how an email money transfer emt works
an email money transfer emt is initiated through an account holder s online banking application users select the amount to be sent and the specific account from which the funds will be withdrawn they choose the recipient of these funds and when confirmed funds are instantly debited the interac e transfer service offers auto deposit and options to request money 1the recipient commonly receives an email with a specific security question along with instructions regarding the retrieval of the funds via a secure website funds are deposited immediately at no additional charge if the recipient participates at the online banking institution or it could take three to five additional business days interac e transfer is not available in the united states but it is possible to send money from a canadian bank to the u s via interac s partnership with mastercard and western union cybersecurity and emtemail money transfer emt as with all banking transactions may be subject to fraud so cybersecurity and online financial safety are important 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 should not accept email transfers from unknown parties and contact the sender directly when notified of a transfer that is not expected because email is used the service is susceptible to phishing 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 