Email Money Transfer (EMT)

An email money transfer (EMT) is a retail banking service that allows users to transfer funds between personal accounts, using email and their online banking service. Mostly used in Canada, email money transfers are often called Interac e-Transfer.

EMTs are considered secure because notification of the transfer is done exclusively through email. The actual funds are settled through existing fund transfer networks, which banks have used for years.

An email money transfer (EMT) is initiated when senders first open their online banking account—either on a desktop computer or a mobile application. They will then select the amount to be sent and the specific account, from which the funds will be withdrawn. They choose the recipient of these funds. When confirmed, funds are instantly debited.

An email with an answer to a specific security question is sent to the recipient of the funds; in addition, separate instructions are sent to the recipient regarding the retrieval of the funds via a secure website. To access the funds, the recipient must correctly answer a security question. After a set number of incorrect attempts, funds could be returned to the sender.

If the recipient successfully moves past the security blockade, the funds will be deposited immediately, generally at no additional charge, if the recipient is signed up to a participating online banking institution. It could take three to five additional business days if the recipient is not subscribed to a participating online banking institution.

The big worry with an email money transfer (EMT) is cybersecurity, in particular, online financial security. Yet, as stated above, money is not actually transferred via email in an online money transfer, just the instructions to retrieve and deposit funds from participants’ physical accounts.

Still, it’s good practice not to accept transfers from unknown parties, and to contact the sender directly when notified of a transfer that is not expected. Because email is used, the service is susceptible to phishing scams. Both parties must take care to ensure the safety of both the sender and receiver.

• An email money transfer allows users to transfer funds between personal accounts, using email and their online banking service.
• Although completed via email, there is minimal cybersecurity worry as money is not actually transferred via email.
• Nearly all online banks in Canada—including the Big Five—offer EMTs.

Pretty much any customer with an account with a Canadian bank that offers online banking can do an email money transfer. That is, most email money transfers are completed by clients of the big five banks in Canada—the Bank of Montreal, the Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the Royal Bank of Canada and TD Bank Group—along with other financial institutions.