How to make an international Interac e-Transfer?

Did you know that it is possible to make international e-transfers? There are multiple advantages when it comes to Interac. Sending money with just an email address or phone number is convenient, fast, and secure. This article will guide you through the steps on how to send an international Interac e-Transfer from Canada online via bank, credit union, or Wise.

How to make an international e-Transfer online

If you want to use Interac to initiate an international e-transfer, there are three ways to do so.

Option 1. If you have a National Bank of Canada account, you can transfer using a combination of Mastercard and Interac.
Option 2. Western Union offers international Interac e-Transfers in Canada if you have an account with a participating financial institution:

• Summerland Credit Union
• Tandia Financial Credit Union or
• The Energy Credit Union

Option 3. Another option is to use Wise. With a Wise account, you can fund your account using Interac, and you can transfer money to more than 150 countries.

BMO used to offer this service, but like other major Canadian banks, they now provide their own alternative: the BMO Global Money Transfer. ⁸ First Calgary Financial no longer offers this option after merging to become Connect First.

How to Send an International Interac e-Transfer with Mastercard

The National Bank of Canada service allows account holders to make an international e-Transfer via Mastercard. You can send funds to over 22 different countries.¹

Maximum Transfer Limits:

• $10,000 per transaction (you can make multiple transactions per day)
• $70,000 per week
• $125,000 per month

Fee:

• $5.95 per transaction

To initiate a transfer: ²

1. Sign into your online bank account.
2. Navigate to the left-hand menu.
3. Select Send.
4. Select or add your recipient and follow the instructions.

Unlike domestic Interac e-Transfers, international transfers can't be canceled once initiated. However, the recipient's bank can still refuse or transfer it.¹

How to send an International Interac e-Transfer with Western Union

As noted, you’ll need to be a member of one of a select number of credit unions to be able to use this feature. Like most Canadian financial institutions, Western Union charges currency conversion fees.³

To utilize this service, log into your financial institution’s online account, go to the menu and select Interac e-Transfers. From there, select the Western Union money transfer option. Follow the steps to initiate your international transfer.⁴

1. Select or add your recipient’s information.
2. Enter all required fields and decide if you want your recipient to be notified of the transfer.
3. Once confirmed, you'll receive a Money Transfer Control Number (MTCN).
4. Provide the recipient with the number, which they will present to a local Western Union along with their ID.

How to send an International Interac e-Transfer with Wise

Wise allows you to send money internationally at the mid-market exchange rate with minimal fees.

You also have the option to use Interac e-Transfer to request money to your Wise account without any fees, and then send it to over 150 countries across the world at the mid-market exchange rate, with fees as low as 0.48%*.

The mid-market exchange rate is the rate you’ll often see on the news or online. This is the rate banks exchange money at, the interbank rate. Wise offers these rates to customers whether you are sending money to a friend in the US or paying a supplier in Japan for your business.

Steps for sending money with Wise:

1. If you don’t have CAD account details with Wise, set them up.
2. Using your CAD balance, find and select Request, and then Receive with Interac.
3. If you haven’t already, register your email address with Interac.
4. Interac will send you an email. Follow their instructions to complete your registration. You’ll get another email confirming your registration with People’s Trust, our CAD banking partner.

The email you’ve registered is also the email you can share with others so they can send CAD to your Wise account.

Large transfers are subject to verification of customer identity.

What are the fees to pay for cancelling an International Interac e-Transfer?

National Bank doesn’t allow for cancellations of international transfers—they are irrevocable.¹

Western Union Canada allows you to cancel as long as your transfer hasn’t been picked up or deposited. The fee — and the option to cancel — depends on the service you used, and they require you to contact their Customer Care to find out that information.

How do I ensure that my money is safe when using Interac e-Transfers?

Whether you're using Interac at home or internationally, rest assured that your transactions are protected with multiple layers of security. Your funds are moved via your bank, using their secure and encrypted procedures. Your email is only used for notifications.

To avoid fraud, here are a few tips: ⁶

• Always use caution when sending or receiving money.
• Only send money to people you know and trust personally, since funds can’t be reversed once they’ve been received.
• Use Interac e-Transfer Autodeposit.

Conclusion

When deciding the best option for international Interac e-Transfers, consider your needs: Wise lets you send money to over 150 countries with minimal fees, while the other options have more limitations.

Sources:

1. National Bank of Canada
2. National Bank transfer demo
3. Western Union Canada
4. Western Union Interac transfers
5. Summerland Credit Union
6. Western Union cancellation options
7. Keeping your money safe with Interac
8. BMO Global Money Transfer