More and more Canadians are embracing the convenience of using an email money transfer to send money quickly and easily to friends and family: from splitting the bill at a dinner party to chipping in for birthday and Christmas presents.
An email money transfer is a fast and secure way to send and receive money directly from one bank account to another. The advantage of using an e-Transfer is the simplicity and convenience, compared with using other banking products like cheques, bank drafts and cash.
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Sending an email money transfer
An email money transfer can be done in a few easy steps:
- Sign-up for online banking with your financial institution
- Register for Interac e-Transfers
- Add the recipients’ email address
- Login to your online banking platform and follow the instructions to send an email money transfer
*Sender and recipient must have a personal banking account with a participating financial institution
I spoke with Nino Di Teodoro, Senior Manager at TD Canada Trust, about the popularity of email money transfers, especially around the holiday season.
“During the holidays we see an increase in the rate at which Canadians use e-Transfers. Demand for e-Transfers is also increasing each year: TD Canada Trust has seen more than a 40% increase in use within the last 12 months,” said Di Teodoro.
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The surge in email money transfers during the holidays comes from the same group of people who prefer giving gift cards. Nino added that email money transfers – and cash, in general – are usually better received than gift cards because there is no chance the gift will be lost or go unused.
There is a popular misconception about the security of email money transfers because many people believe that the email itself is not secure. This is far from the case.
An email money transfer is as safe as an online banking transaction. The email is simply a notification that a transfer has been sent. The recipient will more than likely be expecting the transfer, and the email is clear – not spam.
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Check your bank account fees before sending an email money transfer. E-Transfers are free for recipients, but most banks charge $1.50 per transfer. Some accounts include one or two e-Transfers for free each month.
When I need to send money, I use the free email money transfer option with ING Direct. It doesn’t transfer instantly, but at least I save a buck in the process.
Have you ever used an email money transfer to send money to friends or family?