How to Send Money using Email?

Are you looking for a simple, secure and convenient way to send money from one bank to another? Email money transfer (EMT) is the right solution for you. It is very easily done, the only requirement being access to bank which provides the facility. Through this you can send money to anyone who has an email and bank account. The best thing about an email transfer is that any personal or financial information does not have to be shared.

Why choose Email Money Transfer

Email money transfer is a preferred way to send money because it is quite safe. An email transfer is quite similar to an e-check. Through the email only the instructions to retrieve money are sent. The money is not actually transferred. The sender’s and the recipient’s financial institution use secure and recognized banking procedures for the transfer of funds.

Interac Email Money Transfter System in Canada is a company which offers this facility.

How Email Money Transfer Works?

The sender has to open an online session in the EMT system and then choose the recipient and the amount. The entire process is made safe by a security question which only the recipient can answer. The money is debited immediately generally with a surcharge/processing fee.

The recipient is sent an email with the instructions to retrieve the money through a secure website.

1. The recipient receives the money immediately if he is subscribing to online banking at one of the financial institutions offering this facility. This is done at no extra charge.
2. In case the recipient does not subscribe to online banking or if his account is not at one of the financial institutions offering this facility, the money is deposited within three to five days. An amount of $4.00 is deducted from the money received.

The Advantages of Email Money Transfer

• Any personal or private information does not have to be shared, thus the sender’s address, phone number and account information is kept confidential.
• The process is made safe by the security question which only the recipient can answer.
• Money can be sent and received directly from your existing bank account.
• After an email transfer, money is available immediately to the recipient.
• There is no need for setting new accounts, user ID or passwords.
• Since it is an online transfer, there is no need for stamps or to find a mailbox.
• The money by this transfer is not frozen.
• Since the money for a transfer is already arranged, there is no chance for bouncing as in case of cheques.

The Limitations of Email Money Transfer

• EMTs are susceptible to phishing.
• The time limit for collecting the funds is just 30 days after which it automatically gets cancelled.
• Sending money by Email Money Transfer is not reversible. So incase the recipient has already received the money, the only way to obtain a refund is from the recipient himself.

How to Track the Transfer

If you are the sender:

A confirmation number is saved in your online banking history. This number is used for any tracking information. Also once the recipient accepts the transfer, an email notification is sent to you.

If you are the recipient:

An email notification is sent to you which gives the amount and the instructions to deposit the same.

How Email Money Transfer is protected

Email Money Transfer system like Interac rely on the following security measures

• Encryption technology
• Confidential user IDs and passwords issued by financial institutions
• A secure login process
• A security question and answer to ensure only the intended recipient receives the money
• 128-bit browser encryption

Since the method is so easy and safe to use, we can now use it to send money to anybody.