Frequently Asked Questions


Here are some questions you might have. To find answers to these questions and more, check out the Interac e-Transfer® webpage.





HOW LONG WILL IT TAKE TO RECEIVE THE MONEY IN MY BANK ACCOUNT?

Once you receive the notification, you have almost instant access to the money. Click the link that appears in your notification to login to your online banking and follow the steps to access your funds.

HOW SECURE IS IT TO SEND MONEY BY EMAIL OR TEXT MESSAGE?

Essentially, you are not sending money by email or text message. Only the notification is sent by email or text message. The money always resides safely at a financial institution and is transferred through existing payment networks that financial institutions have used for years to settle cheques, bank machine deposits and withdrawals.

WHAT ARE THE LIMITS AND FEES FOR SENDING AN E-TRANSFER?

You will be charged a non-refundable fee of $1.50 for sending an Interac e-Transfer® (unless your account includes free e-Transfers).

e-Transfer limits:
  • $3,000 per transaction
  • $10,000 per week
  • $20,000 per month

HOW DO I DEPOSIT AN INTERAC E-TRANSFER?

When someone sends you an Interac e-Transfer, you will receive notification through email or text message. Simply click the link in the notification, select your financial institution, login to your online banking and deposit the money in your account of choice.

For more help, check out our How to Accept an Interac e-Transfer video!

DO I NEED TO BANK ONLINE?

Yes. In order to send or receive an Interac e-Transfer, you will need access to online banking at your financial institution.

Want to get set up for Internet Banking on your Encompass Credit Union account? Simply contact your branch and they'll get you started!

CAN I DEPOSIT AN INTERAC E-TRANSFER INTO A BANK ACCOUNT IN ANOTHER COUNTRY?

Currently, Interac e-Transfers are only available to those who bank at a Canadian financial institution and have a Canadian dollar account. You cannot deposit an e-Transfer into a foreign bank account.
 

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