What is Interac e-transfer?
Interac eTransfer is a widely used person-to-person (p2p) transfer service embraced by Canadian banks. Initiating a transfer requires only the recipient's email address.
There are two primary pathways for money delivery:
1. Auto-deposit recipients: These recipients have associated their email address with a bank account. Money sent to this email is automatically deposited into the linked bank account.
2. Non-auto deposit: When money is sent to an email not linked to any bank account, Interac sends an email with a deposit link. The recipient can then choose to deposit the money into a bank account of their choice by providing the answer to a security question.
For users of the CadRemit app sending money to Canada, the security answer is conveniently included in the transaction details for seamless sharing with recipients who haven't set up auto deposit.
Related Articles
How long does it take to send money to a Canadian account via Interac e-transfer?
Interac e-transfers are typically processed within minutes. However, for some recipients, additional time may be required to deposit the money into their account, especially if a security answer is required. CadRemit provides a security answer for ...
What are the fees for CAD transactions?
Here are the fees for different transactions involving CAD on CadRemit: - Depositing CAD into your CadRemit account: Free - Sending CAD via Interac e-transfer: CAD 1.5 - Sending CAD via EFT: CAD 1.5 - Sending CAD to a school: CAD 1.5
What are the daily and weekly limits for CAD transactions?
Here are the transaction limits for CAD transactions on CadRemit: Daily Limits: - Depositing CAD into your CadRemit account: Unlimited - Sending CAD via Interac e-transfer: CAD 9,000 - Sending CAD via EFT: CAD 9,000 - Sending CAD to a school: CAD ...
How long does it take to send money to a Canadian account via EFT?
Bank to bank transfers, also known as EFT transfers, typically take 48 business hours to process. For quicker transactions, we recommend using the e-transfer option, which can be completed within minutes.
What are the daily and Monthly limits for Naira transactions?
Here are the transaction limits for Naira transactions on CadRemit: Daily Limits: - Depositing Naira into your CadRemit account: Unlimited - Sending Naira via bank transfer: NGN 5,000,000 Monthly Limits: - Naira Transfers: NGN 30,000,000 - Naira ...