Interac email payments

[xarir]

Has anyone ever used Interac email money transfers? I'm just curious as to how they work. I tried emailing myself some money, but the system won't let me - recipient & sender emails have to be different.

For those who have no idea what I'm talking about, if you bank online you can now email money to people. Apparently you start with your online bank. You specify the amount to be emailed, the recipient's email address, and a security question which only the recipient will know the answer to. (Answers must fit in one line of text - probably about 40 characters and cannot contain spaces.) You then click send and the recipient gets an email that presumably tells them what to do. (Royal Bank charges the sender $1.50 to send any amount of money via email.)

Anyhow, I'm just wondering what happens on the recipient side of this equation. Does anyone know?

 

[Fred Zed]

Very easy

Xaxir:

Here is an example email money transfer ( Royal Bank) as seen from the recipient side.

Clicking on the link under "action required" takes you to a list of financial insitutions. You select your financial institution and log
into your account. Once you answer the security question successfully you can deposit your funds right away. Depending on the financial institution, it may take up to 24 hrs for you to be able to access the funds.

Note: Make sure the security question is not too difficult. The recipient is only allowed a few tries - if they don't get the answer right by the 3rd try the system locks them out.

___________________________
Fred ZED has sent you an INTERAC Email Money Transfer.

Amount: $1,000,000.00 (CAD)

Sender's Message: don't spend all this in one place
Expiry Date: 2004-04-06

Action Required:
To deposit your money, click here:
https://gateway.certapay.com/

Trouble with the link? Copy the link and paste it into your web browser
address bar. Please make sure all the characters after the "pID=" are
present.

Need help?
https://www.certapay.com/ca/oon/en/help

---------------------------------------------------------
What is an INTERAC Email Money Transfer?
If you have an email address and online banking password at a
participating bank, you can send and receive money instantly.
Email carries the notice while the banks securely transfer the money
using existing payment networks. If your bank does not yet offer INTERAC
Email Money Transfers, you can still deposit transfers to any bank
account in Canada. Click
https://www.certapay.com/en/personalPayments/FAQs.html for details.

Pour voir les détails du virement en français,
cliquez sur le lien
https://gateway.certapay.com/RP.do?pID=nevjuUCdiQo= et choisissez le
bouton "Français" dans notre site web.

 

[Vanessa Valentine]

Can someone over seas...say on an island out east, email me $? Will this work????

V.

 

[Fred Zed]

Can someone over seas...say on an island out east, email me $? Will this work????

V.

I think they need to have an account at a Canadian bank but I am not 100% sure..

Btw: www.hyperwallet.com also allows you to send money via email and the recipient is not required to answer a security question. Last time I checked their fee was 75 cents per transaction.

 

[Vanessa Valentine]

If they have an account at a Canadian bank.

Btw: www.hyperwallet.com also allows you to send money via email and the recipient is not required to answer a security question. Last time I checked their fee was 75 cents.

So, the person doesnt have a Canadian account- therefore i'm outta luck?


V.

 

[Fred Zed]

So, the person doesnt have a Canadian account- therefore i'm outta luck?


V.

I am not 100% sure - check with your bank, they'll be able to tell you for sure.

 

[FunSeeker27]

I don't think that they necessarily need a Canadian bank account, but I'd hafta double check. I know that you don't need to have an account to obtain the money, but I never dealt with that side of CertaPay.

 

[The Fruity Hare]

Miss V.

I use Certapay, only Canadian banks are on board at this time. However, perhaps try Paypal, if not then Western Union is also quite widespread.

 

[Vanessa Valentine]

Miss V.

I use Certapay, only Canadian banks are on board at this time. However, perhaps try Paypal, if not then Western Union is also quite widespread.

Thanks

 

[Fred Zed]

But, at this time it is only person to person transactions that are allowed. Unfortunately, businesses cannot receive the money, which is a pain in the ass.

You can set the business up on your Payee list in your bank account,and pay the them online same way as you would pay cable or phone bill online if the business uses the same bank as you do. It's even faster than email transfer.

 

[tboy]

Just thinking out loud, didn't Vannessa have trouble with paypal and a paying customer not too long ago?

Is this turning into a habit? *snicker*

What ever happened to (dare I say it) cash?

 

[xarir]

What ever happened to (dare I say it) cash?

What's cash?

Thanks to all for your replies.