E -Transfer

E -Transfer

E -Transfer also known as Interac e-Transfer is an electronic method of sending money from your bank account to someone else. E-transfers can be sent either via your financial institution’s online platform or its mobile app and take just a few seconds to complete.

Interac e-Transfers were develope by Interac—Canada’s interbank payment network that provides the infrastructure for the country’s debit card system. They were first introduced to the general public in 2003. and are consider to be one of the first digital peer-to-peer methods of payment. You can use Interac e-Transfers to send money to anyone in Canada who has an account with a participating financial institution. However, since Interac is a Canadian interbank network, e-transfers are not available outside of the country.

How to Receive an Interac e-Transfer:

If you set up for auto deposit the money will go directly into your account. If not, you will receive a link via text message or email. Click through the link, answer the security question and choose which bank account you want to deposit the funds into. In the unlikely event you do not see your bank listed as an option, it means it does not offer the service.

How to cancel Interac e-Transfer:

To cancel a transfer you’ve sent, access your online bank account and find your transaction history. Select the Interac e-Transfer transaction you wish to cancel and use the cancel option provided. Note that your bank or financial institution may charge a fee for cancelling an e-transfer.

Interac e-Transfers and Venmo are similar in that they are both peer-to-peer methods of transferring money. However, the same way in which Interac is a Canadian service that requires a Canadian bank account, Venmo is an American service that requires a U.S. bank account. To be able to use Venmo, you must be physically located in the U.S., have a U.S. phone number that you can receive text messages from and be at least 18 years old.