Email money transfer (EMT): a complete guide 2025
Are you wondering what the EMT payment method is and if it’s truly safe? EMT, or email money transfer, is a fast and secure way to send money from your bank account to another person’s. Even though the word "email" is used, no money is actually transferred through email. The email is just a way to send instructions to the recipient so they can accept the money.
People love EMTs because they are quick and easy to send. You don’t have to deal with checks, cash, or long waits. Just a few clicks and the money is either on its way or already with the recipient. Some of the most common providers of email money transfer services are Interac, PayPal, and Wise. Each one works a little differently, but they all make it easy to send or receive money.
If you want to know how to send money via email or how to receive money from an email transfer, you’re in the right place. Read on to learn more about EMT banking and the best alternatives to EMT transfers.
What is an Email Money Transfer (EMT)?
An Email Money Transfer (EMT) is a service that lets you send funds electronically between personal bank accounts using email. It’s a convenient way to send money to friends, family, or businesses, especially when you’re in a hurry. In Canada, it’s also known as Interac e-Transfer and is available with over 250 participating financial institutions.1
The whole process is really simple: You choose the amount, enter the recipient’s email address (or mobile number), and your bank handles the rest, sending the funds from your account to theirs.
How to send money via Email
Before you can send money by email, there are three things you must have2, 3:
- a bank account in a participating institution
- a banking app of the participating institution
- the email address or mobile phone number of your recipient
You will need the banking app to access your bank account and initiate the email money transfer. Your recipient will be notified via email or text message and given a link where they can find the instructions to claim or accept the transfer.
The actual process varies depending on the bank or financial institution you are using, but it generally follows these steps:
1. Initiate the transfer through your banking app.
Sign in to your online or mobile banking and navigate to the money transfer section. Each bank app has a different interface, but there should be a tab for moving money or transferring funds. For email money transfers in Canada, navigate to “Interac e-Transfer” to start sending money.
Screenshots taken from https://www.rbcroyalbank.com/ and https://bmodemos.com/
2. Choose the account the funds are going to come from and specify the transfer amount.
If you have multiple accounts registered under the same bank, you will need to specify from which account you want to use for the transfer. In some bank apps, you will be able to see your available balance or transfer limit for the transaction.
Screenshots taken from https://www.rbcroyalbank.com/ and https://bmodemos.com/
3. Choose the recipient from the list.
When you send an email money transfer for the first time, you’ll be asked to provide the recipient details, including the name, mobile number, and email address. For subsequent transfers, you can select the recipient from your contacts list.
Screenshot taken from https://bmodemos.com/
4. Set up a security question for the recipient.
If Autodeposit has not been set up, you will be prompted to create a security question that the recipient must answer to complete the transaction and receive the money.
Screenshots taken from https://www.rbcroyalbank.com/ and https://bmodemos.com/
In Canada, where EMTs are commonly used, many bank users choose Autodeposit, where EMTs are directly deposited into their bank accounts, waiving the security question step and making the transaction quicker for everyone involved.
5. Confirm and send.
Confirm the details of the transfer before sending the EMT. Once sent, the recipient will be notified via email or text message. If the recipient has Autodeposit, no further steps will be required. If none, the recipient must click the link in the email or text message and follow the instructions provided. These may include answering the security question and providing bank account details in a secure online portal.
Security and fraud prevention in EMT4, 5
Email money transfers are generally safe because money is transferred using established and secure banking protocols. The funds are not actually sent via email or SMS, as these channels are merely used for notification and instructions only. This means the money is kept safely within a bank or financial institution and transferred through a secure payment network such as Interac.
Among the security measures banks and financial institutions use to keep EMTs secure are:
- Encryption technology
- Two-factor authentication
- Confidential user IDs
- Secure login process
- User-provided security questions
Although there are banking protocols in place, it is still advisable to implement best practices for safe email money transfers. Remember that since email is used, the service is susceptible to scams and fraud. Here are some tips you can follow when you make EMT transactions:
- Do not accept EMTs from unknown parties.
- If you receive an unexpected transfer notification from an individual you know, contact the sender first and confirm if they have indeed sent the email transfer.
- When sending an EMT, choose a strong security question with an answer that’s hard to guess. Make sure only the recipient can answer it to prevent unauthorized people from accessing the money.
- Send or accept money only to or from people or organizations you know and trust.
- Double-check recipient information before sending money. Most EMTs, especially those sent to accounts under Autodeposit, cannot be reversed or canceled.
- Regularly check your transaction history for any irregularities and notify your bank immediately if you spot something suspicious.
- Use strong passwords and enable two-factor authentication to keep your accounts safe.
Costs and fees for EMT transactions
The fees involved in EMT transactions vary depending on the banks or providers involved in the process. To give you an idea of how much email money transfers cost, here is some information from top Canadian banks and money transfer providers.
| Transfer speed | Transfer limit | EMT fees | Cancellation terms | |
|---|---|---|---|---|
| Royal Bank of Canada (Through RBC Online Banking or RBC Mobile App)6 |
Instant | $10,000 per day |
|
|
| Toronto-Dominion Bank (Thru EasyWeb or TD App)7 |
Within 30 minutes |
|
|
|
| Bank of Montreal (Thru BMO Mobile Banking App or BMO Online Banking)8, 9 | Within minutes | Varies depending on the bank plan |
|
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| PayPal (Thru PayPal.Me or Xoom)10, 11, 12, 13 |
30 minutes to 48 hours | $5,000 per day $15,000 per month |
|
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Email Money Transfer vs. other payment methods
How about other payment methods? Are EMTs better, or are there more suitable options for certain types of payments? Here’s a quick comparison of EMT and popular transfer methods.
| EMT | Wire Transfer | Venmo | BOSS Revolution | |
|---|---|---|---|---|
| Speed | Within minutes | 1 to 5 business days |
|
Instant or within minutes |
| Fees | $0 to $5 per transfer (depending on bank and account type) | $0 to $50 per transfer (depending on bank and payment details) |
|
|
| Accessibility |
|
|
|
|
| International support | Limited support | Wide international support | U.S. only; not available internationally | Supports transfers to over 100 countries |
If you're sending money domestically in Canada, EMTs are fast, secure, and convenient. However, for international remittances, the BOSS Revolution might be the best alternative. Wire transfers may enable large transfer amounts but often have higher fees and longer processing times. Venmo, although capable of instant transfers, too, is limited to the United States. So, for instant and affordable international money transfers, especially to remote areas where the recipient may not have a bank account, consider using BOSS Revolution.
Pros and cons of using EMT to send or receive money
Still unsure whether to use EMT or not? Here are its pros and cons to help you decide if it’s a good option for your money transfer needs.
- Fast and convenient. EMTs can be sent with a few taps or clicks on your bank app or online site. Transfers are typically instant or take just a few minutes.
- Wide acceptance in Canada. EMTs are used by most Canadian banks, credit unions, and a wide range of businesses, charities, and individuals.
- Low cost for personal transactions. For many bank accounts, EMT is free or has very low fees (e.g., $1 to $1.50 per transfer).
- Generally secure. Transfers are encrypted and use authentication methods such as security questions, email links, and 2FA to protect both sender and recipient.
- Integrated with banking apps. Since the service is integrated with bank platforms, there is no need for third-party apps or services.
- Restrictive transfer limits. Most services impose daily or monthly transfer limits, which can restrict large transactions.
- Limited international reach. EMTs are primarily available within Canada and may not be suitable for international transfers.
- Inaccessible to unbanked individuals. The recipient must have a valid email address or mobile number and be registered with a participating bank. If the recipient doesn’t have a linked bank account or email, they cannot receive the transfer.
- Some transfers cannot be reversed or refunded. Some EMTs, including those under auto deposit, cannot be canceled or refunded. Others may be subject to reclaim or cancellation fees.
Countries where Email Money Transfer is available
Email money transfers are primarily available in Canada through Interac. For many Canadians, Interac e-transfer is the most convenient and secure way to send and receive money between different banks and financial institutions within the country. Along with Mastercard, it also allows Canadian bank account holders to send money to bank accounts in more than 75 countries worldwide16. Similar to how domestic transfers occur, the recipients receive notification via email when funds are being sent.
Some Canadian financial institutions allow users to send money internationally through Western Union via Interac e-Transfer17. These transfers do not always require an email but are instead processed and given a Money Transfer Control Number (MTCN), which the recipient uses to collect the funds in a Western Union branch near them.
In the United States and other countries, EMTs are not widely available. However, there are similar services that do not necessarily use the same system or network but also provide instant bank transfers. For instance, there’s SEPA for real-time payments in Europe, IMPS for interbank transfers in India, and Osko for instant payments in Australia.
Other global money transfer service providers like Wise, PayPal, and BOSS Revolution also make it possible to transfer money anywhere in the world.
What’s the difference between EMT and EFT?
Email money transfer (EMT) and electronic fund transfer (EFT) are both commonly used ways to move money around securely and instantly. However, they have some key differences. In EMT, notifications and instructions for accepting the transfer are sent via email or text, but the process itself is facilitated between bank accounts, primarily in Canada. On the other hand, EFT is a broader term that includes transfers between different types of accounts and across borders, including wire transfers, electronic checks, ATM payments, and other online transactions.
Are email money transfers safe?
Yes, EMTs are considered generally safe, especially with trusted services like Interac in Canada. The only thing to watch out for is that since EMTs rely on email to send transfer information, they can be a target for phishing scams or fraud attempts. So, just be careful who you’re sending money to or accepting money from, and make sure the email is legit!
Can EMTs be used for international money transfers?
EMTs are mainly used in Canada only. They’re great for sending money between participating Canadian banks using the Interac network. Some banks may allow sending EMTs through Mastercard and other providers, but these are generally limited in scope. If you need to send cash overseas, you might be better off using services like Wise, PayPal, or BOSS Revolution, which are better equipped for international money transfers.
What’s the best alternative to EMT?
It really depends on what you’re after. If both you and your recipient have PayPal or Wise, they may be good options for free instant transfers between wallets. But if your recipient has limited access to bank accounts or e-wallets, then BOSS Revolution is a solid choice. With BOSS Revolution, you can do cash pickups, home delivery, or mobile top-ups so your recipient gets the funds even if they have limited access to banking services.
How much can I send through EMT?
The limits for EMTs are actually set by the financial institution, not by Interac. Generally, most institutions allow up to $2,000 to $3,000 per transaction18, though some may let you send more if you have a premium account or bank plan. Check with your bank to know the exact amount you can send through EMT.
Secure and reliable options for money transfers
Email money transfers indeed provide a fast, secure, and convenient way to send and receive money. It is a good money transfer option for personal transactions, charity donations, and small business payments. However, EMTs are primarily used in Canada only and have limited international reach. Moreover, it is not accessible to non-banking individuals.
For international money transfers, consider other alternatives such as PayPal, Wise, Western Union, or BOSS Revolution. However, be mindful of the fees and limitations of the service providers. For affordable transfers with multiple delivery methods, consider BOSS Revolution, which offers low transfer fees and cash pickups in thousands of agent locations.
Sources: all third party information obtained from applicable website as of February 26, 2025
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https://www.interac.ca/en/consumers/products/interac-e-transfer/
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https://www.interac.ca/en/content/life/interac-e-transfer-101-everything-you-need-to-know-about-sending-and-receiving-money/
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https://www.interac.ca/en/how-to-use/interac-e-transfer/how-to-send-money-with-interac-e-transfer/
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https://www.interac.ca/en/content/life/interac-e-transfer-101-everything-you-need-to-know-about-sending-and-receiving-money/#Security
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https://www.interac.ca/en/resources/personal-resources/personal-faq/interac-e-transfer/
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https://www.rbcroyalbank.com/banking-services/interac-e-transfer.html
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https://www.td.com/ca/en/personal-banking/ways-to-bank/ways-to-send/etransfer
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https://www.bmo.com/en-ca/main/personal/ways-to-bank/send-money/
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https://www.bmo.com/pdf/Agreements_Bank_Plans_and_Fees_for_Everyday_Banking.pdf
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https://www.paypal.com/va/webapps/mpp/send-money-online
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https://www.paypal.com/us/cshelp/article/how-do-i-send-money-help293
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https://www.paypal.com/us/digital-wallet/paypal-consumer-fees#SendAndReceiveMoney
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https://www.paypal.com/us/cshelp
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https://help.venmo.com/hc/en-us/articles/221083888-Bank-Transfer-Timeline
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https://help.venmo.com/hc/en-us/articles/115015844068-Instant-Bank-Transfer-FAQ
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https://www.interac.ca/en/resources/personal-resources/personal-faq/interac-e-transfer/
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https://www.interac.ca/en/payments/personal/send-receive-money-with-interac-e-transfer/western-union-money-transfers-via-interac-e-transfer/
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https://www.interac.ca/en/content/life/interac-e-transfer-101-everything-you-need-to-know-about-sending-and-receiving-money/
This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.
