3 ms·
In Canada we have something called an Interact E-Transfer that the major banks all support. You add a recipients email address and create a "secret question" th
by stanmancan 11y ago
In Canada we have something called an Interact E-Transfer that the major banks all support. You add a recipients email address and create a "secret question" they can answer. Then, you simply fill our a form that says "Send $X From Account Y to Recipient Z". Depending on the bank the email is sent between 0-60 minutes later, the recipient clicks the link, logs in, and picks which account to deposit it to. The whole process is super easy to use.
Most banks charge about $1 per Interact E-Transfer, but some accounts will get a certain number of free transfers.
With all that being said, I just received an email from TD Canada Trust (One of the major banks) stating that they are now imposing a $5 fee to cancel an E-Transfer (previously free). I can't remember the last time I cancelled an E-Transfer, but I'm still most likely going to close all my accounts with them over it. I find it absolutely outrageous that they would charge you $5 to cancel a completely automated process. The only explanation I can think of is to nickle and dime their customers.
- IkmoIkmo 11y agoIn the Netherlands I take my phone and send money to friends, companies, tax services etc, for free in about 15 seconds... arrives within minutes usually. Then there's iDeal which is nice, too. Creditcard payments are a different story, also pretty quick but not as seamless, and not as popular either. I only have a CC to buy some stuff from other countries, or when I leave the continent although my regular debitcard worked in 4 different continents so far, too... Tbh my CC is pretty much collecting dust.
- warp 11y agoIn 15 seconds? Between which banks is that? My experience is quite different, sending from Rabobank to ABN AMRO seems to take a few hours. From Rabobank to ING at least a day. From Rabobank to a bank in Ecuador is usually faster (within 30 minutes), but not reliably so.
- ricardobeat 11y agoTransfers between ABN accounts are effectively instant, one to three seconds before the money pops up on the recipients account in the app. Even abroad (South America) I still see my debit payments a few seconds after completing them.
- reviseddamage 11y agoThe US also has a similar service, Clearxchange.
- smnrchrds 11y agoJust a minor correction: it is called Interac [1] not Interact. By the way, which bank are you with now? Tangerine? [1] https://en.wikipedia.org/wiki/Interac_e-Transfer https://en.wikipedia.org/wiki/Interac_e-Transfer