# Email Money Transfer (EMT): How It Works and Security in Canada

## What Is an Email Money Transfer (EMT)?

An email money transfer (EMT) is a [retail banking](https://www.investopedia.com/terms/r/retailbanking.asp) service that allows users to transfer funds between personal accounts using email and their online banking service. Used in Canada and available from its [largest banking institutions](https://www.investopedia.com/terms/b/bigsixbanks.asp), email money transfers are considered a secure way to transfer money.

EMTs are commonly known as Interac e-Transfers. Interac, a Canadian company, provides the service and helps facilitate financial transactions between banks.

### Key Takeaways

*   EMTs, commonly referred to as Interac e-Transfers, provide a secure and widely used method for Canadians to transfer funds between personal accounts via email and online banking.  
    
*   EMT transactions are facilitated by Interac, a Canadian company, and are available only within Canada, with some cross-border options through partnerships with MasterCard and Western Union.  
    
*   The service incorporates strong security measures, including encryption technology, confidential user IDs, passwords, and security questions, to protect users from fraud and phishing scams.  
    
*   Businesses in Canada can also utilize EMTs, benefiting from features like bulk processing, bulk receivables, and invoicing capabilities, enhancing their financial transaction management.

## How to Execute an Email Money Transfer (EMT)

Users start an EMT through their [online banking](https://www.investopedia.com/terms/o/onlinebanking.asp) app. They pick the amount and account, then choose the recipient. Once confirmed, funds are debited instantly. Interac e-Transfer offers auto-deposit and money request options.

The recipient gets an email with a security question and instructions to retrieve funds on a secure site. Funds [deposit](https://www.investopedia.com/terms/d/deposit.asp) immediately at no charge if the recipient uses the same bank, otherwise it may take three to five business days.

> **Important**
>
> Interac e-Transfer isn't available in the U.S. However, you can send money from Canada to the U.S. using Interac's partnerships with MasterCard and Western Union.

## Protecting Your Email Money Transfers

Like all banking transactions, EMTs can be vulnerable to fraud, so [cybersecurity](https://www.investopedia.com/terms/c/cybersecurity.asp) is crucial. Money isn't transferred through email—only the instructions for retrieving and depositing funds are. Money in an EMT is not transferred via email in an online money transfer, just the instructions to retrieve and deposit funds from the participants' accounts.

Users shouldn't accept transfers from unknown parties and should contact the sender if a transfer is unexpected. The use of email makes the service prone to [phishing](https://www.investopedia.com/terms/p/phishing.asp) scams.

## Who Can Use EMT for Money Transfers?

Most email money transfers are completed by clients of the big five banks in Canada along with other financial institutions.

## Is Email Money Transfer Available for Businesses?

Interac offers email money transfer services for businesses, which have options like bulk processing services, bulk receivables, and bulk payables, as well as invoicing capabilities for business customers.

## How Does Interac Keep Transactions Secure?

Interac uses encryption technology including confidential user IDs and passwords, a secure login process, security questions, and 128-bit browser encryption.

  

## Final Thoughts on Email Money Transfers

 An EMT lets users transfer funds between personal accounts via email and online banking. Interac provides this service, though it's not available in the U.S. Interac uses encryption to ensure secure transactions.

> **Article Sources**
>
> 1.  Interac. "[Interac e-Transfer](https://www.interac.ca/en/consumers/products/interac-e-transfer/)."