Canadian Interac e-Transfer (how-to do an email money transfer in Canada)

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Added 4 years ago by tomm

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Short video on how to do an email money transfer in Canada.

What is Interac email e-Transfer and what are the associated fees?

The Interac email e-Transfer service allows you to securely send or receive money online via email.

Here's how it works:

1. The person sending money enters the recipient's email address, the amount they wish to send, and a security question.
2. The recipient receives an email notifying them of the transfer and, once they correctly answer the security question (chosen by the sender), they can deposit the money to any Canadian-dollar bank account held at a Canadian financial institution.
3. Once the recipient has deposited the transfer, the sender will receive an email confirming that the transfer was successfully completed.

Interac email e-Transfers cost around $1.00 to send. @ Scotiabank there is no fee to cancel an Interac email e-Transfer within 24 hours of sending. But after 24 hours @ Scotiabank there is a $5.00 fee to cancel.