A Canadian's guide to using the Interac e-transfer with Neo Financial

Piyush Singh

07.06.24 (last updated)

3 minute read

If you're a Canadian looking for a new, innovative way to manage your finances, you could consider Neo Financial. One of the most popular features of Neo Financial is its integration with Interac e-Transfers, making it easier than ever before to send and receive money in Canada. It’s also important to note that you cannot make international e-Transfers with this platform.³Don’t worry though, we’ve got a solution waiting for you!

We will walk you through everything you need to know about using Interac e-Transfers with Neo Financial. We'll also introduce an alternative option called Wise that can help you make the most out of your Interac e-Transfers, both in Canada and abroad.

We'll take a look at:
How To Send E-Transfers Using Neo¹ Via The Neo App Via The Neo Web Platform How To Receive E-Transfers Using Neo¹ A Closer Look At Interac E-Transfer Limits With Neo² Sending International Interac E-Transfers With Neo How To Use Interac E–Transfers With Wise

How To Send E-Transfers Using Neo¹

You can send Interac e-Transfers through Neo Financial using their app or web platform. However, the process is slightly different between the two. Here are the steps for each:

Via The Neo App

Sign in to your account on the Neo app
Click “Payment”
Press “Send”
Enter the amount of your transfer
Choose a contact or add a new contact

If the receiver does not have an automatic deposit, you’ll need to set up a security question.

Via The Neo Web Platform

Sign in to your account on the Neo website (member.neofinancial.com)
Click “Payments” in the side menu
Press “Send”
Enter the amount of your transfer
Choose a contact or add a new contact

If the receiver does not have an automatic deposit, you’ll need to set up a security question.

How To Receive E-Transfers Using Neo¹

Neo makes receiving e-transfers super easy. You’ll just receive a text message or email once someone sends a transfer your way, which you can deposit to your account by following these steps:

Select “Neo Money by Concentra Bank” as your financial institution
Log in to your Neo account
Answer the security question you set

Instead of verifying each time, you can even set up Autodeposit so Neo automatically adds transfers to your account. . You can easily request an e-Transfer through the app.

A Closer Look At Interac E-Transfer Limits With Neo²

Frequency Of E-Transfers	Limits
Daily	$10,000 CAD
Weekly	$10,000 CAD
Monthly	$20,000 CAD
Transactions	$3,000 CAD
Looking for an alternative with higher e-transfer limits?	Check out Wise

Sending International Interac E-Transfers With Neo

Neo Money accounts currently do not support international Interac e-transfers. This account doesn’t have a SWIFT code, which means you can only make transfers within Canada³. Also, Wise allows you to send up to 25,000 CAD via e-transfers to an email address.

Fortunately, there is a solution for Canadians looking to send money internationally through Interac e-Transfers: Wise. It offers you an alternative way to transfer money abroad at a lower cost than most banks, with greater transparency.

Wise currently supports over 40 currencies, including USD, CAD, EUR, and GBP. This means you can easily send money to friends and family abroad or pay for goods and services in different countries without worrying about high exchange rates or hidden fees.

At Wise, you’ll get your funds at the mid-market exchange rate – the same one you'll find on Google for all international transfers. This means you'll get a fair and transparent rate, avoiding hefty currency conversion fees that traditional banks typically charge.

Wise charges a small, transparent fee for international transfers, which varies depending on the amount and currency you are sending. You can see the exact fee before making your transfer, giving you peace of mind and control over your money.

Wise also allows you to use Interac e-Transfers to top up your multi-currency account. This means you can convert and send money in the currency of your recipient's choice, avoiding high conversion fees.

How To Use Interac E–Transfers With Wise

Paying by Interac e-Transfer with Wise is relatively straightforward. While it may be a few more steps than Neo, it’s well worth it for the security, flexibility of location and price transparency.

Enter the email address or phone number you normally use for Interac e-Transfers and confirm
Wise will send you an Interac e-Transfer Request Money for the precise amount of your transfer, including fees. This will be the precise amount of your transfer, including fees
Interac will email you or a text asking you to confirm this request. Go to your email and wait a few minutes for instructions.
Go to your bank's website or app Navigate to your Interac e-Transfer section
Review and confirm the details of your transfer request
Wait for confirmation

You can learn more about paying via Interac with Wise here.

Wise makes receiving money via Interac e-Transfer just as easy.

Access your Wise account via a web browser
Click your CAD balance
Select “Receive”, then “Receive with Interac”
Click “Register Email With Interac”
Complete the registration via an email invitation
Receive the confirmation email and begin receiving money

You can learn more about receiving funds via Interac with Wise here.

To Sum It Up

Neo Financial offers Canadians a user-friendly and innovative way to manage their finances. With the ability to easily send and receive money using Interac e-Transfers, it's no wonder why Neo Financial is becoming increasingly popular among Canadians.

But Neo has its limits, including strict e-Transfer limits and a lack of international transfer capabilities. If you’re a big spender and/or a frequent traveler with friends around the world, Neo could create some friction for you.

If you’re looking for international transfers, high transfer limits, and transparent pricing, consider Wise. With low fees and competitive exchange rates, Wise can help you get the most out of your Interac e-Transfers when sending money abroad. Plus, Wise also has short transfer times for their e-Transfers, helping you move funds more efficiently than ever.

So whether you're sending money to a friend in Canada or paying for goods overseas, trust Wise to easily and cost effectively handle your financial transactions. Get started with Wise for free today and embark on a new financial voyage, sailing far beyond Neo’s capabilities.

Sources:

Neo Financial Help Centre
Neo Financial Help Centre
Neo Financial Help Centre
Sources verified on: 7 June 2024

*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.