How to Use INTERAC e-Transfer Bulk (2024)

FAQs

How to Use INTERAC e-Transfer Bulk? ›

Sign in to your financial institution's online banking service. Upload a request for payment file that includes amount requested and the recipient's email address or mobile phone number. All parties involved (sender, requester, and financial institution) will receive real-time confirmation of payment completion.

DO make the answer hard to guess. Keep in mind it may be between 3 and 23 letters and/or numbers in total. Special characters, such as @, #, $ cannot be used. DON'T select a question that can be answered by 'Yes' or 'No'.

Interac e-Transfer Bulk Payables allows you to send money to multiple recipients using an easy and secure file upload capability that supports commercial payments and high-volume transactions. For more information, please contact your financial institution: Participating Financial Institutions.

Sending e-transfers:

Maximum per transfer sending limit: $3,000. Daily rolling* sending limit: $10,000. Cumulative maximum 7 day rolling sending limit: $10,000. Cumulative maximum 30 day rolling sending limit: $20,000.

Tips on security questions.

Q: What's the name of my dog? Q: What colour is the sky? Remember – it is your responsibility to build a strong security question to ensure that only the intended individual becomes the recipient of the Interac® e-Transfers.

After four unsuccessful attempts, the recipient of your Interac e-Transfer^® will no longer be able to receive the transfer. You'll receive an email indicating that the recipient did not answer the question correctly.

A bulk payment is a system that allows a company/individual to make debit payments to multiple beneficiaries. For instance, payouts. Here, the bulk list is the list of beneficiaries that the creditor intends to pay from a single account. The creditor's bank statement reflects this bulk transfer as a single payment.

One further distinction is that EFTs can only be used to transfer money between bank accounts in your name, whereas Interac e-Transfers can be used to send money to a third party—like the colleague who spotted you lunch money the day you forgot your wallet.

Customers can remit any amount using NEFT Customer intending to remit money through NEFT has to furnish the following particulars: IFSC (Indian Financial System Code) of the beneficiary Bank/Branch. Full account number of the beneficiary.

Can I use the same email for Interac e-Transfer? ›

You can register multiple email addresses per account for Interac e-Transfer Autodeposit. However, once an email is registered, it cannot be used again with another account. A maximum of 5 email addresses per customer can be registered for the Autodeposit feature.

Receivers have the option of accepting or declining an Interac e-Transfer. If the receiver declines the transfer, the sender can either cancel the payment to retrieve the funds or resend the e-mail transfer. You can cancel an Interac e-Transfer at any time, as long as the recipient has not deposited the funds.

If you need to send money to someone overseas, you can also choose to pay using Western Union money transfers via Interac e-Transfer. In this case your recipient can collect their money from a Western Union location in cash, in as little as 30 minutes after you arrange the transfer online.

To change your Interac e-Transfer limit, give us a call at 1-800-472-6842 or visit a branch.

A fake email or text will likely be from a different address and have wording that is different from that of a legitimate message. It will also likely have spelling errors. Another red flag that you're receiving a fake e-transfer is that the funds are being sent from a company.

The use of the security question and answer acts as an additional security measure to validate that only the sender's intended recipient can collect the Interac e-Transfer(s). The sender sets the question when they send the transfer. The question is something only the intended recipient can answer.

An Interac e-Transfer^® money request allows a recipient to request a transfer from you via email or text message. Important: If you accept the request, the funds will be sent directly to the recipient. Once the request has been accepted, it can't be cancelled.