What Is an Interac e-Transfer?

by Beth Rifkin

0 min read

An Interac e-Transfer is a method for people to transfer money from one participating bank to another electronically. For example, you can send money to your friend by email if he has a Canadian bank account.

Interac e-Transfers are fast, and receivers of the funds have access to the money deposited right away. Interac e-Transfers are also secure; when you transfer funds using this method, the financial institutions involved handle the transfer directly. You don’t have to share your bank account information with the sender or receiver for the transfer to happen.

You can initiate an Interac e-Transfer any time and anywhere with online access. You can do it using your computer or with your bank’s mobile banking app.

References & Resources

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