How to Use a Free Interac e-Transfer to Move My Money from EQ Bank to my Friend’s BMO Bank Account

I’ve used Tangerine’s free email money transfers many times. I’ve never used an Interac e-transfer from Tangerine or PC Financial, though, because they both charge a fee for the service. EQ Bank lets me send 5 Interac e-transfers per month for free, so I’m going to test how it’s done by sending some money to a friend to deposit into his BMO bank account.

What Do I Need Before I Send an Interac e-Transfer?

You need to know the email address of the person that you want to send the money to.

You will need to think of a question that has a one word answer that will be the security question for the person receiving your money.

That person will need to know three numbers for their own bank account:

  • the bank account number
  • the bank branch transit number
  • the bank’s “institution” number

Many people don’t know their bank’s institution number. You may have to help them figure that out.

How Do I Send an Interac e-Transfer from my EQ Bank Account?

It wasn’t immediately obvious WHERE to start to send an Interac e-Transfer. By wandering through the menus, though, I found the link.

Sign in to your EQ Bank account.

Click on the tab: Pay & Transfer

From the drop-down list for the From: field, choose your EQ Bank account from which you are going to send out the money.

From the drop-down list for the To: field, choose: Send Interac e-Transfer

Creating Your Sender Profile

If this is your first e-Transfer, you will be prompted to Create Your Sender Profile.

Check the following information is correct or change it:

  • Name
  • Email address
  • Mobile phone number, if applicable

Receive notices by, choose

  • Email or
  • Email and mobile phone

Click on the Create Profile button.

Making a Transfer

From the list on the left side of the screen, click on: Transfers

The Send Interac e-Transfer Page

Beside the phrase Transfer To, click on the link Add New Recipient

The Add New Recipient Page

Type to fill in the following fields

  • Name
  • Email
  • Mobile Phone Number (if applicable)

From the drop-down list, select the Preferred Language from English and French

From the drop-down list, for Send Transfers By select

  • Email;
  • Email and Mobile Phone;
  • Mobile Phone

In the Security Question field, type of question that only your recipient will know how to answer. The question must have a one word answer.

In the Answer field, type the one word answer

Click on the Add Recipient button.

Review the info. If it’s correct, click on the Confirm button.

Now the Transfer To: field has the email address of your New Recipient.

The Send By field has the type you selected for that recipient.

From the drop-down list for the Transfer From field, select the bank account from which you wish to send the money.

In the Amount field, type the amount in dollars and cents.
For example, I typed: 4.47

If desired, you can type a short note in the Message field.
I typed: testing the e transfer system

Click on the Continue button.

Rats
“An error occurred with your transaction, please check your account or try again later (code 942)
If you require further assistance please call 1-844-437-2265 (844-4EQ-BANK) or email our technical support at contact@eqbank.ca.”

I clicked on the Search Transfer History link to the left, but found no transfers listed.

I clicked on the View/Resend/Cancel Pending Transfers link on the left, but found no transfers listed.

I clicked on the Logout button.

I signed in to my EQ Bank account to try again!
(I think it may just have timed out because I was typing out instructions instead of working steadily on sending my transfer.)
Ah ha!

This time, I selected the recipient, and the method of transfer, and from which account and typed in the amount and clicked Continue

And I’m on to a Confirm screen.

I read the info.

It says it will take out the money I am sending and a fee of $0.00.

It all looks OK so I clicked on the Confirm button.

It says the Interac e-Transfer has a status of Completed. Success!

Make a note of the Confirmation Number in case you need to cancel the transaction or discuss it with customer service.

It is not yet listed under pending transactions.

However, it is listed as an account transaction item, showing the debit of the $4.47 I sent by email Interac e-Transfer.

Click on the Logout button.

If you are finished banking with EQ Bank, click on the Sign Out button.

Clear your browser history and cache, and close your browser session.

As expected, I have not yet received the email with the transfer information. I’ll check again in a while.

Well, I didn’t get a chance to check for quite a while, but the email is dated 5:31 p.m. so it took about half an hour to be sent by EQ Bank.

How Else Are People Using These Free Interac e-Transfers from EQ Bank?

I’ve read online that some people are using their Interac e-Transfers to move money between their own bank accounts.

Why? Although you can link your chequing accounts to EQ Bank by calling them first, then depositing a cheque, that link takes time to create. It’s also not possible today, April 4, 2016, to link a savings account to your EQ Bank savings account.

So by sending yourself an Interac e-Transfer, you can move your own money out of EQ Bank and into one of your other bank’s accounts.

How Long Does It Take for the Interac e-Transfer to Take Place?

Unlike Tangerine email transfers, it can take up to an hour for the person you send the Interac e-Transfer to, to receive the email notice with the security code.

Then, after the person receives the email and deposits the money into their bank account, there may still be another delay. Most banks put a hold on funds received by Interac e-Transfer and other types of electronic transfers. The length of the hold will depend on that bank’s terms and conditions. For example, BMO usually puts most Interac e-Transfer deposits on hold for 2 business days, although there can be exceptions.

Oops! Can I Cancel an Interac e-Transfer?

Not if the person you sent it to has already deposited it. So be careful!

If the receiver has not deposited it, and the transfer has not reached its expiry date, you can cancel it.

What Are the Limits for Sending Out Interac e-Transfers from EQ Bank?

You can only send 5 for free each month.

If you want to send more that month, it will cost you $1.50 per Interac e-Transfer, as of April 5, 2016.

As of April 5, 2016 there are also some maximums to watch out for:

  • There is a daily maximum for sending out money by Interac e-Transfers of $2 500 per day.
  • There is also a weekly maximum of $10 000.
  • And there’s a monthly maximum of $20 000.

If you’re thinking: hey, 5 x 2 500 = $12 500 which is below the monthly maximum, remember you can send additional e-Transfers if you pay a fee of $1.50 per transfer. You will still be capped at the $20 000 per month, though, even if you pay for more transfers.

Next I’ll have to have my friend deposit the e-Transfer and see how that works.


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