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.

Any individual with an account at a Canadian financial institution that offers the service can initiate an e-Transfer, while anyone with an account at a Canadian financial institution can receive one.

SCCU business members are able to send and receive e-Transfers quickly and conveniently.

Funds must be in Canadian dollars.

Is it safe to transfer money by email or text message?

Actually, there is no money attached to emails or text messages. Instead, financial institutions use standard practices for safe money transfers.

What fees are assoicated with INTERAC^® e-Transfer?

FREE for Core, Mobile Unlimited and Premium Unlimited Daaily Banking Accounts Immediate non refundable fee of $1.50 for all other Accounts.

To Receive: FREE

What are the limits on how much can be sent or received?

Personal

	Sending Limit (Outgoing)	Receiving Limit (Incoming)
Per transaction	$6,000	$10,000
Daily Cumulative	$20,000	$20,000
7-Day Rolling	$20,000	$140,000
30-Day Rolling	$40,000	$600,000

Business

	Sending Limit (Outgoing)	Receiving Limit (Incoming)
Per transaction	$10,000	$10,000
Daily Cumulative	$20,000	$20,000
7-Day Rolling	$50,000	$140,000
30-Day Rolling	$40,000	$600,000

What happens when a recipient's financial institution doesn't offer this service?

Recipients can still receive the money by registering with INTERAC e-Transfer^® 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.

Why do text-message notifications come from 100001?

This is the short code from which all INTERAC e-Transfer^® text notifications are sent.

Can I send an INTERAC e-Transfer^® to a landline?

If you provide only a landline as the way to notify a recipient, you'll be informed that the transfer could not be completed. You'll need to provide new contact information – either a mobile phone number or email. If, however, you provide a landline and an email, the recipient will be notified via email.

Can I send an INTERAC e-Transfer^® to anyone?

No. In order to send and/or receive INTERAC e-Transfer^®, 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?

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.

What happens if I use an incorrect mobile phone number?

The notification will be sent to that phone number, however, that person will not be able to deposit the transfer because s/he won't know the answer to the security question. Recipients must correctly answer a security question before they can deposit the money.

Can I cancel an INTERAC e-Transfer^®?

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 transfer?

In that case, you'll be notified and prompted to login to your online banking to cancel the pending transfer.