An email money transfer (EMT) is a service that allows users to transfer funds between personal accounts, using email and their online banking service. Email money transfers are considered secure because notification of the transfer is done exclusively through email. The actual funds are settled through the existing funds transfer networks, which banks have used for years..
Benefits of Email Money Transfer are:
- There is no need to pay the high fees of an international Wire as this is a local transfer for you
- Email Money Transfer transfer can be done from any bank
- Money usually reaches within 3 working days of transfer
Currently you can make a local transfer in Canadian Dollar
No. The only way you can send an Email Money Transfer is within the security of your online banking service at a participating financial institution. This way, the financial institution can identify you and process the transfer instantly. If you do not have access to online banking, contact your financial institution or visit their online banking website to sign up.
You are not sending money by email; only the notification travels over the Internet or over the air to advise the recipient that the transfer has been initiated and to provide instructions on how to deposit the money. The money always resides safely at a financial institution, and is transferred through existing payment networks that financial institutions have used for years to settle cheques, bank machine deposits and withdrawals.