Send money, get money with Interac® e-Transfer
Sending an Interac® e-Transfer
From your online or mobile banking, simply follow these steps and you're on your way! (Or, follow along with our online demo if it’s easier)
- You need to have your recipient's name and email address or mobile phone number, and the knowledge that they have a deposit account at a Canadian bank or credit union (you do not need to know what financial institution they deal with, or what their account number is).
- Log into online banking. If you’re not set up yet, visit your nearest Alterna Savings branch, or call us to get your temporary password.
- Select Transfers from the menu on the left, then Interac® e-Transfer.
- Set up your Sender Profile by inputting your email address as indicated and following the prompts.
- Set up your recipient(s) by entering their name and email address on the Add/Delete Recipients page. If you’d like to notify your recipient by text, enter their mobile phone number.
- Create a security question that only they will know the answer to. If it's a friend, for example, the question might be: "How do you like your eggs?" (For security reasons, the message field that allows you to leave a note for your recipient must not contain the answer to your security question.). Feel free to call or text your friend to let them know what the answer to the security question is (it’s not recommended to email it to them).
- When your Sender Profile and Recipient(s) are setup, select your recipient from the dropdown list on the Send Interac® e-Transfer page. Input the amount you'd like to send*. (NOTE: Your account will be debited the amount you have sent once you click Send Transfer, and applicable fee(s) will be debited at the end of the business day.)
Receiving an Interac® e-Transfer
Notification will be sent to your recipient by email and/or text that you have sent them an Interac® e-Transfer. With the click of a link, they’ll be able to log in to access the funds using their desktop computer, laptop computer, or smartphone. Whatever device they decide to use, your recipient will be walked through a very simple and easy-to-use interface to deposit the money right in their own bank account.
But first, in order to claim the funds and complete the transfer, the answer to the security question you created in step 6 (for example, “Scrambled”) must be answered correctly.
Watch our online demo for a short step-by-step walkthrough of the entire Interac® e-Transfer process, start to finish.
Cancelling an Interac® e-Transfer
Interac® e-Transfers can be cancelled or stopped only if the recipient hasn’t yet received the funds. There is no fee for cancelling e-Transfers, however service fees will not be refunded.
To cancel an Interac® e-Transfer:
- Sign into online banking
- Go to Transfers -> Send Interac e-Transfer
- Select the View:Pending option located above the ‘Transfer To’ section
- Click on ‘Cancel’ beside the e-Transfer you want to stop
- Click ‘Continue’ to submit the cancellation and re-deposit the funds to your account
- If the cancellation is successful, you’ll see a ‘Cancel Interac® e-Transfer Receipt’ screen