Interac e-Transfer^® for Business

Sending an Interac e-Transfer is easy and ATB can assist you with doing so. An Interac e-Transfer for Business tutorial is available, outlining: how to send money, what information you’ll need and how to proceed with next steps.

While all three methods allow you to directly pay up to $25,000 with funds from your own bank account to another one, there are differences depending on how you send it.

When sending money by email and phone number, your money doesn't actually travel by email or text - just the notifications and deposit instructions. The recipient will need to accept it (unless they have already registered for Autodeposit) and follow the instructions to deposit the money into their bank account.

When you send money using an account number, the money is automatically deposited into the recipient’s bank account, making it more secure and without the ability to reverse the payment. There is also the option to include additional rich data with the transfer and the ability to notify the recipient via email or text message.

Providing account information to the sender allows money sent by Interac e-Transfer for Business to be securely deposited into your account immediately. No additional measures (such as security questions) will be needed.

Learn more.

Yes, clients can send payments up to $25,000 directly to a Canadian account number whose financial institutions support the ‘Interac e-Transfer for Business’ functionality.

If you don’t have the account number, you can still send funds via Interac e-Transfer for Business provided you have the recipient’s phone number or email address.

Autodeposit is a service that allows you to receive funds by Interac e-Transfer without needing to answer a security question. When funds are deposited to your account via Autodeposit, you’ll receive an email detailing the sender’s name, amount and (if applicable) attached memos.

Autodeposit requires you to register an email address in your online banking and assign an account where you would like your transfer deposited. Once registered, any transfer sent by Interac e-Transfer to your registered email address will automatically be deposited into your account.

To register:

1. Go to Payments & Transfers > Interac e-Transfer > Autodeposit
2. Complete and submit the registration form

If you've sent funds via Interac e-Transfer for Business, and they are pending, they can be canceled. Account-to-account transactions however, cannot be canceled.

If you suspect that you are a victim of fraud and a transfer has been sent from your account without your knowledge, please contact ATB Client Care at 1-800-332-8383 as soon as possible.

Transfers sent by Interac e-Transfer are processed immediately. Once accepted, the funds are available to the recipient.

Funds sent by Interac e-Transfer for Business are processed immediately. However, it can take up to 30 minutes or more.

The recipient will receive the funds automatically, provided they have auto-deposit set up or the transfer was sent using an account number.

If sending an Interac e-Transfer for Business payment with an email or phone number, the recipient will first be notified of the transaction and then will need to accept the funds in order to complete the transaction.

Note: ATB may put a hold on a transfer to confirm there is no risk of fraud. This is an important safety measure designed to protect your money.

• Send payments directly to your recipient’s account number
  Increased security as payments are deposited directly into payee accounts when an Interac e-Transfer for Business payment is sent using a recipient’s Canadian bank account number.
• Security questions and answers
  Only your intended recipient can deposit the funds sent by Interac e-Transfer.
  Please ensure proper password security for maximum safety: only use a password that you and the recipient will know, do not include the answer in the memo or use a question that is common knowledge.
• Autodeposit
  Any funds sent by Interac e-Transfer to your email are automatically deposited without the need for a security question or answer.

Entering a security question protects you if the recipient decides to disable Autodeposit or change their email address.

Assign permissions to:

• Manage:
• Interac e-Transfer profiles
• Autodeposit
• Recipients       
• Send:
• Money from specific accounts
• Requests for money to be deposited into specific accounts
• Receive:
• Money to be deposited into specific accounts
• Autodeposits into specific accounts