Email Money Transfer (EMT): How It Works and How to Stay Secure

Key takeaways
* EMTs (commonly Interac e-Transfers in Canada) let users move money between personal accounts using online banking and email notifications.
* The email contains retrieval instructions; the funds move between banks, not through email, and are protected by encryption and security measures.
* EMTs are widely available within Canada; cross‑border options exist via partnerships (e.g., MasterCard, Western Union). Business features include bulk processing and invoicing.
* Fraud and phishing are the main risks—use auto‑deposit, strong security practices, and verify unexpected transfers.

What is an EMT?

An email money transfer (EMT), most commonly branded as Interac e-Transfer in Canada, is a retail banking service that enables individuals and businesses to send and receive money using their bank’s online or mobile banking platform. The sender initiates the transfer through their bank; the recipient receives an email or text with instructions to deposit the funds.

How EMTs work

1. Sender opens their bank’s online or mobile banking, selects Interac e-Transfer (or equivalent), chooses amount and source account, and enters the recipient’s email or mobile number.
2. The bank debits the sender’s account and sends the recipient a notification containing a secure link and retrieval instructions.
3. The recipient follows the link and either answers a security question (if not enrolled in auto‑deposit) or receives the funds automatically if auto‑deposit is set up.
4. If both parties use the same bank, deposits are typically immediate and free; transfers between different banks may take up to a few business days.

Common features
* Auto‑deposit: links an email or phone number to the recipient’s account so funds deposit automatically without a security question.
* Money requests: allows a recipient to request funds from another user.
* Business services: bulk payments, bulk receivables/payables, and invoicing tools for companies.

Availability and cross‑border transfers
* EMTs are primarily a Canadian service. Direct Interac e‑Transfers are available within Canada.
* Cross‑border sending from Canada to the U.S. or other countries may be possible through Interac’s partnerships with payments providers (for example, MasterCard or Western Union), but these options differ from standard domestic e‑Transfers.

Security and fraud considerations

How the system protects you
* Interac and banks use encryption, secure login procedures, and authentication (user IDs, passwords, security questions) to protect transactions.
* The email or text only delivers retrieval instructions and a secure link; money is not transmitted through the email itself.

Main risks
* Phishing scams: fraudulent emails or texts that mimic banks or Interac to steal credentials or trick you into giving away security answers.
* Unexpected transfers: criminals may send a transfer and request sensitive information or attempt to reroute funds.

Practical safety tips
* Enable auto‑deposit to eliminate the need for security questions for known contacts.
* Never click links in unexpected emails or messages. Instead, access your bank’s site or app directly.
* Verify unexpected transfers by contacting the sender through a trusted channel before accepting or providing information.
* Use strong, unique passwords and enable multifactor authentication for your bank account and email.
* Avoid public Wi‑Fi when initiating or approving transfers.
* Keep your bank’s contact information handy and report suspicious messages quickly.

What to do if you suspect fraud
* Contact your bank immediately and report the suspicious transfer or phishing attempt.
* Change your online banking and email passwords and review recent account activity.
* Follow your bank’s guidance for disputing unauthorized transfers.

Conclusion

Email money transfers offer a convenient, widely used way to move funds between Canadian bank accounts. They rely on secure banking infrastructure and encryption, but users must remain vigilant against phishing and social‑engineering attacks. Using auto‑deposit, secure passwords, and careful verification significantly reduces the risk of fraud.