Business Making payments

Is Interac Web Payment safe? A closer look for Canadian businesses

Piyush Singh

24.09.25

Read time 3 minutes

Interac is widely used in Canada by individuals and businesses.It’s fast, familiar, and built into the banking tools you already use. But, when it comes to your company’s cash flow, safety is non-negotiable.

We’re taking a closer look at how Interac Web Payment (or Interac e-Transfer for Business) works, the security features behind it, the potential risks to watch out for, and how you can keep your business transactions (and your money) safe.

Is Interac Web Payment safer than other payment types?

Interac e-Transfer for Business runs within your bank’s online and mobile banking, using multiple layers of bank-grade security controls such as encryption, multifactor authentication, and fraud detection. Transactions move directly account-to-account over existing secure Canadian bank networks, with real-time confirmation for both sender and recipient.

Interac doesn’t hold your money. Funds stay with the sending or receiving financial institution throughout the process. You don’t share card numbers or account details with the payee — only an email address or mobile number — which reduces the risk of exposing sensitive information. Compared to cheques and manual transfers, this system reduces handling risks and speeds up settlement.

Key Interac Web Payment security features

Security Feature	Description
Bank-level encryption	Interac e-Transfer transactions are protected with strong end-to-end encryption, similar to online banking, and data is encrypted in transit. Both Interac and participating banks use advanced encryption and authentication methods to safeguard transactions and sensitive information.
Direct-to-bank transfers	Funds move directly from the sending bank to the receiving bank through secure payment networks, minimizing third–party exposure. The email or text is only a notification. Money never travels via email itself, and Interac doesn’t intermediate or hold funds.
Real-time confirmation	Interac e-Transfers are processed quickly (often within seconds or minutes), and both sender and recipient receive instant confirmation once the money is deposited. Businesses get immediate confirmation of payment, so you always know when a payment has been completed.
No stored financial data	Interac itself doesn’t store your bank account or balance info when you send a payment. All personal financial data stays with your bank or credit union.
Fraud detection tools	Interac uses fraud mitigation technology and a proprietary risk detection model to analyze transactions in real time for unusual or risky patterns. Their systems (and bank security teams) can flag suspicious e-Transfers and intervene before the money moves. Financial institutions also integrate tools like account authentication, confidential user IDs/passwords, and security questions to ensure the right person receives the funds.

What are the risks of using Interac Web Payment for businesses?

Like any payment method, Interac isn’t risk-free. Some of the most common issues include:

User error: Sending a payment to the wrong email or mobile number can be hard to reverse
Phishing scams: Fraudsters may send fake emails or texts pretending to be from Interac
No chargeback protection: Once a transfer is accepted, you can’t recall it in the same way you might with a credit card

How businesses can reduce risk

Double-check recipient details before sending
Enable multifactor authentication for your banking
Train staff to spot phishing attempts
Use payment notifications to track when funds are received

Interac business platform limitations

While Interac is a convenient option for domestic payments, it also has some clear constraints that can affect growing or internationally active businesses:

Canada-only: Payments can only be sent and received in Canadian dollars, to and from Canadian bank accounts, making it unsuitable for paying overseas suppliers or receiving funds from international customers
Transaction limits: Most banks cap business transfers at 25,000 CAD¹ per transaction, which can be restrictive for large B2B invoices and you may need to split payments or use another method
No multi-currency support: You can’t hold, send, or receive money in foreign currencies. All payments are in CAD, which may force you into extra conversions and fees when working with non-Canadian partners
Fees vary by bank: The cost of sending and receiving payments depends on your bank and business account package, so pricing isn’t standardized
Security is not uniform across all platforms: While Interac itself uses strong protections, security features can vary between banks, and your level of protection partly depends on your financial institution’s systems and policies

Pros and cons of Interac Web Payment for businesses

Pros	Cons
Secure and widely accepted	Canada-only and CAD-only
Instant or near-instant transfers	No chargeback protection
No credit card fees	Transaction limits may restrict large B2B payments
Direct-to-bank convenience	Limited tracking for payments

How does Wise support secure business payments?

When your business needs to go beyond Canada’s borders, Wise can help you pay and get paid securely in 40+ currencies. Wise is regulated in Canada and globally, holds your money in segregated accounts, and uses strong encryption and 2-step login to keep your account safe.

With Wise Business, you can:

Get local account details in major currencies like USD, EUR and GBP
Send money to 160+ countries at the mid-market exchange rate, with low transparent fees
Hold multiple currencies in one account and convert when it suits you
Control team access and connect your account to accounting tools for easier reconciliation and financial management

More on Wise security here: Is Wise safe in Canada?

Conclusion

Interac Web Payment is a secure, fast and cost-effective way for Canadian businesses to move money domestically, running through trusted banking networks, offering strong encryption, and removing the need to share sensitive details like card numbers. Still, risks like phishing, user error and a lack of chargeback protection mean you should combine it with strong internal security controls.

For cross-border needs, Wise offers the same focus on security while adding multi-currency accounts, local bank details in multiple countries, and low-cost global transfers into the mix. Together, Interac and Wise give Canadian businesses a safe, flexible toolkit for moving money, whether you’re paying a supplier in Calgary or getting paid by a client in California.

Sources:

Send & receive money with Interac e-Transfer for Business

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.