What Does EMT Stand for in Money Transfer and How Does It Work

Before choosing the best money e-transfer method, you first want to know, ‘what does EMT stand for money transfer?’ Email money transfer is a common funds transfer method used mainly by Canadians. 

EMT allows users to transfer money between their accounts or send it to other bank accounts via email. It is a secure, cheap, and easy money transfer method. However, it charges a transfer fee which depends on the bank’s rules. 

Once you send money through EMT, the receiver gets a notification through an email. This article explores how EMT works, how to send and receive money through it, and its benefits and disadvantages. 

How Email Money Transfer Works

When sending money through EMT, you start by opening your online banking account on the computer or mobile phone. You will select the amount you want to send and the account you want money to get drawn from during transactions.

From the list provided, please enter the recipient’s banking institution and their details. The recipient’s email must be correct for the transaction to go through. Interac e-transfer will then require you to create a security question that the recipient should answer to access the money. 

Once you set the question and cross-check the information, tap the send button. You will get an email confirmation that funds have been drawn from your account. The recipient will also get a notification about the transfer. 

After Receiving An Email Money Transfer

Once you receive the money transfer confirmation email, you must first answer the security question. When setting the secret question, the sender can ask something the recipient knows or send them the answer. 

The funds will be deposited into your bank account if you give the correct answer. Alternatively, you can set your account to auto-deposits. It allows you to receive money without answering security questions. 

EMT Is Fast

Email money transfer is an instant money transfer method. Money gets transferred immediately, but some transactions take more time. For example, some may take 15 to 30 minutes, while others take days to complete. 

Some reasons for delayed transactions are;

• Poor Internet Connection

Interac e-transfer relies on the sender’s and recipient’s internet. If the internet connection is slow, money will take longer than expected to transfer between the accounts. 

If you are experiencing weak Wi-Fi connections, you can switch to cellular data. If you have good internet, ask the recipient to check their internet connection. 

• Different Financial Institutions

Email money transfers are faster if you transfer money within the same financial institution. Sending money to a different bank takes more time because more steps are involved. 

• Large Transfers

Transferring large amounts of money will take more time. This is because the bank must review to ensure the transfer is safe and there is no fraud. How fast it takes to transfer large amounts of money depends on your financial institution. 

• Incorrect Recipient Details

Checking the recipient’s details before sending the money reduces the chances of delays. Note that the transfer won’t go through if the provided recipient’s email is wrong. 

Fees for Using Email Money Transfer

Now that you know ‘what does EMT payment stand for,’ your next worry could be how much it costs to send money. The fees for sending an Interac e-transfer depend on your financial institution. 

For example, TD bank charges $0.50 to transfer up to $100 via a personal account. For every amount over $100, the sender pays $1.00 per transfer. However, these charges are different for business accounts. You will pay $1.50 per transfer and an extra $0.50 if you include additional Remittance Details. 

If you send money from your TD student chequing account, you will not pay an Interac e-transfer fee. Other exempted users from e-transfer fees are those with TD wealth private banking accounts. 

You Can Cancel an Interac E-Transfer

You can cancel the transfer if you notice incorrect details in your EMT. However, this is only possible if the recipient has not accepted the money yet. The canceled e-transfers are reversed immediately and returned to your bank account. 

You won’t pay a cancellation fee if you cancel the transfer 45 minutes after sending it. However, you will pay a $5 fee if it is past that time. 

You cannot cancel the transfer if the recipient has an auto-deposit because money gets automatically deposited into their account. This also applies to recipients with Direct to account transfers. 

How to Ensure Safety with Interac E-Transfer

There is an increase in e-transfer scams, and although EMT is safe and secure to use, it is not foolproof. To keep your e-transfers safe and secure, ensure that you;

• Transact With the People You Know

Email money transfers are as delicate as cash transfers; money once sent is hard to reverse. Therefore, always transact with people and businesses you know and trust. 

Also, be careful when accepting e-transfers. If you receive a transfer from a stranger or one you were not expecting, contact the sender in another method to confirm if they sent the money. 

Fraudsters use many methods to scam users, so avoid clicking unknown links. If you have suspicions about a transaction, contact your financial institution before accepting it. 

• Use Personal Internet

Avoid accessing your bank account using public Wi-Fi. Hackers can easily fetch your details, including your banking passwords and email addresses. Also, don’t use shared computers to log into your accounts. 

Only send money from your mobile phone or computer using your home Wi-Fi. If you are in public, opt to use cellular data instead of Wi-Fi.

• Create Strong Passwords and Questions

Avoid using your name or obvious details as your password. Your banking password should also be different from the ones you use on other websites for more security. When setting the security question, don’t include personal details. People use these details to guess your password. 

• Use Auto-Deposits

Using auto-deposits for email money transfers is an easier way to avoid fraudsters. This is because transactions are deposited directly into your bank account, and you can skip the question-answering step. 

Benefits of Using EMT

Now you can answer the question, ‘what does EMT mean?’ some of the benefits you get from this money e-transfer method are;

• Simple

Sending money through Interac e-transfer is straightforward; you require a bank account, email address, and internet to make it happen. It also takes a short time for transfers to complete unless you have slow internet and transact across different banks. 

• Secure

Interac e-transfers are secure from fraudsters, but you must also practice more security. The sender sets a secret question that the recipient must get correctly to access the money. 

You can also use the auto deposit to reduce the chances of fraudsters. Some ways to practice safety are using personal internet instead of public Wi-Fi and only transacting with people and businesses you trust. 

• Flexible

You can log into your mobile banking app from anywhere and send cash. The transfers also take a short time to complete, making it a perfect money transfer method for emergencies. 

Final Word

When checking the different e-transfer methods, you first want to know ‘what does EMT stand for.’ EMT makes transferring money easy and quick. It is also a cheap and secure e-transfer method, but you must practice internet safety to avoid scammers.