Interac e-Transfer® FAQ
WHAT IS AN INTERAC E-TRANSFER®?
It is an easy, secure, quick and convenient way to send or receive money. Recipients are notified by email and/or text message and must login to their online banking to accept the transfer.
HOW DO I SEND AND RECEIVE AN INTERAC E-TRANSFER®?
To send and/or receive Interac e-Transfers, both the sender and the recipient must have accounts at a Canadian financial institution. The transfer must also be in Canadian dollars.
To receive an e-Transfer:
- You will receive an email or text message indicating you have an e-transfer pending.
- Click the link in the notification to direct you to the Interac® deposit page.
- From the “at a credit union” section, select “Ontario” from the drop-down menu, and then choose “Moya Financial Credit Union”.
- Click on the “Deposit” button and you will be redirected to Moya Financial’s online banking page. Sign in with your online banking credentials.
- Answer the security question provided by the sender.
- Select the account to deposit your money into.
Note: after you accept your first Interac e-Transfer®, Moya Financial Credit Union will be the default financial institution to deposit your funds into (unless you choose otherwise).
To send an e-Transfer:
- Sign into Moya Financial’s online banking system, click on the “Transfers” button from the menu, then click “Send Interac e-Transfer®”.
- Either select an existing recipient from the drop-down menu or click on “Add New Recipient” for a new transfer.
- “Add New Recipient” will prompt you to enter: recipient’s name, email, telephone, preferred language, email and/or text notification, security question and answer.
- You can change the recipient’s information or delete them via “Edit Recipients” at the main e-transfer screen at any time.
- Once you have selected the recipient, select the option for notification – either by email, phone or both.
- Select the account your want to transfer the money from and enter the amount you would like to send (see limits below).
- You may send a message to the recipient, but do not include the answer to your security question.
- Click “Send Transfer” to complete the transaction. The money will be debited from your account immediately after finalizing the transfer.
- The recipient will receive your request by email and/or text within 30 minutes.
Note: Please remember to verify the recipient’s email address before sending the transfer. Once the money has been deposited, you will not be able to cancel it.
ARE THERE LIMITS ON HOW MUCH CAN BE SENT OR RECEIVED?
While there are no minimums – you can send any amount above $0 – there are maximums for both sending and receiving Interac e-Transfers. All limits are rolling.
- Deposit single transaction limit: $3,000.00
- Deposit daily limit (24h): $10,000.00
- Deposit weekly limit (7 days): $10,000.00
- Deposit monthly limit (30 days): $20,000.00
- Withdrawal single transaction limit: $3,000.00
- Withdrawal daily limit (24 h): $10,000.00
- Withdrawal weekly limit (7 days): $10,000.00
- Withdrawal monthly limit (30 days): $20,000.00
IS IT SAFE TO TRANSFER MONEY BY EMAIL OR TEXT MESSAGE?
There is no money is attached to emails or text messages. Instead, financial institutions use standard practices for safe money transfers.
ARE THERE ANY FEES ASSOCIATED WITH INTERAC E-TRANSFER?
Nope – just as long as you and the recipient have an online banking account at a Canadian financial institution. Moya Financial offers this service free of charge so you may send, receive, and cancel transfers at no cost.
WHAT HAPPENS WHEN A RECIPIENT’S FINANCIAL INSTITUTION DOESN’T OFFER THIS SERVICE?
Recipients can still receive the money by registering with Interac and providing their banking information. The deposit usually takes four to six business days and Interac charges a $4.00 administration fee, which is deducted from the total amount of the transfer.
WHAT IF I DON’T BANK ONLINE, CAN I STILL DEPOSIT AN INTERAC E-TRANSFER?
Yes, provided you have an account at a Canadian financial institution. However, you’ll have to register with Interac and provide your banking information. The deposit usually takes four to six business days and Interac charges a $4.00 administration fee, which is deducted from the total amount of the transfer.
CAN I CANCEL AN INTERAC E-TRANSFER?
You can cancel the transfer any time until the recipient accepts it. Generally, it takes 30 minutes for notifications to be sent to recipients. To cancel a transfer, click on the ‘Cancel’ link beside the list of pending transfers.
If a transfer hasn’t been accepted within 30 days, it will automatically expire, and the sender will be notified. The sender can either click on the ‘Cancel’ link beside the list of pending transfers or let Interac cancel the transaction. Money will be returned to the sender within seven days of cancelling the transaction. Note however that fees charged at the time of sending the transfer are not reimbursable.
You can also send reminders to recipients who have yet to accept transfers by clicking on the ‘Resend Notice’ link beside the list of pending transfers.
WHAT HAPPENS IF THE RECIPIENT REJECTS THE TRANSFER?
In that case, you’ll be notified and prompted to log in to your online banking to cancel the pending transfer.