What is Interac?
Interac e-Transfer is an instant bank transfer payment method. It is a fast, secure and convenient way to send money from Canada to any business or person using internet banking.
Transfers are usually done instantly but can take up to 30 minutes depending on your bank. So how does it work? The participating bank or credit union transfers the funds using established and secure banking procedures.
The service allows users to send and receive money using online or mobile banking while following established banking procedures to protect their money. Security measures implemented include authentication and encryption of transactions, a login and password issued by the financial institution, and a secure login process.
A “Request Money” function allows customers to easily request payments, while the “Auto deposit” function allows customers to have funds automatically deposited into their bank account.