Do you need to send someone money? Don't know their banking information? Try an INTERAC e-Transfer! All you need is the recipient's e-mail address to send money in just a few quick and easy steps.
What is an INTERAC e-Transfer?
With an INTERAC e-Transfer, you can send money to friends and family, even if you don't know their account number or banking information. CIBC sends an e-mail to the recipient, telling them how to complete the money transfer.
It's a fast and secure way to transfer money. And you can get started by logging on to CIBC's Online Banking service!
How it works
First, you'll need the e-mail address of the person who will receive the money. You will also need to create a "security question", which the recipient must answer to complete the transfer.
E-mail is used for communications, but the money moves through the same secure network that CIBC uses every day.
- They're fast and easy to use
- They're a great way to get that extra cash you need for rent, food or textbooks
- Online Banking is available 24 hours a day, seven days a week
- Anyone with a CIBC Canadian dollar bank account can send one
- They're great for sending money as a gift, or repaying family and friends (but they're not yet available for bill payments or other business payments)
Saves time and money
- No more stamps or writing cheques
- No waiting for the bank to approve the transfer - the recipient has quick access to funds
- 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
- CIBC uses its secure payment networks to transfer the money
- Your security question, once answered correctly, helps to make sure that your money goes to the right person
Information you need to know:
- Sending an INTERAC e-Transfer (network fee) - $1.50
- The usual withdrawal fees associated with the CIBC account (if any) are additional.
- Receiving an INTERAC e-Transfer using CIBC Online Banking - FREE
- Reclaiming an INTERAC e-Transfer using CIBC Online Banking** - FREE
- Stopping payment on an INTERAC e-Transfer - $3.50
Note: Other participating financial institutions or the service provider for the INTERAC e-Transfer system may charge fees to senders and recipients who do not use CIBC Online Banking.
* Usual deposit fees, if any, associated with CIBC recipients' accounts are additional.
** If a customer reclaims an INTERAC e-Transfer, the next INTERAC e-Transfer sent (during the same month as the reclaim) will be free. This applies if the transfer expires, is declined by the recipient, or if messages to the recipient's e-mail address are rejected.
- Each time you send an INTERAC e-Transfer, you need to create a security question and answer combination.
- The question and answer should be unique and not obvious to anyone else.
- The sender needs to communicate the answer to the recipient (but not in the body of the e-mail).
What you need
INTERAC e-Transfer is quick and easy to use. You need the following to get started:
- Your e-mail address
- A Canadian dollar bank account at a Canadian financial institution
- Access to Online Banking
How do you send an INTERAC e-Transfer?
To send a transfer, you need to know:
- The recipient's name
- The recipient's email address
To send or receive an INTERAC e-Transfer, you must register for this service through Online Banking. Registration is quick and easy:
- Sign in to Online Banking.
- Select "INTERAC e-Transfer", followed by "Get Started."
- Read the "Terms and Conditions for CIBC e-Transfer" and if you agree, select
- At the "Set me up" page, provide:
- Your email name.
- Your email address.
- Select "Continue."
- At the "Status" page, use the left-side navigation bar to begin the process of sending or receiving an INTERAC e-Transfer.
Note: The email address you provide for an INTERAC e-Transfer will replace any previous ones offered - even those used for general purposes.
®, TM2 : INTERAC and INTERAC e-Transfer are trademarks of INTERAC Inc.; CIBC authorized user of the marks.