  • There's no need to share personal or financial information, allowing you to keep your address, phone number and account information private
  • A security question protects your transfer from being deposited by unintended recipients
  • Email and/or text message carries the notification, so no need to get stamps or to find a mailbox

Is it Safe? Expand/Collapse

Yes, Interac® e-Transfers are very safe. When you send an Interac® e-Transfer, your money never travels by email or text. Email and text are only used to notify the recipient and to provide them with instructions on how to deposit money. Interior Savings and your recipient’s financial institution transfer funds using established and secure banking procedures.

Compare: Interac® e-Transfers vs Me to Me Transfers Expand/Collapse

Interac® e-Transfer

Me to Me Transfer

Fee
Send Included†* $1.50 outgoing fee
Receive Free Free
Limits
Send $3,000/day $50,000/day
$10,000/week $100,000/week
$20,000/month $250,000/month

Receive

$10,000/day $50,000/day
$70,000/week $100,000/week
$300,000/month $250,000/month
Holds None Up to 5 business days

An additional $4.00 charge per e-Transfer will be added when an e-Transfer is sent to a non-participating Financial Institution.
*Included as a transaction within your monthly personal chequing package transaction limit. $1.50 for business accounts.

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