Personal Finance

Questions about e-Transfer payments

  • Last Updated:
  • Feb 28th, 2020 9:49 pm
[OP]
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Jan 10, 2010
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Calgary

Questions about e-Transfer payments

I had never sent an e-transfer payment until today. Am very confused and wondering if I had done it correctly. Need some clarification asap.

I purchased an item online where I needed to pay by e-transfer using my savings account. I was given the seller name, email address, total, and a security question etc.

Logged into my bank account to add a new recipient. The page stated the recipient was already registered therefore the question was not needed and that the fund transfer couldn't be canceled. I went ahead and filled out everything then hit "verify e-transfer". The screen flashed back to the homepage and I assumed the transaction was completed.

Waited a bit but I got no confirmation email regarding the payment. The seller did send me an email with an order number PRIOR TO the e-transfer but nothing else came through after that. I checked my bank account, couldn't find the transaction history. Called seller and got a voicemail.

Now my questions: If i don't see the transaction does it mean it didn't go through? Is it normal to take a while for the transaction to appear in my bank account? Should I worry?
6 replies
Deal Addict
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Dec 4, 2007
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i cant tell for e transfert, but for e-interact.

as soon you press confirm to complete your transaction, the money disapear from your chequing account immediately.

then it may be instataneous or take few min to an hour to interact process your transaction, then your receipient will receive an email to accept or refuse the money.

as soon your receipient accept and confirm the transaction, you will receive an email that confirmed the transaction is accepted and completed.
Last edited by HyperTech on Feb 28th, 2020 10:42 pm, edited 4 times in total.
Newbie
Jun 25, 2012
26 posts
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MONTRÉAL
It really depends on the bank. On my experience in the past, e-transfer from TD or RBC, money sent right away. But for Tangerine / Alterna / B2B, you have to wait for few minutes, or even an hour to finish the e-transfer. Most banks allow you do e-transfer from Checking, but few banks (like B2B) allow to send from saving account.

BTW, just be careful for the auto-deposit e-transfer. If they are real business, that may be okay. If you are not sure about them, then watch out.
[OP]
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Jan 10, 2010
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Calgary
HyperTech wrote: i cant tell for e paiement, but for e-interact.

as soon you done your transaction, the money disapear from your chequing account. cant send money from saving account

then it may be instataneous or take few min to an hour to interact process your transaction, then your receipient will receive an email to accept or refuse the money.

as soon your receipient accept and confirm the transaction, you will receive an email that confirmed the transaction is accepted and completed.
Thank you. It has been 40 minutes so far no email. BMO calls it interac e-transfers. So... one cannot transfer money out from a saving account? That must be why the transaction didn't go through.
[OP]
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Jan 10, 2010
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tryitagain wrote: It really depends on the bank. On my experience in the past, e-transfer from TD or RBC, money sent right away. But for Tangerine / Alterna / B2B, you have to wait for few minutes, or even an hour to finish the e-transfer. Most banks allow you do e-transfer from Checking, but few banks (like B2B) allow to send from saving account.

BTW, just be careful for the auto-deposit e-transfer. If they are real business, that may be okay. If you are not sure about them, then watch out.
Thank you. I was sending money to Berkey Canada. I believe it's an authorized Berkey water filter dealer in our country. I was going to buy the item from Amazon but it got sold out. I hear your auto-deposit e-transfer warning. I was quite nervous when I saw that but there was no other options unless I decided not to pay for my purchase. Anyway, my bank account still shows zero transaction but it hasn't been an hour. I will keep going back to look for activities. Keeping my fingers crossed.
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Dec 4, 2007
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i also bank with bmo, but only have a chquing account.

i have edited my previous reply to make it more clear, but as soon you press confirm to complete your transaction, the money disapear immediately from your account.

if your receipient doesnt accept your money by the time it expire (1 month usually) the money normaly return to your account.
[OP]
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Jan 10, 2010
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Calgary
HyperTech wrote: i also bank with bmo, but only have a chquing account.

i have edited my previous reply to make it more clear, but as soon you press confirm to complete your transaction, the money disapear immediately from your account.

if your receipient doesnt accept your money by the time it expire (1 month usually) the money normaly return to your account.
Thanks again. I called BMO asking for advice. The CSR checked my account and confirmed no money was taken out. So far so good. She did say BMO normally allowed e-transfers from saving accounts but not without a warning. Basically, money transferred out from a saving account is riskier because once the transaction went through there is no way to get it back. She said it would be safer to use a credit card. In case the seller refused to ship the item BMO could do a dispute on my behalf. In a way, I am glad the transaction didn't go through. Will contact the seller for another payment option.

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