Using Free INTERAC e-Transfers to Email Money and Pay Bills from Simplii Financial

In November 2017, CIBC took over the management and servicing of all of the former President’s Choice Financial accounts. To retain and attract new customers during the changeover, Simplii Financial is offering a 3% annual savings rate on new Savings account deposits earnable until the end of February 28, 2018, and it’s also offering a new service for free email payments. Unlike Tangerine, which only offers free email payments using its own proprietary email system, Simplii Financial is offering free INTERAC e-Transfers to allow customers to email money to pay friends or bills almost instantly.

How Does an INTERAC e-Transfer Work? Does the Person Receiving an INTERAC e-Transfer Have to Pay a Fee?

Sending payments for bills and re-payments of money borrowed by friends via email is becoming common. For example, after my last family reunion, my brothers both paid me back their share of a bill by sending me an email payment.

The person receiving and depositing the email payment does not pay any fee unless their bank usually charges a fee for depositing money.

The person sending an INTERAC e-Transfer may have to pay a fee if their bank charges for the service. Simplii Financial, however, is offering this as an unlimited free service, subject to some maximum amounts daily and monthly. As of November 1, 2017, Tangerine is charging $1 to make an INTERAC e-Transfer, and $0 to send an e-transfer using their own email program.

The person sending the money by e-Transfer only has to type in a question and answer that the person receiving the money can correctly answer. The person sending the money does NOT have to know the bank account information for the person receiving the money. Almost every bank and credit union in Canada will allow a customer to accept and deposit an e-Transfer. The person receiving the money also does not get to know the bank account information for the sender—they only get to know from which bank the transfer is being sent, such as Simplii Financial.

Caution: Some e-Transfers Are Scam Fraudsters Trying to Hack Your Bank Account !

Never accept an unexpected e-Transfer!

There are many scams trying to get you to type in your bank account information and password !

If you get a transfer you don’t expect, get in touch with the sender and ask them whether they sent it and why!

When Can I Send an INTERAC e-Transfer from my Simplii Financial Account?

As of November 2017, transfers must be sent before 8 p.m. ET to be sent the same business day.

Between 8 p.m. and midnight ET, transfers will be dated the following day.

How Much Money Can I Send by Email e-Transfer Daily, Weekly and Monthly from Simplii Financial?

There are limits for total daily, weekly and monthly transfers by INTERAC e-Transfer from Simplii Financial. This is to reduce the risk of losing money due to fraud.

  • In any 24-hour period, you can only send a total of $3 000.
    So if you send a payment of $2500 on Monday at 10 a.m., you can only send a max of $500 on Tuesday at 8 a.m. You have to wait till 10:01 a.m. on Tuesday if you want to send $3 000.
  • In any 7-day period, you can only send a total of $10 000.
  • In any 30-day period, you can only send a total of $30 000.
    This one might be important—you can’t for example, pay someone back $30,000 on November 30, and then pay your rent on December 1 by e-Transfer. It’s not per month; it’s per 30-day period.
    If, for example, you want to make a payment on November 15, they are going to check what e-Transfers you made for the 29 days previous to that and subtract their values from the $30 000 limit to set the maximum for the November 15 transfer.

Simplii Financial INTERAC e-Transfer Terms and Conditions

On November 7 2017, the actual terms and conditions are located at: https://online.simplii.com/ebm-resources/public/content/web/common/pdf/banking/emt/termsAndConditions.pdf

On November 7 2017, there is a lot of information on how the e-Transfers work and what the rules are for stopping payment and reclaiming money at https://www.simplii.com/en/banking-simplii/e-transfer.html

How to Send a Free INTERAC e-Transfer from Simplii Financial

  1. Sign on to your account.
  2. From the menu on the left side of the screen, click on the link INTERAC e-Transfers
  3. Select the desired Recipient for the money from the drop-down list. (Or click on the link Add a new Recipient.)
  4. In the Message to Recipient text box, type a comment for the person receiving the money. For example, I might write “Thanks for helping to pay my way into the movie last night. Now I’d like to pay you back.”
  5. In the Amount text box, type how much money you are sending.
  6. From the drop-down list From Account: choose the account from which you want to pay the money out.
  7. Check that the name and email address shown in the fields Your Email Name: and Your Email Address: are correct. Consider if they are what you want to show the person receiving the transfer. If so, you can continue. If not, click on the link edit to update your profile.
  8. When you’re sure it’s all right, click on the Continue button.

The Your INTERAC e-Transfer Details Window

  1. From the Security Question: drop-down list select a question.
  2. If you select Create Your Own Question, in the Your Question: box, type your question.
  3. In the Security Answer text box, type the correct answer.
  4. To check your spelling or typing, click on the Show box.
  5. In the Security Answer (please re-enter) text box, type the correct answer again.
  6. Read the Notes at the bottom of the page.
    One interesting bit: “The security question and answer that you choose will apply to this INTERAC e-Transfer, as well as all previous INTERAC e-Transfers to this Recipient that have not been claimed.”
    So you could be changing the correct answer for other previous unclaimed e-Transfers made to this recipient!
  7. Click on the Continue button.

The Send Money – Verification Window

  1. Read the info.
  2. If it is all correct, click on the Confirm button.

The Send Money Page 3

  1. You should receive a confirmation message that your transfer has been sent. You may wish to copy the details especially the Reference Number and keep it safely till the transfer is complete.
  2. Read the other notes at the bottom of the page.
  3. If you are finished banking
  • Click on the button sign out
  • Clear your browser history and cache and close your browser session for increased security.

How Long Will It Take for Simplii Financial to Send My INTERAC e-Transfer?

According to the note at the end of the Your transfer has been sent page, it will be send in about 30 minutes after you see that confirmation screen.

In my test case, I received the INTERAC e-Transfer one minute after I sent it! (This was on a Tuesday morning at 9:24 a.m.)

So it works!


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How to Deposit an Interac e-Transfer of Cash from an EQ Bank Account

OK, first I sent a friend a bit of cash from my EQ Bank Account using a free Interac e-Transfer: Now I want to see how he can deposit the money into his own bank account.

Reading the Interac e-Transfer Message from EQ Bank

Sign in to your email account.

Open the email entitled: INTERAC e-Transfer: Sender’s Name sent you money.
In my email inbox, this note arrived with a green shield and an exclamation mark.

The message tells me

  • who sent the money,
  • whether it’s CAD Canadian dollars or something else
  • what message the Sender wrote to me
  • when the offer will expire (I sent the transfer on April 5 and it expires on May 3)

and it includes a big link button called: Deposit your Money

Cashing an Interac e-Transfer

Open the email message and review the details.

Make sure this is not a scam email phishing for your banking information! If the message is unexpected, contact the sender and check that they really have sent you money by email! Hover your cursor over the Deposit your Money link button and check what address will open if you click on the link. Take any other precautions you can think of!

If everything is ok, click on the Deposit your Money link.

Make a note of the Reference # given in the upper right side of the message, just in case.

You will see icons for most of the common Canadian banks including

  • ATB Financial
  • BMO
  • CIBC
  • Desjardins
  • HSBC
  • Manulife Bank
  • National Bank
  • PC Financial
  • RBC
  • Scotiabank
  • TD

Or you can select a Financial Institution from the drop-down list.

Or you can select a Province or Territory from the drop-down list, and then Select a Credit Union from its drop-down list.

If you don’t bank online or your financial institution is not available, you can click on the Other Options button.

One scary option is you can register your account for online banking through this website, and they will only charge you $4 to do so: No this is NOT a good deal!!! If you can’t deposit the money this way, maybe you should phone the sender and discuss other ways to receive payment.

For most people, click on the link to your bank or select it from one of the drop-down lists.
It may take a bit of time to connect.

It takes you to your regular online banking sign in page.

Sign in as usual

A Receive Money page will open (or at least it did at BMO.)

In the Response field, type the answer to the secret question.

From the Deposit to Account drop-down list, select your preferred account.

Click on Deposit Money

Make a note of the Confirmation Number in case of issues.

You can check your account balance to see what happened. My friend’s shows the money as deposited and off hold immediately. (There may be a hold for some accounts: check with your bank.)

Sign out of your bank account, clear your cache and cookies and close your browser session.

You’re done!

Is It Easier to Deposit an Interac E-Transfer of Cash than a Tangerine Email Money Transfer?

Yes, if the person getting the money does not bank with Tangerine.

To deposit an email money transfer from Tangerine in an account that is not at Tangerine, the receiver has to type in

  • their bank’s “Institution Number”,
  • their bank account “Transit Number” and
  • their “Bank Account Number.”

Many people don’t like this.

When depositing an Interac e-Transfer the person receiving the money just clicks to select the bank into which they want to make the deposit, and then sign in to their online banking like they regularly do. They don’t need to know the Institution Number, Transit Number or even often the Bank Account number.


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