Question about e-mail money transfers

OCDP · #1 03-16-2006, 05:20 PM

I'm pretty new to this still.. just had a question.,

I'm buying an Aqualight Pro from another reefer, and want to pay via E-mail interac money transfer.

Does the other person need to have anything other than online banking for this to work? The reciever just has to answer my secret question and the funds are his.. then he enters in his bank card number and its transferred into his account?

Does this all sound right? Thanks.. just want to make sure I do this right from the get go.

Scott

TheReefGeek · #2 03-16-2006, 05:22 PM

I would like some info on this as well. Tagging along.

Delphinus · #3 03-16-2006, 05:30 PM

Ok when you receive an email transfer, it gives you an secure URL for the transfer. The page that opens up asks what bank institution you use (you click on one of six options). So if, say, you haveonline banking with TD Bank, you click on the TD bank icon. You then sign into your regular online banking, answer the security question, and then you select what account to deposit into.

It's all brokered by Interac. Sender and receiver don't get to see any privledged information about the other, so it's totally secure.

You don't even need to have online banking to receive these funds. The only drawback is that without online banking, you have to go in and see a teller. So some of the convenience is lost, but then again you can't do that with paypal AFAIK so that's pretty cool.

As far as sending it goes, you just need the receiver's email address and create the security question. Again, probably don't even "truly" need online banking, but it's definitely more convenient if you do.

One drawback is if you don't bank with one of the big six institutions. If not, then I think the only way to receive the funds is to go in and see a teller.

TheReefGeek · #4 03-16-2006, 05:34 PM

How do you initiate this? Is there an interac website?

How do I associate my bank account with my e-mail?

I have online banking through RBC.

Sorry for the questions, have never used anything but Paypal.

OCDP · #5 03-16-2006, 05:36 PM

Excellent. Tony, thanks a bunch.. I know you've explained this to me before in the past so thanks again

Rory, I use RBC as well... once signed in (and excuse me here) but it's somewhere on the right hand side of the page ... you just have to search, it's under transfer funds I believe. It's easy to find once you get there... and it's all pretty straight forward to set it up!

Thanks again.. it all makes sense now haha.

TheReefGeek · #6 03-16-2006, 05:38 PM

Thanks Scott, I will check it out.

howdy20012002 · #7 03-16-2006, 05:39 PM

when u sign onto your online banking there will be an option to send email transfer
i know that CIBC has it as an option on the left hand side on the main page.
All you need is the recipient's email address
it is really easy and generally cheaper than Paypal's 3 or so Percent.
You should check with your bank as to the costs
i am pretty sure that CIBC charges 1.50 to send money and NO fees to receive money.
I think this is the only thing that banks actually do for free..lol
Neal

Delphinus · #8 03-16-2006, 05:39 PM

You send an interac transfer from your regular online banking, assuming you've signed up with your institution for this service. Each bank's system is obviously a little different but somewhere in the menu system there should be the option to send an email interac transfer, or some such. All you need to know about the receiver at that point is their email address.

You don't really associate your email address to your bank account. The receiver receives an email from the banks (interac) with the instructions on how to deposit. Basically there's a transaction id that comes in the email that you then have to sign into your own online banking, enter that transaction id, and if you are the legitimate receiver of the funds then you will likely know how to answer the security question. But you don't really have to enter the transaction id, that part is more or less automatic, but I couldn't really think of a better way to explain it.

It's way more secure than paypal, and cheaper for that matter. And really easy. Once you've done it once, you'll be a pro. Honest.

TheReefGeek · #9 03-16-2006, 05:48 PM

Ok I found the spot for interac money transfer on RBC. Costs $1.50 to send, nothing to receive.

Now, as a receiver, how do I know what e-mail address to give to a sender?

OCDP · #10 03-16-2006, 05:51 PM

Well, I know that with the person I am dealing with, I'll ask which e-mail address he wants me to send the money transfer to. Basically, you just ask the person which e-mail to send the money transfer to..

I don't think it matters which e-mail address they'd like the transfer sent to.

Hope that answered the question?