WHAT IS E-TRANSFER
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| HOW DOES E-TRANSFER WORK |
The full form of e-transfer is Interac email money / EMT. Through this, we can do any kind of money transaction, safely and securely. This is done by online apps. You only have to verify your bank account details by connecting them to these e-transfer apps, then only by the simple method you can do your transaction within a minute. The e-transfer service transfers the amount to personal and business accounts. It is run by an Interac corporation.
To do an e-transfer, all you need is bank receiver contact no./email of money receiver or e-transfer app ID.
E-transfer in Canada
In Canada, only e-transfer is used for money transfer. canada uses interac e-transfer. Interac e-transfer is a secure and fast, convenient way that most people use in Canada.
Read more :- How to open bank account
HOW DOES E-TRANSFER (EMT) WORKS
e-transfer works very securely, in which many ways have been set for a safe transaction. In e-transfer, the person to whom to send money must first create his e-transfer account, after creating it is verified by the customer's bank. Once the e-transfer account is fully ready, the account holder can use e-transfer.
The e-transfer sender has to go to the online banking session and choose his recipient (to whom he has to transfer the money). recipient's contact no./email or bank details Any of this sender can use.
As soon as after selecting the recipient, the sender himself has to make a security question and answer it. For example, "your favourite fruit" is a security question and "Mango" is a security answer. Right now the main purpose of generating this security question and answer is that it acts like a password, which is only with the e-transfer sender and the e-transfer recipient. Therefore, no third party can steal the customer's money in any way.
After this, whenever the sender will send money by e-transfer, then the security question will be automatically received by the recipient via email or text message. Only when the recipient answers the security question correctly, the recipient will be able to receive the money sent by the sender. Like this e-transfer works.
But if the recipient does not respond correctly to the security question sent by the sender, then the money sent goes automatically to the sender's account. The Recipient has 3 chances/tries to answer the security question.
HOW LONG DOES AN E-TRANSFER TAKES
There is also an option of auto deposit in e-transfer, in which if the sender sends money through e-transfer, then it goes directly to the recipient's account, there is no security question.
In e-transfer, if the sender has transferred the amount to the recipient, on a security question, if the recipient has not received it yet, in that case, the amount remains on hold for only 24 hrs, and some banks 30 Allow to hold for even days, but after this period, only the amount goes back to the sender's account.
RULES OF E-TRANSFER
If the e-transfer receiver has any online banking / e-transfer valid account, then the amount sent by the sender gets deposited in the account without taking any extra charges in the receiver's account.
But if the receiver does not have any online banking/e-transfer valid account, then extra charges are deducted up to a minimum of 4 $ only on receive the amount sent by the sender.
CONCLUSION
e-transfer is an online transaction service, which is secure and fast. Along with the sender, the recipient also has to follow strict procedure at the time of transaction. Online banking/e-transfer such as Interac e-transfer in Canada, BHIM in India are used.
FREQUENTLY ASKED QUESTIONS (FAQ's)
1) You can transfer money from one country to another with an e-transfer.
Yes, the sender can send the amount by selecting the recipient country in his mobile banking app.
2) What is meant by Interac e-transfer?
e-transfer means email money transfer (EMT).
3) Can you send money without security question in Interac e-transfer?
Yes, the recipient can receive the amount without any security question by the Autodeposit option.
4) How much time requires to e-transfers for the transaction.
Sending an amount through e-transfer is a very fast process, instantly the amount is sent. But it depends on the answer to the security question. If the recipient answers the security question quickly, then the money is transferred immediately.