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Interac e-Transfers®

It’s the simple, secure way to transfer money from anywhere to anyone.

Send or receive money in a snap with Interac e-Transfer®. All you need is an email and/or mobile phone number and your Lake View Credit Union account. As a sender, you don’t need to worry about figuring out where the other person banks and they won’t know where you do your banking, because all account details and financial institutions are kept confidential.

Whether you owe a friend for pizza, need to pay your share of the rent or expect to receive a payment from a customer, we’ve got you covered.

  • It’s easy. There’s no need to set up any new accounts, user IDs or passwords. As long as both parties have online banking accounts, all you need to send or receive money is the recipient’s mobile phone number or email address.
  • It’s secure. When you send an Interac e-Transfer® by text or email, the money never travels with the message. Instead, recipients receive an encrypted link to deposit the funds using their own banking credentials.
  • It’s convenient. With Interac e-Transfer®, you can use any computer or mobile phone to send or receive money instantly by text or by email. Whether you owe your friend, he owes you or they just don’t take plastic, you’ll never need to worry about carrying cash again.
  • It’s quick. Recipients are notified by email and/or text that they have received a payment within approximately 30 minutes from when the sender initiates the transfer.

WAYS TO USE IT

Interac e-Transfer® is a quick and convenient way to transfer money for almost anything, such as:

  • Repaying money you borrowed from a friend
  • Sending cash to children at college or university
  • Transferring your share of rent to your roommate
  • Sending money in place of a gift
  • Paying the invoices of suppliers (on single and dual-signature business accounts)

 

Interac e-Transfer® FAQ

WHAT IS AN INTERAC e-TRANSFER®?

It is an easy, secure, quick and convenient way to send or receive money. Recipients are notified by email and/or text message and must login to their online banking to accept the transfer.

WHO CAN USE INTERAC e-TRANSFERS®?

Any individual or small business owner with an LVCU account can initiate an e-Transfer®, while anyone with an account at a Canadian financial institution can receive one.

IS IT SAFE TO TRANSFER MONEY BY EMAIL OR TEXT MESSAGE?

Actually, there is no money attached to emails or text messages. Instead, financial institutions use standard practices for safe money transfers.

IS THERE A CHARGE FOR SENDING AN INTERAC e-TRANSFER®?

Yes, each transfer, regardless of amount, is $1.50

ARE THERE LIMITS ON HOW MUCH CAN BE SEND OR RECEIVED?

While there are no minimums – you can send any amount above $0 – there are maximums for both sending and receiving Interac e-Transfers®.

OUTGOING (SENDING) TRANSFERS

  • Per Transaction: $3,000
  • Daily: $3,000
  • Weekly: $10,000
  • Monthly: $20,000

INCOMING ( RECEIVING) TRANSFERS

  • Per Transaction: $10,000
  • Daily: $10,000
  • Weekly: $25,000
  • Monthly: $50,000

IS THERE A FEE TO CANCEL AN INTERAC e-TRANSFER®?

There are no cancellation fees, however, the sending fee is non-refundable. If you cancel an e-Transfer®, your account will be credited with the dollar amount of the transfer minus the sending fee.

IS THERE A FEE TO RECEIVE AN INTERAC e-TRANSFER®?

As long as your financial institution offers the service and you use online banking, it’s free to receive an Interac e-Transfer®.

WHAT HAPPENS WHEN A RECIPIENT’S FINANCIAL INSTITUTION DOESN’T OFFER THIS SERVICE?

Recipients can still receive the money by registering with Interac® and providing their banking information. The deposit usually takes four to six business days and Interac charges a $4.00 administration fee, which is deducted from the total amount of the transfer.

WHAT IF I DON’T BANK ONLINE, CAN I STILL DEPOSIT AN INTERAC E-TRANSFER®?

Yes, provided you have an account at a Canadian financial institution. However, you’ll have to register with Interac® and provide your banking information. The deposit usually takes four to six business days and Interac® charges a $4.00 administration fee, which is deducted from the total amount of the transfer.

WHY DO TEXT-MESSAGE NOTIFICATIONS COME FROM 100001?

This is the short code from which all Interac e-Transfer® text notifications are sent.

CAN I SEND AN INTERAC e-TRANSFER® TO A LANDLINE?

If you provide only a landline as the way to notify a recipient, you’ll be informed that the transfer could not be completed. You’ll need to provide new contact information – either a mobile phone number or email. If, however, you provide a landline and an email, the recipient will be notified via email.

I’M A BUSINESS OWNER. CAN I SEND AND/OR RECEIVE AN INTERAC e-TRANSFER®?

Yes, and delegates can too.

CAN I SEND AN INTERAC e-TRANSFER® TO ANYONE?

No. In order to send and/or receive Interac e-Transfers®, both the sender and recipient must have accounts at Canadian financial institutions. The transfer must also be in Canadian dollars.

HOW LONG DOES IT TAKE TO RECEIVE THE MONEY?

For recipients, it takes approximately 30 minutes for notifications to be received. As soon as the notification is received, the recipient can deposit the money. As a sender, the money is debited from your account immediately after finalizing the transfer.

WHAT HAPPENS IF I USE AN INCORRECT MOBILE PHONE NUMBER?

The notification will be sent to that phone number, however, that person will not be able to deposit the transfer because s/he won’t know the answer to the security question. Recipients must correctly answer a security question before they can deposit the money.

CAN I CANCEL AN INTERAC e-TRANSFER®?

You can cancel the transfer anytime until the recipient accepts it. Generally, it takes 30 minutes for notifications to be sent to recipients. To cancel a transfer, click on the ‘Cancel’ link beside the list of pending transfers.

If a transfer hasn’t been accepted within 30 days, it will automatically expire and the sender will be notified. The sender can either click on the ‘Cancel’ link beside the list of pending transfers or let Interac cancel the transaction. Money will be returned to the sender within seven days of cancelling the transaction, however, fees charged at the time of sending the transfer are not reimbursable.

You can also send reminders to recipients who have yet to accept transfers by clicking on the ‘Resend Notice’ link beside the list of pending transfers.

WHAT HAPPENS IF THE RECIPIENT REJECTS THE TRANSFER?

In that case, you’ll be notified and prompted to login to your online banking to cancel the pending transfer.

 


© 2013 Lake View Credit Union