I received a request for funds by Interac e-Transfer. What now? (2024)

FAQs

I received a request for funds by Interac e-Transfer. What now? ›

If you are not registered for Autodeposit, you can deposit money received via Interac e-Transfer through online or mobile banking. Simply click the link in the notification you receive, select your financial institution, login to online banking and deposit the money into the account of your choice.

If you are not registered for Autodeposit, you can deposit money received via Interac e-Transfer through online or mobile banking. Simply click the link in the notification you receive, select your financial institution, login to online banking and deposit the money into the account of your choice.

How to Receive an Interac e-Transfer: If you are 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.

Select Interac e-Transfer from the Move Money menu. Select the Manage tab. Select History. Select the appropriate section (Money Sent, Money Received, or Money Requested) to view a full list of completed or pending transactions.

Receiving money is fast and safe with Interac e-Transfer. From splitting a bill with friends to getting paid for a gig, whether you're requesting pay or receiving it, you can be confident that your money will be sent safely and quickly.

Only click on the links in Interac notifications from senders you know and requests you were expecting. When using the Request Money feature, Interac does provide the name of individuals and businesses for Request Money transfers in the notifications which can help you determine if the notification is legitimate.

Interac e-Transfer is not available in the United States but it is possible to send money from a Canadian bank to the U.S. via Interac's partnership with MasterCard and Western Union.

Cross-border payments

Enjoy convenient and easy cross- border spending in the U.S. by using Interac Debit for cross-border shopping where accepted.

For instance, Interac e-Transfer is the Canadian equivalent to Zelle, providing instant person-to-person transfers via bank and credit unions. As of 2023, Interac e-Transfer has 250 participating banks and credit unions. (It lists Desjardin Group, a federation of 213 credit unions, as a single entity).

How long does it take for Interac e-Transfer to process? ›

How long does it take to receive the funds? It usually takes approximately 30 minutes for a transfer to be received by the intended recipient. The recipient will receive an email or text message containing instructions.

You can cancel an Interac e-Transfer transaction you made through online banking if the recipient has not accepted the transfer and deposited the funds into their account. Once you've cancelled the transaction, the funds will be returned to your account.

Interac e-Transfer (formerly Interac Email Money Transfer or EMT) is a Canadian funds transfer service between personal and business accounts in participating Canadian banks and other financial institutions, offered through Interac Corporation.

When someone sends you money via Interac e-Transfer, you will receive an email or text message that a transfer has been sent to you. The notification includes information such as: Sender's name. Transfer amount.

If you believe fraud has occurred, there are processes in place that you can initiate to help get your money back: Contact your financial institution immediately. Your financial institution will begin an investigation. If fraud is found to have occurred, your funds will be returned to you by your financial institution.

To access a history of your Interac e-Transfers: From your Accounts page, select Move money, then Interac e-Transfer. Under the Transfer menu, select Transfer history to access the date, recipient, amount, and status of your past Interac e-Transfers.

If you receive an Interac e-Transfer text or email you weren't expecting, confirm with the sender via another channel. If the email or text comes from someone you don't know, or you suspect it to be fraudulent, don't respond or click any links.

As long as the recipient hasn't accepted the transfer and deposited the funds, you have 30 days to cancel an Interac e-Transfer before it expires.

Interac e-Transfers expire after 30 days if not claimed by the recipient. This may occur if the sender enters an incorrect email address, or if the recipient declines the Interac e-Transfer, responds incorrectly to the security question, or takes no action.

If the individual or organization accepts your request, the money will be automatically deposited into your account without the need for a security question and answer. You'll also receive an email notifying you of the deposit.