Personal Finance

Interac Money Transfer for free?

  • Last Updated:
  • May 27th, 2011 5:51 am
[OP]
Deal Addict
Feb 20, 2006
1185 posts
47 upvotes
Vancouver

Interac Money Transfer for free?

Is there any banking package at a Canadian bank/CU that offers this for free, or at least a limited number/month for free?
12 replies
Deal Addict
Oct 4, 2009
3295 posts
2471 upvotes
Montreal
ING Thrive.

You really should put a "?" in your title.
[OP]
Deal Addict
Feb 20, 2006
1185 posts
47 upvotes
Vancouver
Is the Thrive a real INTERAC money transfer? I thought I read when it came out that it was some of pseudo version.
Deal Addict
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Jun 6, 2004
4154 posts
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I believe one of the higher end RBC banking packages also offers 2 free interac transfers/month.
Deal Expert
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Feb 24, 2008
15354 posts
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Gatineau
ING's version isn't Interac. Its just a regular ETF that takes 1-2 days to be received by the recipient (or instant if recipient is also with ING)

djino
"But at least its free and unlimited!"
[OP]
Deal Addict
Feb 20, 2006
1185 posts
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Vancouver
djino wrote: ING's version isn't Interac. Its just a regular ETF that takes 1-2 days to be received by the recipient (or instant if recipient is also with ING)

djino
"But at least its free and unlimited!"

How does it work though? Do you just need the email address of the recipient?
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Feb 24, 2008
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Sanchez wrote: How does it work though? Do you just need the email address of the recipient?

The Sender logs into their ING Account and chooses EMAIL MONEY TRANSFER.

Sender is required to put in the transfer amount, the recipient's name, the recipient's email address, a security question, a security answer, and if they want to send the email now or at a later date. The funds are automatically on hold in the sender's account until processed (which is normally 1 day after the email money transfer as been accepted). Note: Email Money transfer is automatically cancelled if not accepted within 30 days which means the funds will no longer be held after this time as elapsed. The sender can also cancel the Email Money Transfer at any point prior to it being accepted by the recipient and funds will no longer be held.

The recipient receives the email that contains a link to ING's website and a email money transfer code (to distinguish between different email money transfers).

At the website, the recipient is prompted to enter the code from the email along with the sender's last name.

On the next screen, they need to answer the security question that was created by the sender and then choose if they want to deposit into an existing ING Account or to an external bank.

If ING Account, they'd enter their ING PIN and funds are immediately transferred. If External Account, you are prompted to enter in Bank Account info (Transit Number, Bank Code, and Account Number , and confirm account number).

ING Emails both you and the sender a confirmation email that the Email Money transfer has been accepted. The money is usually received in the recipients account by the end of the following day (1 day after the email money transfer has been accepted).

--

Note: ING does allow you to keep a list of contact names and their email address's so that they are easily selected from a drop down menu for future transfers.

ING Recipients are also able to set it to automatically accept Email Money Transfers into your ING Account.

djino
[OP]
Deal Addict
Feb 20, 2006
1185 posts
47 upvotes
Vancouver
djino wrote: The Sender logs into their ING Account and chooses EMAIL MONEY TRANSFER.

Sender is required to put in the transfer amount, the recipient's name, the recipient's email address, a security question, a security answer, and if they want to send the email now or at a later date. The funds are automatically on hold in the sender's account until processed (which is normally 1 day after the email money transfer as been accepted). Note: Email Money transfer is automatically cancelled if not accepted within 30 days which means the funds will no longer be held after this time as elapsed. The sender can also cancel the Email Money Transfer at any point prior to it being accepted by the recipient and funds will no longer be held.

The recipient receives the email that contains a link to ING's website and a email money transfer code (to distinguish between different email money transfers).

At the website, the recipient is prompted to enter the code from the email along with the sender's last name.

On the next screen, they need to answer the security question that was created by the sender and then choose if they want to deposit into an existing ING Account or to an external bank.

If ING Account, they'd enter their ING PIN and funds are immediately transferred. If External Account, you are prompted to enter in Bank Account info (Transit Number, Bank Code, and Account Number , and confirm account number).

ING Emails both you and the sender a confirmation email that the Email Money transfer has been accepted. The money is usually received in the recipients account by the end of the following day (1 day after the email money transfer has been accepted).

--

Note: ING does allow you to keep a list of contact names and their email address's so that they are easily selected from a drop down menu for future transfers.

ING Recipients are also able to set it to automatically accept Email Money Transfers into your ING Account.

djino
Thanks for that. So I guess it's materially worse in that the process for the receiver (the end I care about, since I'm comfortable with this stuff, but the receiver may not be) is more complicated, and may appear to be more sketchy (you need to enter your bank information into a third party site, rather that interacting with your existing online banking website. Another downside is takes a day or two to get your money.

Thanks for the description djino.
Sr. Member
Nov 23, 2004
717 posts
17 upvotes
Quarry Bay
Sanchez wrote: Thanks for that. So I guess it's materially worse in that the process for the receiver (the end I care about, since I'm comfortable with this stuff, but the receiver may not be) is more complicated, and may appear to be more sketchy (you need to enter your bank information into a third party site, rather that interacting with your existing online banking website. Another downside is takes a day or two to get your money.

Thanks for the description djino.

Well, it's ING - a bank. Whilst it may seem more sketchy, in reality all that bank information can be found at the bottom of a cheque. The Interac version requires people to logon to online banking to deposit the funds. I think it's about the same, albeit more annoying.

- Jason
[OP]
Deal Addict
Feb 20, 2006
1185 posts
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Vancouver
That information is also all someone needs to try to initiate a PAD from your account. Sure it's a bank - and of course scammers try to make their work look like it comes from a legitimate institution.
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Dec 11, 2005
19823 posts
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AzNCrAzYcOoLeR wrote: bmo is the only one i know of that has 1-2 for free

+1, BMO offers this. I wish some others did.

ING transfers are not Interac EMTS, not even close.
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