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How does Interac e-Transfer work?
Send money to your grandkids or others in Canada with Interac e-Transfer by using CIBC Online Banking® on your computer or CIBC Mobile Banking® on your mobile phone. Do it all without paying the fee.
Keep in mind, other fees applicable to your chequing account still apply
Some CIBC chequing accounts include a fixed number of transactions2 per month in the account fee.
When you complete an Interac e-Transfer, it’s considered a transaction and counts toward the fixed number of transactions included with your chequing account. This means you could be charged a transaction fee of $1.25 for each transaction above your fixed number of transactions, including Interac e-Transfers.
Helpful tips for sending Interac e-Transfers
Before sending an Interac e-Transfer, double-check that the information is correct, including the contact information for the person you are sending it to, and the dollar amount of the Interac e-Transfer. This will help to avoid having to stop the Interac e-Transfer, which incurs a $3.50 fee.
Create a difficult and unique security question when you send an Interac e-Transfer. Don’t include your security answer in your question or share the answer over email, text or social media.
Note: if the recipient is registered for Autodeposit from Interac e-Transfer, you won’t be asked to enter a question and answer.
Other ways to bank digitally
Deposit your cheques easily using your mobile phone.
Use online and mobile banking to pay bills and set up recurring payments.
Get transaction and fraud alerts, payment reminders and more.