What is an Interac e-Transfer
Interac e-Transfer is a service that allows you to transfer and receive money in Canada using only your phone number or mail address. To send money, you’ll need access to RBC Online Banking as well as the recipient’s mail address or cell phone number. All you need is a bank account with a Canadian financial institution and a mail address or mobile phone number to receive money.
You can use Interac e-Transfer to do the following:
- Send money to relatives, including children who are away at school.
- Make a payment to a neighbor, a friend, or the babysitter if you owe them money.
- Money gets transferred between accounts at various financial institutions.
- Donate a group gift or event.
- Make a payment for an item in an online auction.
How does it work?
In many ways, an e-Transfer is similar to an e-check. The funds are not sent by e-mail. The procedures for collecting the funding are the only ones included.
The sender logs into their online banking account and selects the recipient, amount to send, and security question and answer. The funds are deducted immediately, usually with a fee. As a secondary security measure, the sender transmits the security response to the recipient independently, usually through media other than e-mail.
Following that, the recipient receives an e-mail or text message with instructions on how to retrieve the funds. They intend to answer the question via a secure website.
The recipient must correctly answer the security question. (If the recipient does not successfully answer the question after three attempts, the cash will get automatically refunded to the sender).
Senders can use the Auto deposit option to send money to recipients without answer a security question. This feature must get enabled in the recipient’s account settings.
How do I cancel an Interac e-Transfer?
Only after the recipient has received the notification but before the funds get accepted may you cancel an Interac e-Transfer.
To cancel an Interac e-Transfer, follow these steps:
- Log in to your Online Banking account.
- Select Pending Interac e-Transfers.
- Find the transfer you want to cancel.
- Select the account where the reclaimed funds should get deposited.
- To stop the transfer, review your details and click Confirm.
What happens if the recipient fails to finish the transaction?
If the recipient has not yet deposited the funds, you can resend the notice by going to the Pending Interac e-transfers page and clicking Resend Notice next to the transfer status.
The transaction will expire after 30 days from the day sent, and the sender will get notified. By clicking Cancel under the transfer status on the Pending Interac e-transfers page, the sender has an additional 30 days (60 days from the date) to cancel the transaction and recoup the funds. The transaction will get automatically canceled if the sender does not cancel it by this time. The funds will get returned to the sender’s account, along with a $5.00 cancellation charge. There will be no return of the first service payment.