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Thread: Interac e-Transfer

  1. #11
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    Quote Originally Posted by newfoundlander61 View Post
    Can you send a Interac e-Transfer from the CIBC to any other bank IE: RBC or is it between CIBC clients only?
    Yea, I send it very frequently to mine or my son email and it can be deposited in almost all institutions, but check with CIBC if you have to pay fees .... we don;t


  2. #12
    Senior Member sags's Avatar
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    Is there a delay in transfer of the email funds ?

    I asked about email transfers online and was told there would be a 1 day delay.
    Last edited by sags; 2017-05-06 at 08:36 AM.
    Someone planted a tree a long time ago so I can sit in the shade.

  3. #13
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    When we have sent monies the recipient has been able to access the funds immediately upon receipt.

    CIBC charges us $1.50 for an interac transaction. We have a no charge seniors account so only the very basics are free. We pay our rent this way.

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  5. #14
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    I've never seen delays in access to tunds. I've sent money to spouse a number of times and she gets credit for it in her account same day IF she accepts the transfer and completes the transaction.

    There are 3 steps to an Interac email transfer:
    1. Originator sets up the online transfer in his/her account with amount, payee (email address) and security question/answer.
    2. Recipient waits for email to show up in his/her email account
    3. Recipient clicks on the link in the email, answers the security question, and completes the process of directing the transfer to his/her institution and the desired bank account in that institution.

    Regardless, even if it is a business day, what difference does that make?

    Whether institutions charge the originator for the email transfer depends on one's banking package and the institution. I have a cheap 'no fee' bank account package at Scotia and pay $1 for Interac email transfers (I have never paid account management fees for my bank accounts). They waive it occasionally for reasons I don't know.
    Last edited by AltaRed; 2017-05-06 at 10:36 AM.

  6. #15
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    It's a $1.50 now? Ugh. I was using it to transfer money from RBC into Waterhouse. I set up a bill payment that goes directly into my TFSA from the Cheqing account at RBC. works great.

  7. #16
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    Quote Originally Posted by rl1983 View Post
    It's a $1.50 now? Ugh. I was using it to transfer money from RBC into Waterhouse. I set up a bill payment that goes directly into my TFSA from the Cheqing account at RBC. works great.
    Of course that works great between you and yourself. Everyone does that (or Bill Payment). How do you pay your gardner? cleaner? electrician? move money to a relative/friend? I use Interac email transfer rather than cheque where I can.

  8. #17
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    I have used to it pay a friend ( concert tickets ) but other than investments, I don't use it. Generally use Credit Card or Add Payee from Chequing.

  9. #18
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    Quote Originally Posted by ian View Post
    When we have sent monies the recipient has been able to access the funds immediately upon receipt.

    CIBC charges us $1.50 for an interac transaction. We have a no charge seniors account so only the very basics are free. We pay our rent this way.
    Yes, it depends on account type you have, in some cases it's free

  10. #19
    Senior Member kcowan's Avatar
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    At TD the fee is $1 and the daily limit is $3000. The weekly limit is $7000. For our housekeeper, I just set up a payment to her credit card. If you have a contractor who wants cash, ask them if they would accept that or a payment to their electric or other utility account.

  11. #20
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    Quote Originally Posted by AltaRed View Post
    OGG, what is your purpose for the cut and paste? The process is essentially the same for every institution.
    The OP didn't seem to be aware of that though. And quoting RBC might lead the OP to check his own bank's site (CIBC) for info.


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