If you’re already an online banking customer, consider using Interac e-Transfer for your financial transactions. This simple, convenient and secure method can be used to send money to anyone with an email address and a Canadian bank account– without disclosing any personal financial information. It’s that easy. Since you’re already an online banking user there’s no need to set up new accounts, user IDs or passwords.
Transactions can be conducted securely anytime, anywhere via online or mobile banking with money transferred directly between financial institutions per established and secure banking procedures. Only notifications and deposit instructions are shared via email or text. Convenient and secure, Interac e-Transfer is used by over 200 financial institutions.
Electronic Funds Transfer
Another option for paying invoices is performing an electronic funds transfer (EFT) through your financial institution to your vendor based on the instructions you set for payment. This method allows you to set the date the payment is to be disbursed and provides confirmation of payment file status, information on rejected and/or returned items, and the ability to monitor the processing status of all your payment files.
To pay by EFT, you require the vendor’s banking information including bank number, branch transit number and bank account number of where the funds should be deposited.
Interac e-Transfer and EFT are both effective means for issuing payments, saving time and money and mitigating the risk of fraud because, unlike paper cheques, payments can’t be lost, stolen or fraudulently altered.