Banking and Fraud Prevention
5 reasons to use INTERAC e-Transfer ®
By ATB Financial 23 October 2018 1 min read
If you're new to Interac e-Transfer, you may be wondering what you would use it for. The short answer is that you could use it for almost anything! But here are some of the most popular uses:
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Sending a cash gift to someone you don't see very often.
The traditional way to send money across the province or country is through the mail, but it's not a perfect system: not only does it take a few days for delivery, but sending cash isn't safe without insurance, and if you send a cheque, the receiver may not be able to access that money for five days or more, until the cheque clears.
Sending money through an Interac e-Transfer is instant, and, as long as the recipient correctly answers your security question, they can deposit the money immediately.
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Paying sports fees.
Whether you're joining a rec hockey league or need to pay your kids' soccer fees, you may be able to pay electronically instead of with a cheque. Ask the athletic association for the name and email address of the person who manages payments.
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Covering your portion of the dinner bill.
Just finished your delicious dinner and realize you don't have any cash? To pay back your friend who covered the bill, just send them a quick Interac e-Transfer for the amount you owe when you get home.
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Buying something off Kijiji or at a garage sale.
Most people don't own debit card machines, so if you're buying something used, consider emailing them the money. It's quick, and the seller won't have to worry about bounced cheques or sharing their personal banking information.
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Transfer cash between two accounts at different banks.
Save yourself some cheque-writing, driving, and waiting. Just send yourself an Interac e-Transfer from one account and deposit it into the other. The transfer will be instant.
As you can see, Interac e-Transfer is a versatile way to send money from one Canadian bank account to another. It's also secure, because you don't have to handle cash or provide your banking information (which is located at the bottom of cheques) to the receiver.
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