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Online Banking

Enhanced features and lower fees for Interac e-Transfers

Interac e-Transfers are one of Canada’s most popular forms of payment – particularly when sending money to friends and family. But they are about to get a face lift and become even more powerful.

Canadians love the ability to send money quickly, easily and securely through Interac e-Transfers. Transaction volumes continue to climb as people and businesses find new ways to use this form of payment. BlueShore is pleased to introduce new enhanced features and lower transaction fees for its clients

Lower fees
Effective June 1, 2021, BlueShore is reducing the transaction fee to send an Interac e-Transfer from $1.50 to $1.00. This applies to all instances where clients pay a “per transaction” fee for e-Transfers – for example, if you are in a Pay As You Go Chequing or basic Business Chequing account.

Business Chequing package account improvements
To streamline and simplify day-to-day banking for businesses, effective June 1 Interac e-Transfers will be counted toward the transaction cap on paid monthly business account packages – the Business Chequing 20,40,60, or 120 products. This eliminates the need for businesses to manage these types of transactions differently than other forms of payment or withdrawal.

Enhanced features
Starting June 2, 2021, personal and business clients will find Interac e-Transfers even more convenient with the introduction of two new features:

  • Auto Deposit – Through Online Banking, you can register your email address and have any funds sent by e-Transfer automatically deposited to your designated account. You get funds faster and don’t have to worry about entering passwords or watching your messages for notifications.
  • Request Money – You can email individuals or businesses to request money or payment; it will let the sender know the exact amount owing, prompt them if you’ve been expecting payment for some time, and you even have the option to send follow-up reminders. Please be aware, that it’s the person requesting the money that incurs the transaction fee in this situation, not the sender.

Higher transaction limits
Consumers – and especially businesses – have been asking for higher e-Transfer transaction limits for some time. Interac is responding to this by requiring that all Canadian financial institutions, including BlueShore, be capable of receiving e-Transfers valued at up to $25,000 per transaction. This change will take effect June 30, 2021.

BlueShore is also currently evaluating potential changes to the “send” limits for e-Transfers; more information will be sent to clients once our analysis is completed and decisions finalized.

Questions? Just contact our Solution Centre at 604.982.8000 (1.888.713.6728).

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