Key takeaways
– An Email Money Transfer (EMT), most commonly called Interac e-Transfer, is a Canadian retail banking service that lets people move money between accounts using an email address or mobile phone number and their online banking. (Interac)
– Money is not sent through the email itself—email/mobile messages only contain instructions to retrieve the funds. The movement of funds happens between bank accounts. (Investopedia, Interac)
– Transfers are usually fast (often minutes) when both sender and recipient banks participate; timing, limits and fees vary by financial institution. Auto-deposit removes the security question step and deposits funds directly to a linked account. (Investopedia, Interac)
– Because the notification travels by email or text, EMTs are a common target for phishing and social‑engineering fraud—use secure practices and contact your bank immediately if you suspect fraud. (Investopedia)
What is an Email Money Transfer (EMT)?
An Email Money Transfer (EMT) — most widely known as Interac e-Transfer in Canada — is a service that lets people send money from one bank account to another by using the recipient’s email address or mobile phone number as the identifier. The sender initiates the transfer through their online or mobile banking. The recipient is notified by email/text and follows secure instructions to deposit the funds to their account.
How EMTs work (high level)
1. Sender logs into online/mobile banking and chooses the Interac e-Transfer or “send money” option.
2. Sender enters recipient’s email address or phone number, the amount, and (if needed) a security question and answer.
3. Sender confirms and the bank debits the sender’s account.
4. Recipient receives a notification with a link and instructions. If auto-deposit is enabled for that email/number, funds deposit automatically. If not, the recipient answers the security question to claim the money.
5. Money moves between accounts on the banking systems (the email/text only carries the retrieval instructions).
How to execute an Email Money Transfer — practical step‑by‑step
A. To send an EMT
1. Sign in to your bank’s online or mobile banking.
2. Find “Interac e-Transfer,” “Send Money,” or similar.
3. Add the recipient: enter their email address or mobile number (verify spelling).
4. Enter the amount and choose the account to debit (chequing/savings).
5. If prompted, set a security question & answer. Tip: use a question/answer combination only the recipient can reasonably know (or better, use auto-deposit instead).
6. Review fees and limits shown by your bank, then confirm the transfer.
7. Save or note the confirmation number.
B. To receive and deposit an EMT
1. Check the email or text for a legitimate message from your bank or Interac (verify sender address).
2. If you have auto‑deposit enabled for that email/number, the funds will go directly to your account—no further steps.
3. If not using auto‑deposit, follow the secure link (or sign into your bank directly and go to Interac e‑Transfer) and enter the security answer exactly as provided to claim the funds.
4. Funds will deposit to your account per the receiving bank’s timeframe.
C. To enable auto‑deposit (recommended)
1. Sign into your online banking and look for “Interac e‑Transfer” settings or “Auto‑deposit.”
2. Register the email address and/or phone number you want mapped to your bank account.
3. Your bank may confirm by sending a test or requiring additional verification. Once set, transfers to that email/number deposit automatically with no security question.
Cancelling, expiring and returning transfers
– If a transfer is unclaimed, most institutions will return the money to the sender (after the transfer expires) or allow the sender to cancel it before it’s accepted. Procedures and expiry periods vary by bank—check your bank’s e-Transfer settings or help pages.
Who can use EMT for money transfers?
– EMTs (Interac e-Transfer) are widely available to retail customers of Canadian banks, credit unions and other financial institutions that participate in Interac’s network.
– The service is not natively available in U.S. banks. Interac has partnerships with providers like MasterCard and Western Union to enable cross‑border options, but those are handled differently and availability depends on the partner service. (Investopedia, Interac)
Is Email Money Transfer available for businesses?
– Yes. Interac and participating banks offer business e‑Transfer options: bulk send/pay, bulk receivables, invoicing, and APIs for payroll and mass payments. Fees, eligibility and setup are provided by the business’s financial institution. Businesses should contact their bank to enable and configure these features. (Interac)
Timing, fees and limits
– Timing: When both sender’s and recipient’s banks fully support Interac e‑Transfer and the recipient has auto‑deposit or fast processing, deposits often occur within minutes. If not, it can take longer—sometimes up to a few business days—depending on the receiving institution. (Investopedia)
– Fees and limits: Each bank sets its own fee per transfer (some personal accounts include a number of free transfers) and per‑transaction/daily/weekly limits. Check your bank’s fee schedule and transfer limits before sending large amounts.
Protecting your email money transfers — practical security steps
For senders
– Double‑check the recipient’s email/phone before sending. A small typo can route a notification to the wrong person.
– Use auto‑deposit when possible. It eliminates the need to create and communicate a security question/answer.
– If you must use a security question, choose one with an answer the recipient already knows and can spell consistently. Do not use publicly discoverable facts (birthplaces, pet names visible on social media).
– Review the transfer confirmation immediately and keep a record of the transaction ID.
For recipients
– Enable auto‑deposit on the email addresses and phone numbers you use for banking.
– If you receive an unexpected e‑Transfer, contact the sender directly (via a phone number you already have for them, not via any link or number in the message) to confirm legitimacy.
– Never share your online banking password, security answer, or one‑time passcodes by email or SMS.
– Avoid clicking e‑Transfer links in suspicious emails. Instead, sign in to your bank directly and check your Interac e‑Transfer inbox.
Phishing and fraud red flags
– Messages that pressure you to act immediately, include urgent threats, request passwords, or ask you to “confirm” banking credentials.
– Links that go to addresses not belonging to Interac or your financial institution—hover (or long-press) links to check destination, or open your bank site directly.
– Unexpected transfer notifications from unknown senders.
If you suspect fraud
1. Do not click any links in the suspicious message.
2. Contact your bank immediately and report the transaction.
3. Change your online banking password and any compromised credentials.
4. Forward phishing emails to your bank and the Canadian Anti‑Fraud Centre (or local equivalent) and follow their reporting guidance.
5. Consider contacting Interac if the fraud relates to an Interac e‑Transfer specifically. (Investopedia, Interac)
How Interac keeps transactions secure
– Interac and participating bankers use multiple security measures: secure login to online banking, confidential user IDs/passwords, optional security questions, 128‑bit browser encryption for communications, and other back‑end protections. Auto‑deposit adds security by removing out‑of‑band answers from the process. (Interac, Investopedia)
– Remember: the email/text message is only a notification; the actual funds move through the banking network, not via email.
Troubleshooting common issues
– “I didn’t get the transfer notification”: Check spam/junk folders; confirm the sender used the correct email/phone; if still missing, contact your bank.
– “The security answer won’t work”: Confirm exact spelling/capitalization and any spaces. If problems persist, ask the sender to cancel and resend, or enable auto‑deposit for that email/number.
– “I made a typo in the recipient’s address”: Try to cancel the transfer from your online banking before it’s accepted. If you can’t cancel, call your bank for next steps.
– “Transfer was returned”: Most unclaimed transfers eventually return to the sender. Check expiry periods and contact your bank if funds haven’t returned.
Final thoughts on Email Money Transfers
Interac e‑Transfer is a convenient and widely used way to send money in Canada because it leverages familiar contact points (email/phone) and online banking. It is fast and, when used with auto‑deposit and good security practices, can be very secure. However, the use of email/text notifications creates phishing risk—so always verify senders, use auto‑deposit where practical, and contact your bank immediately if something looks suspicious. For cross‑border needs or business bulk payments, check participating partners and your bank’s business services.
Sources and further reading
– Investopedia — “Email Money Transfer (EMT)” (summary article): https://www.investopedia.com/terms/e/email-money-transfer.asp
– Interac — Interac e-Transfer official page and security info: https://www.interac.ca/en/consumer/e-transfer/
If you’d like, tell me which bank you use and I can give step‑by‑step instructions tailored to that bank’s online/mobile interface (screens and menu names vary by institution).