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How to send email money transfer from Td Bank, RBC Bank, CIBC Bank, BMO Bank, Scotiabank to friends, siblings, parents, or relatives?

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I have always wanted to send money to my relatives or siblings online through email interac E-transfer but the fear of online hackers and the lack of proper knowledge had kept me from using this email interac E transfer services which is offered by various banks such as Td Bank, RBC Bank, CIBC Bank, BMO Bank, Scotiabank. How much does the bank charges for using the online interac E transfer service?

In the past, whenever I needed to pay someone money or if I needed to help my parents with money, I used to have to go and withdraw money from my bank's ATM and then wait for the right time to give the money. At times, I didn't want to drive all the way to my parents house just to give them the money, I usually get very tired after work and in my off days, I have lots of housework and grocery to complete. So I figured that transferring money online through Interac E Transfer would be the best choice for me, since I would not have to visit my bank at all, and my parents can get the money without them having to visit the banks too.
asked in Corner Brook by Bonnie Lewis (115 points)

1 Answer

0 votes
In Canada, if you want to send money to your friends or relatives using Interac e-transfer, it is very simple to do so. In order to successfully complete the transaction without any problems, the sender and the receiver of money will both need to have an existing email address and a bank account with the Canadian Financial Institution which takes part in the Interac e-transfer program. Not all Banks in Canada offers this Interac e-transfer program and you must check with your bank website to see if your financial banks offers this services before proceeding. How this Interac e-transfer works is that you send money to someone's email address and that person can open the email and accept the money by clicking on the email link which will direct the receiver to their own appropriate Bank Account Online. However, the receiver has to answer a question correctly in order to successfully collect the money. For this reason, the sender should inform the receiver the answer to the question prior to sending money. The question is usually created by the sender and the Answer is also created by the sender. So it is very important that the receiver knows the correct answer to the question while collecting the money through Interac e-transfer.

Lets take for example you have a TD Bank Account and you are sending money to someone with a RBC Bank Account. You can follow the steps outlined below:

1. Login into your TD Bank account online.

2. On the left side navigational section, you will find "Interac e-transfer".

3. Choose the account you want your money to come out from.

4. Enter the amount.

5. Beside the recipient box, click on "Add New".

6. Enter the recipient name and email address.

7. Type in any optional message.

8. Create a question and provide the answer as well. Remember to inform the recipient of this answer that you created because they will need to know the answer in order to collect the money.

9. Recipient gets an email informing them of the money sent to them to be collected.

10. Recipient clicks on the email link provided and then chooses his financial institution in the provided list. If the recipient's bank is not listed in the list, that means his/her bank does not have such Interac e-transfer service yet. The transaction will then be voided and the money returned back to the sender.

11. Recipient will be asked to login into his/her Bank account and then asked to enter the correct answer to collect the money.

12. The money is finally deposited into the recipient's bank account and the sender is notified about the money deposit transaction.
answered by Steve Weber (106 points)

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