Interac e-Transfer offers a convenient, fast, and secure way to send money through your online bank account. Your credit union or bank uses secure and established banking procedures to transfer the money. E-transfersare made instantly. However, it can take at least 30 minutes for the receiving party to get the funds.
What can You Use Interac e-Transfer for?
If you are still new to Interac e-Transfer, you’ll want to know how to make the best use of this platform. You can use it for so many transactions.
These include:
1. Sending payments to clients
Using Interac e-Transfer for business offers a simple way to pay your clients for their goods or services. It is a quicker and easier option than paying through checks or with cash. Interac e-Transfer can be especially helpful for small businesses with a limited number of clients.
2. Transferring cash between accounts in different banks
Writing and depositing checks should be a thing of the past. With Interac e-Transfer, you can easily and instantly transfer money from different accounts.
3. Sending a cash gift to your family members or friends
Sending money using traditional methods can take a lot of time. Interac e-Transfer is a secure and convenient option to send money without any potential risks.
8 Reasons to use Interac e-Transfer
1. Offers protection against email fraud
It only takes one step to transfer the funds to another account. The transaction is done instantly, which helps reduce the chances of email fraud.
2. Convenient transfers
Auto deposits make money transfers between businesses and consumers more convenient and efficient. Interace-Transfer for business transactions is fast and instant. The money is immediately deposited into the recipient’s account. The recipient doesn’t even need to log in to their email account to complete a transaction.
3. No security questions
There are also no security questions or answers in the process. This makes it convenient for consumers who carry out frequent and regular transactions.
4. Affordable
Users of Interac e-Transfer for business do incur a small fee however, the fee is way less than what banks and other financial institutions charge. The exact fee varies from one bank to another. The fee is deducted from the sender’s bank account balance, not from the sent amount.
5. Efficiency
Interac e-transfer for business can help you receive, send or request money from anywhere in the country. The Request Money and Auto-Deposit features allow your business to maintain a steady cash flow. The payment option offers data protection, has high limits, and improves operational efficiency.
6. Transactions are reversible
It is possible to reverse your transaction after sending the money. This, however, comes at a small fee and can take a few days to go through.
7. 24/7 access
With Interac e-Transfer, you can make transactions at any time, including weekends and holidays.
8. You can trace transactions
Once you send a transaction, it is possible to trace your funds to know the progress or status. You only need to know your transaction history to view the status of your payment.
