Email money transfer (EMT): everything you need to know

An email money transfer (EMT) is a common choice to send and receive money across the world, particularly in Canada.

It uses a person’s email address to securely send over immediate funds for personal or business transactions.

Anyone with an email and online banking account can set up, send, and receive an EMT using Wise — and you can pay someone even if you don’t know their bank details, too.

We’ll discuss everything you need to know about EMTs, including a step-by-step guide to safely transferring your money via email.

Learn more about Wise

What is an email money transfer (EMT)?

An EMT allows people to send and receive money using their email address and online banking.

Also known as Interac e-Transfers, EMTs are most common in Canada. They were first introduced in 2002 — and lots of customers still choose EMTs as their regular money transfer option today.₁

In particular, many business owners like to use EMTs for their customer transactions.

It’s easy to invoice multiple customers at once, streamlining payroll or supplier systems with a simple EMT payment.

Businesses and individuals can also avoid frustrating void payments, as all funds are instantly debited from the sender’s account before arriving with the recipient.

The big five banks in Canada use email money transfers.

This includes:
Bank of Montreal (BMO) Bank of Nova Scotia Canadian Imperial Bank of Commerce (CIBC) Royal Bank of Canada (RBC) TD Bank Group

Are email money transfers safe?

You might be worried about the security of EMTs. However, they’re a very safe way to transfer your money.

This is because no actual money is transferred using your email address. It’s actually transferred via an existing bank transfer network.

These networks have been trusted by traditional banks for years — and you’ll also be asked a pre-arranged security question before accessing any money.

However, the use of email does put you at risk of phishing or other email scams. To avoid this, it’s best to double-check with the sender before accepting an unexpected EMT in your inbox.

How does an email money transfer (EMT) work?

An email money transfer is a very simple method to send or receive your money.

Once the EMT is initiated, the sender and the recipient both receive a notification of their incoming funds by email.

The money is then delivered using a secure fund transfer network.

Funds for email money transfers are debited straight away — meaning this is a successful alternative payment method to checks.

How long do EMTs take?

EMTs are instant as long as both you and the person receiving your money belong to participating online banks.

You can still transfer money via email if this isn’t the case — but it could take up to 5 business days.

How do you accept an EMT?

It’s very easy to accept an email money transfer.

You’ll receive an email with full instructions about how to access your money, as well as a secure website link where you can complete the transaction.

In a separate email, you’ll also receive an answer to a security question. Simply head to the website and get past the security blockade to receive your funds.

How to transfer money by email step by step

If you want to transfer money by email, it’s easy to get started:

Step 1. The sender opens their online banking account, selecting to send money by email, the amount of money to send, and who will receive the funds

Step 2. The recipient receives an email with full instructions to retrieve their funds via a secure online portal

Step 3. In a separate email, the recipient also receives the answer to a pre-set security question

Step 4. The recipient then heads to the secure website and correctly answers the security question to receive the funds in their online bank account

Step 5. Many customers find that it’s quicker to choose an “auto-deposit” EMT option, offered by many banking providers.

This removes the security question step — making the transaction quicker for everyone involved.

However, this can also make your EMT less safe, as anyone can accept your money without first passing through a security blockade.

Can you make an international email money transfer?

It’s not possible to make an EMT transfer outside of Canada. This is because other banks don’t currently support this type of transfer on a global level.

However, some specific money transfer experts offer the option to transfer your money internationally via email.

These providers include:

• Wise
• PayPal
• Interac e-Transfer — originators of the EMT service
• Google Pay

Use providers like Wise to conveniently transfer your money wherever it needs to go!

Make an international EMT with Wise

Just because you can’t make an EMT outside of Canada using banks, that doesn’t mean it’s not possible.

This is where Wise comes in!

Use Wise to send your money by email to friends and family all over the world. And if you don’t know someone’s bank details — that’s okay too.

Simply enter their email address and Wise will do the rest.

Wise will ask the recipient to input the bank details on their end, letting them receive any funds in their preferred account. Simple!

And you don’t need to worry about losing your money. If the recipient doesn’t enter their bank details within a week, Wise will simply cancel your transfer and send the funds back into your account.

Send money to anyone
and everyone with Wise 🚀

As international transfer experts, you can always expect a fair exchange rate, transparent transfer fees, and speedy payment transactions when sending your EMT with Wise.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

What are the pros and cons of EMTs?

It’s important to make an informed decision when choosing how to transfer your money — and there are a few things to understand about email money transfers.

Let’s look at some of the pros and cons of EMTs.

✅ Pros	❌ Cons
Unlike checks, EMTs don’t bounce In most cases, funds arrive with the recipient immediately The auto-deposit option lets people send and receive money regularly, without answering a security question Send money without a recipient’s bank details using Wise	The speed of transaction depends on whether the sender and the recipient both use participating banks EMTs are more vulnerable to phishing and email scams Some customers may experience surcharges when accepting a traditional EMT An auto-deposit EMT puts your money at greater risk, as it removes the security blockade

What's the difference between EMT and EFT transfer?

You might have heard of an electronic fund transfer (EFT). In fact, chances are you’ve even made an EFT payment before.

It’s one of the most popular ways to move money between bank accounts online, replacing paper-based methods such as checks and cash.

However, it’s different from an email money transfer, as email isn’t involved in the transaction.

In most cases EMTs are instant. As soon as the recipient receives an email, they can access their money.

However, EFTs are bank-to-bank transactions, meaning there are certain additional processes before the money is transferred between accounts. EMTs also have lower limits than EFTs.

There are a few kinds of EFT payments, such as electronic checks, direct deposits, phone payments, ATM payments, wire transfers, and internet transactions.

Both EMTs and EFTs are effective money transfer options for different types of transactions.

---

Transferring money via email is a quick, convenient, and easy solution to send your money to a business or personal bank account.

Although there are some concerns about the safety of EMTs in light of phishing or email scams, banking providers offer secure web links and security blockades before anyone can access your money.

Banks don’t offer international EMTs, but you can make a stress-free global EMT payment using just an email address with Wise.

To find out more about transferring your money via email, check out Wise.

---

Source:

1. QuickBooks Blog
   Source checked on 02.14.2023