Interac e-Transfer®

Overview

Enjoy the Benefits of Interac e-Transfer®

The simple, secure way to transfer money from anywhere to anyone.

Send or receive money in a snap with Interac e-Transfer®. All you need is an email address and an account at a participating Canadian financial institution. As a sender, you don't need to worry about figuring out where the person banks and they won't know where you do your banking; all account details and financial institutions are kept confidential.

It's easy

There's no need to set up any new accounts, user IDs or passwords. As long as both parties have online banking accounts at participating financial institution, all you need to send or receive money is the recipient's email address.

It's secure

When you send an Interac e-Transfer® by email, the money never travels with the message. Instead, recipients receive an encrypted link to deposit the funds using their own online banking credentials.

It's convenient

With Interac e-Transfer®, you can use any computer or mobile phone to send or receive money instantly by email. Whether you owe your friend, or your friend owes you or they just don't take plastic, you'll never need to worry about carrying cash again.

It's quick

Recipients are notified by email that they have received a payment within approximately 30 minutes from when the sender initiates the transfer.

Ways to use it

Interac e-Transfer® is a quick and convenient way to transfer money for almost anything, such as:

  • Repaying money you borrowed from a friend or relative
  • Sending cash to children at college or university
  • Transferring your share of rent to your roommate
  • Sending money in place of a gift
  • Paying the invoices of suppliers

Need more information? Click on the FAQs tab above to find out more.

See our privacy policy for more information on how we keep your financial information safe.

Sending

Sending an Interac e-Transfer®

  1. Login to your MemberDirect® online banking.
  2. Select 'Send an Interac e-Transfer®' under 'Transfers'.
  3. Create a profile with your email address and/or mobile phone number, if you have not already done so.
  4. Select a recipient, or add a new recipient profile, by entering the person's name or business name, plus an email address and/or mobile phone number.
  5. Create a security question and answer that only you and the recipient know.
  6. Add a personal message (optional) but don't include the answer to the security question.
  7. Select an account from which to make the transfer and enter the amount.
  8. Send the Interac e-Transfer® (your account will be debited the transfer amount immediately, plus any applicable fees).

Receiving

Receiving an Interac® e-Transfer

  1. Ensure the link received via email offers a secure connection that takes you to a site with the 'https' prefix, rather than 'http'.
  2. Click on the link and you'll be taken to a secure Interac® website.
  3. Follow the instructions on the site to select HMECU (under Credit Unions) and click 'Deposit', and you'll be redirected to your HMECU CU-Net online banking login screen.
  4. Login to answer the security question and accept the transfer.
  5. Select the account where you wish to deposit the money - it's that easy!

FAQs

Frequently Asked Questions

Below is a list of Frequently Asked Questions about Interac e-Transfers®. Click on the question to reveal the answer.

How do I get started? Expand/Collapse

Do you already have an HMECU account and are signed up for CU-Net online banking? Click on the "Sending" tab above and follow the instructions on how to send and Interac e-Transfer® now!

Not an HMECU member? Click here to fill out your membership application.

Have you read the FAQs and still have questions? Contact your branch.

What is an Interac e-Transfer?® Expand/Collapse

It is an easy, secure, quick and convenient way to send or receive money.

Recipients are notified by email and must login to their online banking at participating financial institutions to accept the transfer.

Who can use Interac e-Transfer®? Expand/Collapse

Any individual or small business owner with an account at a Canadian financial institution that offers the service can initiate an Interac e-Transfer®, while anyone with an account at a participating Canadian financial institution can receive one.

Is it safe to transfer money by e-mail? Expand/Collapse

Yes, there is no money attached to e-mails. Instead, financial institutions use standard practices for safe money transfers.

Is there a charge for sending an Interac e-Transfer®? Expand/Collapse

Yes, there is a fee of $1.50 for sending an Interac e-Transfer®.

There is no fee for receiving a transfer.

Are there limits on how much can be sent or received? Expand/Collapse

Yes, like most other financial transactions there are limits on the amount that you can send or receive.

Daily Maximum

Sending - up to $3,000 per day ~ Receiving - Up to $10,000 per day

Weekly Maximum

Sending - Up to $10,000 per week ~ Receiving - $25,000 per week

Monthly Maximum

Sending - Up to $20,000 per month ~ Receiving - Up to $50,000 per month

Is there a fee to cancel an Interac e-Transfer®? Expand/Collapse

There are no cancelation fees, however, the sending fee is non-refundable. If you cancel an Interac e-Transfer®, your account will be credited with the dollar amount of the transfer minus the sending fee.

Is there a fee to receive an Interac e-Transfer®? Expand/Collapse

As long as you use online banking, it's free to receive an Interac e-Transfer®.

What happens when a recipient's Financial Institution doesn't offer this service? Expand/Collapse

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.

If I don't bank online, can I still deposit an Interac e-Transfer®? Expand/Collapse

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 send an Interac e-Transfer® to anyone? Expand/Collapse

No. In order to send and/or receive Interac e-Transfers®, both senders and recipients must have accounts at Canadian financial institutions. The transfer must also be in Canadian dollars.

How long does it take to receive the money? Expand/Collapse

For recipients, it takes approximately 30 minutes for notifications to be received. As soon as the notification is received, the recipient can deposit the money. As a sender, the money is debited from your account immediately after finalizing the transfer.

Can I cancel an Interac e-Transfer®? Expand/Collapse

You can cancel the transfer anytime 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, however, 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 Interac e-Transfer®? Expand/Collapse

In that case, you'll be notified and prompted to login to your online banking to cancel the pending transfer.
® Trademark of Interac Inc. used under license.