INTERAC* Email Money Transfer

Need to send someone money? Try an INTERAC Email Money Transfer. With only the recipient's e-mail address, you can send money in just a few quick and easy steps.

E-mail is only used for communications purposes. Your money moves through the same secure network that CIBC uses every day.

INTERAC Email Money Transfer key benefits:

Convenience

INTERAC Email Money Transfers are easy to use and can be completed quickly
INTERAC Email Money Transfers are great for giving monetary gifts, repaying family and friends, sending money to children at school and making personal payments such as babysitting or housekeeping
CIBC Online Banking is available 24/7
Any CIBC personal Canadian dollar bank account in Canada can be used

Save time and money

No more stamps or writing cheques
No more waiting for funds to clear - the recipient has quick access to funds
Minimal personal information is required for sending a payment (only the recipient's e-mail address is required - you don't need to know their account number)
Lower cost than money orders or bank drafts

Security

CIBC uses existing payment networks to securely transfer the money
Use of a security question and answer helps to verify that the person receiving the money is the intended recipient

Information you need to know:

If the recipient's account is with a financial institution that does not yet offer INTERAC Email Money Transfer Service, the recipient can still receive and deposit the Email Money Transfer; however, this method usually takes between 3-5 business days. The financial institutions that currently offer INTERAC Email Money Transfers are CIBC (except for President's Choice Financial®† accounts), Bank of Montreal, Scotiabank, TD Canada Trust, and Royal Bank of Canada.

CIBC fees

Network fee for sending an INTERAC Email Money Transfer - $1.50
The usual withdrawal transaction fee associated with the CIBC account (if any) is additional.
Receiving an INTERAC Email Money Transfer using CIBC Online Banking - FREE
Reclaiming an INTERAC Email Money Transfer using CIBC Online Banking1 - FREE
Stop payment on an INTERAC Email Money Transfer - $3.50
Other participating financial institutions and Certapay (the provider of the INTERAC Email Money Transfer service) may charge fees to senders and recipients

What you need

Each person sending or receiving an INTERAC Email Money Transfer, must have an e-mail address and a personal Canadian dollar bank account.

To access the service:

Sign on to CIBC Online Banking
select the "Transfer Funds" tab
click on the "Email Money Transfer" link in the left navigation bar
select "Get Started"

1 Each INTERAC Email Money Transfer expires after 30 days if not collected by the recipient. At this point the sender will receive an e-mail with an enclosed link. To reclaim the INTERAC Email Money Transfer, the sender clicks on the link and selects "reclaim". The funds are then deposited back into the sender's originating account. If an INTERAC Email Money Transfer is reclaimed, CIBC will waive the network fee and the withdrawal transaction fee (if any) on the next INTERAC Email Money Transfer sent, if sent during the same calendar month as the reclaim.

* Registered Trademark of Interac Inc.; CIBC authorized user of the trademark.

® PC, President's Choice, President's Choice Financial and Fresh Financial Thinking are registered trademarks of Loblaws Inc. CIBC licensee of marks.

† President's Choice Financial services are provided by the direct banking division of CIBC. President's Choice Financial MasterCard is provided by President's Choice Bank.