How to Receive an E-Transfer RBC as a New Client
One of the things you will want to know after opening an RBC account is how to receive an e-transfer RBC. The money transfer method allows Canadian citizens to make payments online and is fast and safe.
When money is deposited to your account through e-transfer, you will get an email or text confirming the transaction. You can also check these messages in the spam folder. You must answer the security question correctly to access the money.
However, if you have an auto-deposit account, you aren't required to answer a security question. With an auto-deposit account, funds from the sender get directly deposited to your account. Another way to receive an e-transfer RBC is by requesting payment. If the organization accepts your request, money will get deposited into your account.
A Guide on How to Receive an Interac E-Transfer RBC
Interac e-transfer is a money transfer method that makes it easy for Canadians to transact. You can send money to individuals or businesses using their email addresses or phone number, which takes minutes for the transfer to complete.
However, although there is a security guarantee when using an Interac e-transfer, you must be careful when transacting. Cybercriminals target electronic money transfer methods, so be careful not to fall a victim.
As an RBC customer, these steps will help you receive an e-transfer.
- Once you get a text message or email alert of an Interac e-transfer, please review it to ensure it is not fraudulent. If you are unsure about the sender, you can call your bank to confirm if the message is legitimate.
- The message contains instructions on accepting the money, so ensure you follow these. Then, choose your financial institution and log into your account.
- Answer the security question correctly. You won't require a security answer if you have an auto-deposit account.
- Select the account to deposit the money and click on accept.
You can also receive money through Interac e-transfer by requesting payments from individuals or businesses. Again, ensure you state the correct amounts and provide all the required information. Once the company accepts your request, they will deposit the money into your account, and you don't need a security answer to access the cash.
Auto-Deposit Makes It Easier to Accept Interac E-Transfers
When receiving an Interac e-transfer, the sender must set a security question that you, the recipient, must answer correctly. Sometimes senders will transmit the correct answers to these questions using social media platforms, but you can lose money if they land in the wrong hands.
Interac e-transfer auto-deposit accounts make using this electronic money transfer method easier and safer. With it, money is withdrawn directly from the sender's account into your account without the need for a security answer.
Auto deposit accounts are available in large Canadian banks, including RBC. You can activate yours in these easy steps;
- Log into your RBC banking or mobile app
- Go to Interac e-transfer and locate auto-deposit
- Enter your email address and choose the account you want to link.
- Complete the registration by confirming the email.
Importance of Interac Auto-Deposit Account
Interac e-transfer auto-deposit account has many benefits you won't get in a regular account. First, it protects you against email fraud and reduces the chances of losing money.
The increase in online money transfers has led to an increase in cybercriminals. These criminals attempt phishing scams to access your email account, reducing your account's security.
Interac auto-deposits enable users to accept payments without worrying about email fraud. Even better, you won't require a security answer to access the money, fastening the process.
Since you don't need a security answer to receive an Interac e-transfer with an auto deposit account, it makes receiving cash fast. When the sender releases funds from their account, they are deposited into your account directly.
Reasons You Can't Accept an Interac E-Transfer RBC
Knowing how to receive an e-transfer RBC makes accessing your money easier. However, sometimes you could face challenges when accepting the e-transfer because you declined it or it expired.
Other reasons you cannot accept your Interac e-transfer are;
If the Transaction Expired
It takes 30 days for an Interac e-transfer to expire. Therefore, you won't be able to accept the transfer after this period. The transfer can also fail to reach the recipient if the sender enters an incorrect email address.
Incorrectly Answering the Security Question
Interac ensures safety in their e-transfers by asking the senders to set a security question. The payee must answer the question correctly to access the money.
If the answer is complicated, the sender can call the recipient to tell them the correct answer. Avoid using emails or social media platforms to send e-transfer answers. Cybercriminals easily hack these, and they compromise your account's security.
Answering the security question incorrectly can lead to a decline to access the money by Interac. When setting security questions, refrain from using information like your name, birthday, or email address. You should also not use your passwords.
Declined Interac E-Transfers
As an RBC client, you can accept or decline an Interac e-transfer. If the e-transfer doesn't seem legitimate, you can decline it, as accepting those can lead to fraudulent acts from cybercriminals.
If you decline the e-transfer, the sender can cancel the payment to get their funds back if they have not been claimed. They can also retrieve the funds at no cost. To retrieve funds from an expired e-transfer, open your banking app and go to Pay bills, and transfer funds.
Navigate to the Payment History and check the confirmation code of the Interac e-transfer to cancel. You can then tap on Cancel Payment. If you fail to retrieve the unclaimed funds within 15 days of expiry, the bank will return them to your account at a $5.00 reclaim fee.
Does Interac E-Transfer Charge Transfer Fees?
Sending an Interac e-transfer from an RBC personal chequing account is free. However, you will incur a transfer fee of $1.00 per transfer when paying from a personal savings account. Sending an Interac e-transfer from your RBC business account will cost you $1.50 per transfer.
However, other charges might apply if you are sending a different currency. For example, the bank charges a currency conversion fee for foreign currency, and the costs depend on the bank's rates.
You will incur fewer costs on foreign exchange fees if you exchange your currency at Knightsbridge FX. The platform is easy to use, and we offer favorable rates to our customers.
How to Avoid E-Transfer Scams
Transacting using Interac is safe, but you must also adhere to more electronic money transfer measures. For example, avoid using public Wi-Fi to log into your banking apps. Cybercriminals can steal your bank account passwords and steal money.
Only send and receive money using Interac e-transfers with businesses and people you know. It reduces the chances of getting scammed and losing money.
Wondering how to receive an e-transfer RBC? The process is straightforward. Open the email or text message showing that you received cash, and follow the instructions. However, don't be quick to accept the payment, as some are from fraudsters and internet scams.