Interac e-Transfer Autodeposit!
You’re probably already familiar with Interac e-Transfer – after all, Canadians used it to move $132.8 billion in 2018.
But have you signed up for Interac e-Transfer Autodeposit? It’s a feature within the Interac e-Transfer service that enables users to save time when depositing money into their bank account. Plus, transactions completed through Autodeposit have the same bank-grade security as the Interac e-Transfer service. You might be wondering: How can not having a security question be just as secure as having one?
If you’re sending an Interac e-Transfer to someone with Autodeposit set up, you’ll see their full name before pressing send. This ensures senders know the recipient is who they say they are.
If you receive an Interac e-Transfer, the funds are directly deposited into your bank account. No security question, answer or additional steps required. That means you never need to log in online to receive your Interac e-Transfer transaction… because the funds are deposited into your account, instantly.
Here’s how it works: First you associate your email address or phone number with a particular bank account. After that, Interac e-Transfer transactions sent to that address will be automatically deposited into the designated account and you as the recipient will be notified when the funds are available. The sender will also be notified that the Interac e-Transfer has been completed.
To get started, log in to your financial institution’s online or mobile banking and navigate to Autodeposit, typically found in the Interac e-Transfer settings. Register your e-mail address or mobile number and link your account. You will receive an email or SMS to confirm your registration. Check your inbox and click “Complete Registration.” That’s it!
Safe, secure, and instant!
Learn more straight from the Interac newsroom here.
Interac e-Transfer Limits
The chart below outlines our sending and receiving limits for Interac e-Transfers.