What is Interac e-transfer?

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.

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