You can use an Interac e-Transfer in many different ways. Namely, to send money to other individuals. Think: splitting a large dinner bill with friends when you don’t have cash on hand or purchasing an item on Kijiji. You can also use it to pay small businesses, usually that offers services. For instance, a hairdresser that works from their home might not have a debit or credit payment method and prefers e-transfer for bookkeeping purposes. You can also use e-transfers for large group events. For example, if one friend booked a vacation package on their credit card for everyone and then the participating friends e-transferred them how much they each owed. Sometimes, landlords accept e-transfers rather than cheques for rent payments, too.
What Information Do I Need to Give or Receive an Interac e-Transfer?
In order to give or receive an e-transfer, you simply need the other party’s name and email address or phone number. In some cases, you may need an agreed upon password to accept the e-transfer.
How Much Does it Cost to Send an Interac e-Transfer?
It depends on your financial institution. Some banks offer it as a free service without limits, while others charge a fee for every e-transfer. If you have a banking package, you may get a certain number of included e-transfers per month and a charge if you surpass this amount.
How Long Does it Take to Receive an Interac e-Transfer?
Most of the time, you’ll receive your e-transfer within minutes. However, sometimes there is a delay of up to 30 minutes.
Interac e-Transfer Transaction Limits
Depending on your bank, you may have a transaction limit of how much money you can send in an e-transfer at once and how much you can send total per day. Many banks cap this at $3,000 per transaction. However, Interac e-Transfer also offers this service for businesses, with a higher limit of up to $25,000.
