Sunnybrae

Can someone please explain to me how this works? we're trying to transfer some money from my partners RBC account to her Scotiabank account.

It looks like it can only be done via an "interac e transfer" as she is back in the UK and all you do is put in a name and email address in RBC but how does that then get into her Scotiabank account if there's no account number/sort code info? It seems very odd to me.

dbd33

The transfer sends an email to the recipient's address. The email requests the password for the transfer and then asks the recipient where to deposit the money.

Sunnybrae

Ok thanks, maybe we should just try it with C$10.00 and see what happens.

dbd33

There's a fee for using the service, otherwise that's a good idea.

I've used that mechanism for all sorts of things, I bought a car that way and pay my accountant's fees with the mechanism. The one snag I've found is that, if you get the email address wrong (in my case because the recipient changed it and deleted the old one, to which I sent the money) the money's lost (in theory the bank can get it back but maybe tomorrow, maybe someday).

Sunnybrae

yeah it looks like a C$1 fee each time which we're just checking up on and thanks for the email tip.

bats

Both accounts have to set up for e transfer, the email address registered.

CanadaJimmy

Another option is mailing them a cheque and they can deposit it with the Scotiabank mobile app. Bit more of a faff and delay though.

Edit: Also, you could go to a Scotiabank branch with their account information (transit number, institution number and account number) and deposit a cheque into their account directly at the teller.

JamesM

I'm with Scotia and they don't charge me to send Interac transfers.

Also once you've accepted an interac transfer via your email you can set it up so future ones just deposit automatically.

Twitcher1958

I get free e-transfers from my current account but there’s a charge if it’s taken from other accounts. I find it a very handy system.

BristolUK

It seems to be one area where Canada is ahead of the UK.

Both parties pay/receive what's owed with neither party knowing anything about the other's bank.

All that personal information and their signature when someone gives you a cheque

CanadaJimmy

The only downside is the $3000 limit per transfer. Not useful for buying a decent used car for example.

Sunnybrae

Thanks for all the posts and info, adjusting to the Canadian banking system is going to be an interesting learning curve.

Mordko

This limit depends on your bank. Same as charges.

dbd33

My limit is ten grand per day (I didn't ask for a specific number so I suppose that's a default). I sent two $9,000 transfers to buy the covid car.

eversmannx

Always put a password and the recipient has to type in to claim the cash. Just in case you type the email address wrong. TD/RBC are instant. Others have about half hour delay before the email is sent. I still consider banking is far superior in UK compared to Canada.