Interac Email Money Transfers

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    jholl72
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    Posts : 812
    Join date : 2009-11-24
    Age : 44
    Location : Ontario, Canada

    Interac Email Money Transfers

    Post by jholl72 on Thu Aug 26, 2010 7:54 pm

    Any of you guys using this yet? I just did my first one tonight and I like it. Takes the money right from your account and deposits it into their account.
    You must have online banking for it to work also.
    Email confirmation is sent and they have to enter the correct answer to a password question that you set before they can get the money.
    Took less than five minutes to set up and less than five minutes to send the payment.
    You have to have an account at one of the five major banks in Canada to use it and it only works in Canadian funds.
    Transfer amounts have to be between $10-$2000.
    The cost is a flat fee of $1.50 to the sender and it is free to receive them.
    Sounds like a great alternative to paypal(the blood suckers) for us Canadian guys.
    You should check it out.


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    Jeff

    mk1rceme
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    Posts : 2130
    Join date : 2009-11-22
    Age : 45
    Location : Alberta, Canada

    Re: Interac Email Money Transfers

    Post by mk1rceme on Thu Aug 26, 2010 8:32 pm

    I would have to change banks to use this service...ATB does not allow it apparently. I want to try it though.


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    jholl72
    Administrator

    Posts : 812
    Join date : 2009-11-24
    Age : 44
    Location : Ontario, Canada

    Re: Interac Email Money Transfers

    Post by jholl72 on Thu Aug 26, 2010 8:45 pm

    I have hated the exhorbitant fees that paypal charges but it really was the easiest way to make quick payments. I plan on using these transfers as much as possible for a flat fee of $1.50 it gets my vote.
    Perhaps you could open an account at another bank and keep a limited amount of cash in it, then when you need to make a payment, do a transfer from your existing account.


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    Jeff

    Bill
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    Posts : 983
    Join date : 2009-11-28

    Re: Interac Email Money Transfers

    Post by Bill on Fri Aug 27, 2010 6:28 am

    Hi Jeff, I have been using this service for years, but it has not gained much popularity. It is a good, speedy service, which I would recommend.

    GCR817
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    Posts : 274
    Join date : 2009-11-25
    Location : Edmonton, AB

    Re: Interac Email Money Transfers

    Post by GCR817 on Fri Aug 27, 2010 10:52 am

    I'm with RBC and bank transfers work great. They are slick and cheap. Depending on your account you even get a few free ones.

    I have to use Paypal with my business and although convenient, I hate it! I got burned by a Dutch guy who didn't want to pay for tracked shipping. So do keep his costs down, I folled his wishes. He then filed a claim against me for items not received. I had the shipping reciept and customs slip, but no matter. Paypal ruled in his favour. What a scam.

    Geoff

    Bill
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    Re: Interac Email Money Transfers

    Post by Bill on Fri Aug 27, 2010 12:07 pm

    Can't agree more with you Geoff. Paypal rules (along with ebay rules) are set up to favour the customer when it comes to shipping. I have had similar experiences with paypal. Shipping to Australia, small item, not worth tracking, same result. I had the receipt and customs slip, but no tracking number and bingo, paypal says I am responsible.

    GCR817
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    Posts : 274
    Join date : 2009-11-25
    Location : Edmonton, AB

    Re: Interac Email Money Transfers

    Post by GCR817 on Fri Aug 27, 2010 1:13 pm

    I'm sure it happens all the time Bill and unfortunately honest people suffer for it. I'll only ship with tracking from now on and it will likely cause me to lose some customers as who wants to pay $30 in shipping for a $15 item? But what can you do?

    Geoff

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