CWB Canadian Western Bank

Interac® e-Transfer

The simple, secure way to transfer money from anywhere to anyone.

Interac e-Transfer

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.

Send or receive money in a snap with Interac e-Transfer. All you need is an email address and/or mobile phone number and an account at a Canadian financial institution.

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 about 30 minutes from when the sender initiates the transfer.

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 suppliers’ invoices.

See our Privacy and Security sections for more information on how we keep your financial information safe.

Rate information

Sent  $1.50 per e-Transfer
Received  Free

 

While there are no minimums — you can send any amount above $0 — there are maximums for sending Interac e-Transfers.

Limits Dollar
Per transfer Transaction limit of $3,000
Weekly limit $10,000
Monthly limit $20,000

 

 

Sending an Interac e-Transfer: Step-by-step

  1. Sign into CWBdirect.
  2. Create a profile with your email address and/or mobile phone number, if you have not already done so.
  3. Select “Send Interac e-Transfer” under “Transfers.”
  4. Select a recipient, or add a new recipient profile, by entering the person's name or business name, plus an email address and/or mobile number.
  5. Choose whether the recipient will receive an email and/or text message.
  6. Create a security question and answer that only you and the recipient know.
  7. Add a personal message (optional) but don't include the answer to the security question.
  8. Select an account from which to make the transfer and enter the amount.
  9. Send the Interac e-Transfer (your account will be debited the transfer amount immediately, plus any applicable fees).

Receiving an Interac e-Transfer: Step-by-step

  1. Ensure the link received by email or text message offers a secure connection that takes you to a site with the “https” prefix—not “http.”
  2. Click on the link and you'll be taken to a secure Interac website.
  3. Follow the instructions on the site to select [name of financial institution] and click “Deposit.” You'll be redirected to our online banking login screen.
  4. Sign in to answer the security question and accept the transfer.
  5. Select the account where you wish to deposit the money.
What's an Interac e-Transfer?
It’s an easy, secure, quick and convenient way to send or receive money. Recipients are notified by email and/or text message and must log in to their online banking to accept the transfer.
Who can use Interac e-Transfer?
Any individual with an account at a Canadian financial institution that offers the service can initiate an e-Transfer. 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 fee to cancel an Interac e-Transfer?
There are no cancellation fees. However, the sending fee of $1.50 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.
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. 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. 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 you provide a landline and an email, the recipient will be notified by email.
Can I send an Interac e-Transfer to anyone?
No. To send and/or receive Interac e-Transfers, both senders and recipients 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 about 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 they 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, the $1.50 fee charged at the time of sending the transfer is 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 sign into your online banking to cancel the pending transfer.

Get started now

Stop by your local branch or call today to get started. One of our banking specialists will be pleased to help you.

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