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What is Interac e-transfer?

Do you have access to online or mobile banking? Great, Interac is here, helping you receive, send or request money from any bank account to another. All you need is the sender’s/receiver’s email address or mobile phone nr. and a Canadian bank account, because after all, this system has “Canadian only” labeled on it. With over 250 financial institutions participating, Interac encloses all the leading banks in Canada.

Key Benefits:

1. It’s safe – Between the sender and the receiver, there is no need to disclose any financial information from their accounts. A security answer protects your transfer and lets you chose not only the answer but also the question. We strongly recommend that you provide a strong security answer and do not send it via email or text. If you want to be sure that the right person gets it, better call them directly. It also uses SSL to protect customer identities and encrypt transactions data and communications.
2. It is fast – There is little to no time to receive the money, they can be accessed immediately after the transfer has been accepted.
3. It is user-friendly – If you already have online banking active, there is almost nothing else needed, you can start sending/receiving/requesting money in just a few simple steps. The interface is very intuitive, helping you at all times.
4. It is not a time consumer – Once a transfer is sent, a notification pops up on email and/or phone. You do not have to sign anything else, wait in a line or fill any documents.

How Interac changed the perspective in Canada

An upgrade from paper cheques was much needed. Checks as we know them have been around for about 300 years, while e-transfers only for 16 years. The trend of e-transfer has been rising fast and could easily overtake cheques in popularity. A lot of new features have been added to Interac to speed up the process and make it easier:

– Now you can have transfer sent to you, to auto deposit in your account, without the need to fill a security answer.

– No waiting is needed, you can see the money leaving your account, and the deposit can be made from a computer, tablet or even a phone.

– Interac transfers can be used to send/receive money for a lot of things, pay a friend back, paying rent, paying fees, paying a subscription, etc. but the request money feature looks like is intended for businesses.

– The transfers have some fees, while some of them are included in packages, you should better check your online banking and see what the cost for an Interac e-transfer is. Also, each financial institution has different limits when it comes to accepting and sending money via interac.

– Canadians can use the Interac Flash to pay with their credit card by holding it over an NFC-terminal

If you wish to give this system a try you can also do it on our website. A large amount of our clients prefer the Interac e-transfer for its speed and security, using it every day. Crypto currencies have never been easier to buy. Register, verify and start shopping with Interac here at BitCanuck.