Frequently Asked Questions about Interac e-Transfer

Why has Interac® Email Money Transfer changed to Interac® e-Transfer?

The name change was necessary as an enhancement to the service has been added to all mobile person to person transfers.  Interac® felt a name change was necessary since the service is no longer limited to email transfers.

Is sending money by email secure?

Yes, Interac® uses the same security measures for mobile transfers as email transfers.  Users are not sending money by email or text message - only the notification travels over the internet to advise the recipient that the transfer has been initiated and to provide instructions on how to deposit the money.  The money always remains safely within the secure payment networks of your financial institution.  To ensure the highest level of securityt the financial network has numerous security measures, including, encryption technology, confidential user IDs and passwords issued by the financial institution, a secure login process, security questions to ensure that only the recipient can process the transaction.

How long does it take to receive money by email?

It can take up to 15 minutes or longer for an e-Transfer notification to arrice in a recipient's email inbox.  The amount of time is dependent on internet service speed and connectivity.  The money is debited from the senders account immediately.

How much does it cost to send an e-Transfer?

A service fee of $2.50 applies to sending and receiving e-Transfers.  This fee will be processed on the last banking day of the month in which the transfer is processed.

Are there limits on the amount I am able to send and receive?

The per transaction limits for e-Transfers are as follows:

Sending: $3,000 CAD per transaction, $10,000 CAD per rolling 7 day period, $20,000 CAD per rolling 30 day period.

Receiving: $10,000 CAD per transaction and daily cumulative, $70,000 CAD per rolling 7 day period, $300,000 CAD per rolling 30 day period.

There is no minimum dollar amount required.  Service fees may apply.

How do I register for Interac® e-Transfer?

Registration is very easy.  Login to MemberDirect online banking using the login portal on the New Ross Credit Union website www.newrosscreditunion.ca.  Click the "TRANSFERS" link in the shortcuts menu on the left side of the screen.  Choose "Send INTERAC® e-Transfer" and follow the instructions on your screen to create your sender profile and recipients list.

Can I receive money by email too?

Yes, if you receive an Interac® e-Transfer notification, follow the instructions in the email to receive the funds directly into your personal account.  When you click the link in the email you will be redirected to the Certapay website, which processes transfers on behalf of Interac.  On the Certapay website, choose New Ross Credit Union from the list of financial institutions.  You will then be prompted to login to online banking to answer a security question and choose which account to deposit the funds to.

Who can use Interac® e-Transfer?

Anyone who has a valid email address, an account with a financial institution in Canada and uses online banking, can use e-Transfer service.

Can I send an e-Transfer to anyone?

You are able to send an e-transfer to anyone with a valid email address or mobile phone number and a Canadian deposit account.  If your recipient is a member of New Ross Credit Union or a customer at any Canadian chartered bank, they will follow the link from the email and follow the instructions provided.  If your recipient's financial institution does not offer e-Transfer service, or if they do not bank online, they can still receive the transfer to their account by registering their banking information through the Certapay website.  The deposit can take 4-6 business days to process and a fee may be applied and deducted from the deposit amount.  Your recipent can access this option by following the link to the Certapay website provided in the notification email.

I received an "invalid error" message when sending an e-Transfer.  How do I fix this?

This is most likely caused by an invalid character (-, &, _, #, %, ), (, <, >) etc. being inserted into a message you have sent as part of your e-Transfer.  Check your message and delete any of these characters.

Can I cancel an e-Transfer?

You are able to cancel an e-Transfer as long as the recipient has not deposited the funds.  Login to MemberDirect and choose the "Pending e-Transfer" menu option.  Select "Cancel Transfer".  The funds will be deposited back into your account.

How long does a recipient have to accept an e-Transfer?

E-Transfers must be accepted within 30 days of when they are sent.  If a transfer is not accepted within this time the funds will be returned to the sender's account.

Can a recipient choose to decline a transfer?

Yes, an e-Transfer can be declined.  The sender will receive notification by email that the transfer has been declined and will be provided with instructions to return the money to his/her account.