Interac e-Transfers FAQs
- What is an Interac e-Transfer?
An Interac e-Transfer allows you to send money by email directly from your BlueShore Financial account through Online or Mobile Banking to anyone in Canada who has an email address and an account with a Canadian bank or credit union.
- What information do I need to know before I can send an Interac e-Transfer?
To send an Interac e-Transfer all you need to know is the other person’s name, email address and/or mobile phone number. You don’t need to know their account number or even which financial institution they deal with; no personal or financial information is exchanged.
- Can I receive Interac e-Transfers?
If you have an email address or mobile phone number and a chequing or savings account with BlueShore Financial, you are ready to receive Interac e-Transfers. Once you accept the transfer, the funds are deposited directly into the account you select.
- How quickly are Interac e-Transfers processed?
Certain security and banking protocols need to occur before notification of a transfer can be sent to the recipient. Under normal circumstances, the recipient should receive notification within 15 minutes of the transfer request being submitted. Funds are deposited directly into the recipient’s account as soon as they accept the transfer.
- Are there any limits on how much money I can transfer?
The following limits apply when sending funds through Interac e-Transfers:
- Transaction limit: $10,000
- Daily or weekly limit: $10,000
- Monthly limit: $20,000
- Are Interac e-Transfers secure?
Email and mobile text messages only serve as notifications and provide recipients with instructions how to deposit the money. The actual transferring of the funds is handled behind the scenes through established and secure banking procedures. The sender creates a security question known only to you and the recipient to ensure the funds can only be deposited by the intended party.
Pro Tip: Communicate the password to the recipient through a secondary means such as a text message or phone call. The password you create should always be difficult to guess in the event the recipients' email is compromised.
- What do I do if the recipient does not know the answer to the security question?
Although you want to set up a security question known only to you and the recipient, sometimes this is not practical. In these cases, it may be necessary to communicate this information to the recipient by text message or by phone.
Pro Tip: Never include the password in the e-Transfer message field.
- When I send an Interac e-Transfer do I get a receipt?
The Interac e-Transfer program will produce a printable receipt when you initiate a transfer. You will also receive a confirmation e-mail advising you that the transfer has been accepted or declined.
- How much does it cost to send an Interac e-Transfer?
When you send an e-Transfer, a non-refundable $1.00 fee will be automatically withdrawn from your account at month-end. The send fee still applies in the event you cancel the transfer or it is declined by the recipient. (Note: Interac e-Transfers are free with the Premium Chequing and Unlimited Chequing accounts.) There is no charge to receive an e-Transfer.
- Can I request money be sent to me through Interac e-Transfer?
With the Request Money feature, you can submit a request for funds to individuals or businesses; it will let the respondent know the exact amount requested, 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 you as the person requesting the money will incur a transaction fee of $1.00 in this situation, not the sender. (You will not be charged the fee if the responder does not send the funds.)
- What is Autodeposit?
Through Online Banking, you can register your email address and have funds sent by e-Transfer automatically deposited to your designated BlueShore account. You get your money deposited faster since you don’t have to watch for notifications, nor do you need to log in and answer the security question.
Personal clients can register up to 5 email addresses; Business clients can register up to 100 email addresses.
- How do I know that an Interac e-Transfer notification is real?
Clients should always be careful prior to clicking any links within a notification. Clients should only act on e-Transfer notifications when they are expecting someone to send them money. If you suspect that a notification may be fraudulent, please forward it to firstname.lastname@example.org.
- Can I block Request Money requests via Interac e-Transfer?
Yes. Interac allows you to manage your request preferences to block all Request Money requests or for a specific requestor email address. Click on the links at the bottom of the request email, or visit Interac directly to block, unblock, or view your preferences.
- Are there any fees associated with receiving Interac e-Transfers?
There are no fees for our clients to receive Interac e-Transfers.
- Can I cancel a pending transfer?
Yes. As long as the recipient has not accepted the transfer, you can cancel the order and the funds will be automatically deposited back into your account. If they have already accepted the transfer, you cannot cancel the order.
- Can the recipient decline the transfer?
Yes, in which case the money will be transferred back automatically into your account.
- How much time does the recipient have to accept the transfer?
The recipient has up to 30 days to accept the transfer and deposit the money into their account. If they exceed this time limit, as the sender you will receive an email notification advising you that you have an additional 30 days to cancel the order. If you don’t cancel the e-Transfer within this time period, the credit union will initiate a manual process to deposit the funds back into your account.
- Can I send the recipient a reminder if they haven’t accepted the transfer?
Click on the Pending Interac e-Transfer link to send a reminder any time during the 30 days after initiating the transfer. After 30 days, the recipient cannot accept the transfer.
- Can I send an Interac e-Transfer to the US or overseas?
No. Interac e-Transfers can only be sent in Canadian dollars and to account holders of participating financial institutions located within Canada.
- Can business members send and receive Interac e-Transfers?
Yes they can; however, access to this service will depend on how your Business Account Operating Agreement has been set up. If you are unable to complete an e-Transfer, please contact your branch or our Solution Centre at 604.982.8000 (1.888.713.6728) for assistance.