Question about e-mail money transfers

TheReefGeek · #1 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 · #2 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 · #3 03-16-2006, 05:38 PM

Thanks Scott, I will check it out.

howdy20012002 · #4 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 · #5 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 · #6 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 · #7 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?

TheReefGeek · #8 03-16-2006, 05:55 PM

And inside that e-mail that gets sent is what?

What is the link between the e-mail and the bank account?

I am still missing something, somehow I have to link rory@thereefgeek.com to my bank account in order to actually receive the money.

howdy20012002 · #9 03-16-2006, 06:01 PM

u don't need to have your email address linked to you account.

all the email address does is allows the bank to send your a link that you follow to log onto your bank's online banking to deposit the money

the person receiving the money will get an email stating that someone is sending you money. please log onto your bank to deposit now..click here to do so. I know that with mine, when i click on the link, it pops another window which in turn tells me to choose what bank i deal with..then u go from there and log onto to your online banking. there you will be asked a security question to which the person sending you the money will have given you the agreed upon answer. After entering the answer, you then deposit the money
trust me..it is very simple
Like Tony said, after the first time you will have no problems..even during the first time.
Neal

Delphinus · #10 03-16-2006, 06:12 PM

There is no "link" from email address to bank account like there is with a paypal account to a bank account.

As a receiver, you get an email sent to you from the bank. Inside this email is instructions on how to deposit, but really all it does it ask you what bank you use. You then sign in to your own online banking by following the link provided. All that happens is the email will automatically forward the transaction id to your online banking, but you have to have online banking in the first place. There is no link whatsoever from bank account to email address. All that really matters is that transaction id.

I don't know how to explain any different .. I'm sorry. It's really not hard, honest.