Interac e-Transfer - FAQ's - ICICI Bank Canada (2024)

FAQs

Interac e-Transfer - FAQ's - ICICI Bank Canada? ›

Money sent by Interac e-Transfer must be in Canadian dollars and must be deposited into an account at a Canadian financial institution. Recipients outside of Canada may receive transfers if they are depositing the money into their Canadian dollar account at a financial institution in Canada.

One further distinction is that EFTs can only be used to transfer money between bank accounts in your name, whereas Interac e-Transfers can be used to send money to a third party—like the colleague who spotted you lunch money the day you forgot your wallet.

So, no you cannot use Interac e-Transfer in the U.S. That being said, Interac does have a collaboration with Mastercard and Western Union to allow Canadians to send International Transfers.

Sending money internationally with Interac e-Transfer involves you initiating a payment via your online banking, which is then sent to your recipient for collection in cash at a Western Union location near to them.

All transfers of $250 or less will send instantly, without any delay. Within a 24-hour period you'll be able to instantly send up to $500 by Interac e-Transfer. Transfers over $250 will get to your desired recipient within 30 minutes of hitting send.

There are also hourly and daily limits: For any 24-hour period, you can send up to $3,000. For any 7-day period, you can send up to $10,000. For any 30-day period, you can send up to $30,000.

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. *Additional fees may apply. Please contact your financial institution.

Can I use the same email for Interac e-Transfer? ›

You can register multiple email addresses per account for Interac e-Transfer Autodeposit. However, once an email is registered, it cannot be used again with another account. A maximum of 5 email addresses per customer can be registered for the Autodeposit feature.

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-Transfers expire 30 days after they are sent and the recipient will not be able to deposit the funds after that time. The sender will receive an email or text message with instructions to re-deposit the funds.

An Interac e-Transfer transaction fee may apply when you Send Money or Request Money using Interac e-Transfer as follows: Personal Accounts: Up to $100: $0.50 per transfer. Over $100: $1.00 per transfer.

Interac e-Transfer is a fast, secure and convenient way to send money to anyone in Canada using online banking. The participating bank or credit union transfers the funds using established and secure banking procedures. Transfers are almost instant, but can take up to 30 minutes depending on your bank or credit union.

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.

To be successful Interac requires a strong Banking system with nation wide coverage and good communications & willing to accept progress . While the US has some large Banks they don't seem to be as up to date on technology or as customer friendly as Canadian ones .