e-Transfer Electronic Remittance Introduction

e-Transfer Electronic Remittance Introduction

Email transfer is a way to send money directly from your Canadian bank account. The payee will receive an email. After clicking on the specific link, go to the Canadian bank account listed below that supports E-Transfer. After logging in, you can receive the money (Send Money)! (You can also use this method to collect money from other people Request money!)

How it works: Use your online banking interface to send a remittance, notify the recipient via email, and complete the transfer through a transaction network between Canadian bank accounts.

So whether you want to pay rent or split a bill, Interac e-Transfer service makes it easy and secure to send money to an individual or business using your email address or mobile number and a bank account at a Canadian financial institution.

Fast : Applicants will usually receive an email or SMS notification within one minute after you use the Interac electronic transfer service to send or request money, and can deposit the money into their account at a Canadian financial institution ◎ Convenient : anytime Send or request money through EasyWeb or the Banking App to anyone with an email address or mobile number and a Canadian financial institution bank account ◎ Secure : When you send money, the funds will be transferred directly from your bank account to the recipient account, your account information will still be protected

You need to have one of the following Canadian banks or other accounts that support e-transfer, and apply to open online banking

△ RBC Royal Bank △ TD Canada Trust △ BMO Bank of Montreal △ CIBC Canadian Imperial Bank of Commerce △ Scotiabank

Interac Electronic Funds Transfer Fees

Fees vary from bank to bank. Taking TD Canada Trust Bank as an example, each transfer requires a handling fee of $1.50 Canadian dollars (specific banks may have fee-free services). Most banks now provide unlimited accounts for international students. This type of account There is no charge for e-transfer.

*Transaction fees may also apply when you send money through a personal or business account, or when you request and receive money through a business account. Additionally, transfers and receipts can only be made through a Canadian dollar bank account.

Operation method

Take TD Canada Trust Bank as an example)

Register for Interac e-Transfer

1. Log in to TD’s EasyWeb

2. Select “Transfers” from the navigation options on the left

3. Then select “Interac e-Transfer”

4. Click ""Register Now" to register immediately and press "Next" and "Finish" to complete

Use Interac Electronic Funds Transfer

1. After registration is completed, the payee will receive an email with instructions on how to receive and remit funds.

2. After your payee logs into the bank's online banking service page, the system will prompt him or her to answer the security questions you set. The recipient can then securely deposit your transfer into their bank account

3. The daily transfer amount is capped at $3,000