Interac e-Transfers FAQ | OutlookFinancial.com (2024)

Overview
Service Charges and Limits
Sending
Receiving

Overview

What is an Interac e-Transfer?
Interac e-Transferis a service that allows you to send or receive funds using your mobile phone or email address.

Who can use this service?
All Online Banking users can send funds via Interac e-Transfer. If you aren't already signed up for online banking, visit our Online Banking page.

Is sending funds by Interac e-Transfer secure?
Yes. The sender of the transfer creates a shared security question so that only the recipient candeposit the funds. Funds don't travel by email or mobile phone: they are deposited directly into the recipient's account after the recipient has unlockedthe email or mobile text message by answering the security question.

Service Charges and Limits

What does it cost to use Interac e-Transfers?
Sending Interac e-Transfers: $1.50
This service fee will be applied even if the transfer is rejected or cancelled.

Receiving Interac e-Transfers: free

Stopping Interac e-Transfers: free
e-Transfers can only be stopped if the recipient has not yet accepted the funds. For more information see How do I stop or cancel an Interac e-Transfer?

Expired Interac e-Transfers: $5.00
If the person receiving the funds does not accept the transfer within 30 days, and if the sender does not reclaim the funds 30 days after receiving notification, the sender will be charged this $5.00 fee.
For more information see Are Interac e-Transfers time sensitive?

Non-registered recipient: fee determined by receiving institution and Interac
For more information see I want to send funds to someone but their financial institution does not have Interac e-Transfers.

How much can I send with Interac e-Transfers?
There are maximum limits as to how much you can send and receive through an Interac e-Transfer:

Per transaction

Send

$3,000

Receive

$25,000

Daily

Send $3,000
Receive No limit
Weekly Send $10,000
Receive

No limit

Monthly Send $20,000
Receive No limit

Sending

How long will the transfer take?
It usually takes approximately 30minutesfor a transfer to be received by the intended recipient. The recipient will receive an email or text message containing instructions. The sender will receive notification when the transfer has been completed or declined.

When you send an Interac e-Transfer the funds are withdrawn from your account immediately.

Are Interac e-Transfers time-sensitive?
Yes. 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.

If the sender doesn't manually cancel the transaction within the next 30 days (i.e. 60 days from the day it was originally sent), the funds will be credited back to the sender by ACU and a $5.00 fee will be charged.

Can I send funds by Interac e-Transferto someone outside of Canada?
No. Funds sent by Interac e-Transfermust be in Canadian dollars and must be deposited into a Canadian account.

What happens if the recipient doesn't answer the security question correctly?
The sender will receive an email or text message notifying them that the recipient failed to answer the security question correctly. The email or text message will also contain instructions for reclaiming and depositing the funds.

See Also
Ask Us

What can the Interac e-Transfer recipient expect to receive when I send a transfer?
Recipients will get an email or a text notification containing a link to the Interac website. They will be asked to select their financial institution and will receive further instructions.

What happens if the recipient declines my Interac e-Transfer?
When the recipient receives the transfer notice they have the option to accept or decline the transfer. If they choose to decline the transfer, you will receive an email or text message notification.

Note: To complete the refused transfer, you must cancel the transfer on the Pending Interac e-Transfers page. This will return the funds to your account. The fee for sending the Interac e-Transfer will not be refunded.

I want to send funds to someone but their financial institution does not have Interac e-Transfers. Can I still send one?

Yes, if the recipient is registered for online banking with their financial institution. When they receive the notification of the Interac e-Transfer, they will have to register with Interac by following the link sent with the notification. They will have to provide their banking information to Interac to complete the transaction.

Deposits to individuals whose financial institutions don't offer Interac e-Transfers usually take four to six business days to process. An Interac fee will be deducted from the funds being transferred. Please check with the recipient's financial institution to confirm the fee amount and adjust your transfer accordingly.

Is there a minimum dollar amount required to send an Interac e-Transfer
No, there is no minimum required to send a transfer.

Receiving

How will I know if I've received an Interac e-Transfer?
If the transfer has been sent via email, the recipient will receive an email message with the subject line "Interac e-Transfer from (Name of Sender)."

When someone sends a transfer via text messaging a text message from 100001 with the message "(Name of Sender) sent you an Interac e-Transfer" will be received.

Both messages will contain instructions to complete the transaction.

If you're expecting to receive an electronic transfer and don't see it in your inbox be sure to check your spam/junk folder.

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.

Managing My Interac e-Transfers

How do I check the status of Interac e-Transfers?
Go to the Pending Interac e-Transfer page, which shows all active Interac e-Transfers. To see completed transfers, visit the e-Transfer History page.

How do I cancel an Interac e-Transfer?
You can cancel an Interac e-Transfer only after the recipient has received the notification but before the recipient has accepted the funds.
To cancel an Interac e-Transfer:

  1. Sign in to Online Banking.
  2. Click Transfers and choose Pending Interac e-Transfers
  3. Find the transfer you wish to cancel and click the Cancel button on the right.
  4. Choose the account in which to deposit the reclaimed funds.
  5. Click Continue.
  6. Review your information and click Confirm to stop the transfer.

What happens if the recipient doesn't complete the transfer?
If the recipient has not deposited the funds, you can resend the notice by clicking Resend Notice beside the transfer status on the Pending Interac e-Transfers page.

The transaction will expire after 30 days from the date sent and notification will be sent to the sender. The sender then has 30 additional days (i.e. 60 days from the day it was originally sent) to cancel the transaction and reclaim the funds by clicking Cancel beside the transfer status on the Pending Interac e-Transfers page. If the sender does not cancel the transaction by this time the transaction will be automatically cancelled. The funds will be credited back to the sender's account and a $5.00 cancellation fee will be applied. The initial service charge will not be refunded.

Trade-mark of Interac Inc. Used under license.

Interac e-Transfers FAQ | OutlookFinancial.com (2024)

FAQs

How do I know if an e-transfer is legit? ›

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.

What is the security question on the Interac e-Transfer? ›

The use of the security question and answer acts as an additional security measure to validate that only the sender's intended recipient can collect the Interac e-Transfer(s). The sender sets the question when they send the transfer. The question is something only the intended recipient can answer.

How long does it take for an Interac e-Transfer to go through? ›

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.

Why isn't my e-transfer going through? ›

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.

Can you get money back from Etransfer if scammed? ›

Use vigilance at all times – remember, once an Interac e-Transfer transaction is accepted by the recipient it cannot be reversed. For more information on Interac e-Transfer, please visit interac.ca/etransfer.

How to detect fake transfers? ›

Verify the receipt by checking your bank statement

Please remember to always verify the receipt by checking your bank account statement. If you see an incoming transfer and added amount of money, it means the money transfer is authentic.

Is it safe to accept an Interac e-Transfer? ›

Receiving money is fast and safe with Interac e-Transfer.

How to accept an e-transfer without a security question? ›

Autodeposit

If you have registered your email address for Autodeposit, and the Sender used your email address, and the transaction is successful, the money will be deposited into your account automatically without the need to answer a security question.

Is Interac verification safe? ›

Secure and private

Built with strong security protocols, Interac verification service keeps personal information private.

Is Interac e-Transfer available in the US? ›

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.

How do I know if my e-transfer went through? ›

You will receive messages in your Online Banking Message Centre advising the status of any Interac e-Transfer you've sent, including if it has not been claimed or has expired. You can also check the status at any time by selecting the hyperlinked confirmation number on the Payment History page.

Can Interac e-Transfer be traced? ›

Acxsys tracks each Interac e-Transfer sent or received through its network. This information includes the payment amount, expiry date of the Interac e-Transfer, name of the originating financial institution, current payment status and status history of the payment.

Is Interac having issues today? ›

User reports indicate no current problems at Interac.

What happens if an e-transfer is not deposited? ›

If the recipient has not deposited the funds, you can resend the notice by clicking Resend Notice beside the transfer status on the Pending Interac e-Transfers page. The transaction will expire after 30 days from the date sent and notification will be sent to the sender.

Why are my e-transfers taking so long? ›

If it's taking a long time, it could be due to a larger transaction or a poor internet connection. If you don't receive any notification after 30 minutes, double check that the transfer details are correct. Ask the sender to contact their bank if you're still having trouble.

Is it safe to receive an e-transfer from a stranger? ›

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.

How do I accept an e-transfer safely? ›

Before accepting the transaction, you will have to answer the security question that the sender set up. Once those details are filled out, follow the instructions to confirm the transaction and the funds will be deposited to your account.

How do you tell if an e-transfer has been accepted? ›

You will receive messages in your Online Banking Message Centre advising the status of any Interac e-Transfer you've sent, including if it has not been claimed or has expired. You can also check the status at any time by selecting the hyperlinked confirmation number on the Payment History page.

How do I find out where an e-transfer came from? ›

Select History from the Interac e-Transfer® menu options on the left. Select the appropriate tab (Money Sent, Money Received, or Money Requested) to view completed or pending transactions. Select the individual transaction for more details.

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