Table of Contents

Email Money Transfer (EMT): What It Is and How It Works

By

Julia Kagan

Updated March 06, 2024

Reviewed by

Somer Anderson

Fact checked by

Betsy Petrick

What Is an Email Money Transfer (EMT)?

An email money transfer (EMT) is a retail banking service that allows users to transfer funds between personal accounts using email and their online banking service. Used in Canada and available from its largest banking institutions, email money transfers are considered a secure way to transfer money.

EMTs are often referred to as an Interac e-Transfer because the service is provided by Interac, which is a Canadian company involved in creating interbank networks to facilitate financial transactions between banks.

Key Takeaways

An email money transfer allows users to transfer funds between personal accounts, using email and their online banking service.
EMT is provided by Interac and is not available to U.S. citizens.
Nearly all online banks in Canada offer EMTs.

How an Email Money Transfer (EMT) Works

An email money transfer (EMT) is initiated through an account holder's online banking application. Users select the amount to be sent and the specific account from which the funds will be withdrawn. They choose the recipient of these funds, and when confirmed, funds are instantly debited. The Interac e-Transfer service offers auto-deposit and options to request money.

The recipient commonly receives an email with a specific security question along with instructions regarding the retrieval of the funds via a secure website. Funds are deposited immediately at no additional charge if the recipient participates at the online banking institution or it could take three to five additional business days.

Interac e-Transfer is not available in the United States but it is possible to send money from a Canadian bank to the U.S. via Interac's partnership with MasterCard and Western Union.

Cybersecurity and EMT

Email money transfer (EMT), as with all banking transactions, may be subject to fraud, so cybersecurity and online financial safety are important. Money in an EMT is not transferred via email in an online money transfer, just the instructions to retrieve and deposit funds from the participants' accounts.

Users should not accept email transfers from unknown parties and contact the sender directly when notified of a transfer that is not expected. Because email is used, the service is susceptible to phishing scams.

Who Can Use EMT for Money Transfers?

Most email money transfers are completed by clients of the big five banks in Canada along with other financial institutions.

Is Email Money Transfer Available for Businesses?

Interac offers email money transfer services for businesses, which have options like bulk processing services, bulk receivables, and bulk payables, as well as invoicing capabilities for business customers.

How Does Interac Keep Transactions Secure?

Interac uses encryption technology including confidential user IDs and passwords, a secure login process, security questions, and 128-bit browser encryption.

The Bottom Line

An email money transfer allows users to transfer funds between personal accounts using email and their online banking service. EMT is provided by Interac but is not available to U.S. citizens. Interac uses encryption technology to provide secure transactions.

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