F Interac Payment Process

Interac E-mail Money Transfer

Interac E-mail Money Transfer is an easy way to send money between two people living in Canada. All the major Canadian banks provide this service to online banking customers.

To transfer money to someone else you need the following:

  • Online banking ability with your bank.
  • Your e-mail address, e.g. adam.smith@gmail.com
  • E-mail address of recipient of money, e.g. john.doe@gmail.com.
  • Agreement on a challenge question in advance. e.g. Q: What is your favourite animal? A: zebra

The following example uses TD Canada Trust, but the process will be similar with other banks.

Select the Interac E-mail Money Transfer feature. Note: The first time you use this feature you will need to associate your e-mail address "adam.smith@gmail.com" with a bank account.

Next you will need to define add a Recipient for the money.

Here we enter the Recipient's information, including his e-mail address "john.doe@gmail.com" and the Challenge Question he will need to answer when he logs into his online banking system in order to successfully receive the funds.

Click on Finish to save the Recipient's information.

Now that you have the Recipient defined, you can send funds to him.

Click on Finish to send the funds.

Finally, you will then receive an acknowlegement e-mail, saying that the funds have been sent.

 

Consult your bank's Online Banking Support staff for further information.