Interac e-Transfer (formerly Interac Email Money Transfer) is a funds transfer service between personal and business accounts at participating Canadian banks and other financial institutions. The service is provided by Acxsys Corporation.
Most Canadians who use online banking can send funds. These include personal deposit account holders with the Big Six banks, Desjardins, Tangerine, National Bank, President's Choice Financial, and many credit unions and other institutions, as well as some small-business account holders.
Any personal account holder in Canada can receive funds.
Benefits and disadvantages
Unlike a cheque, the funds from an e-Transfer are not frozen in the recipient's account. An e-Transfer cannot bounce, as the funds are guaranteed, having been debited from the sender's account immediately upon initiating the transfer. As long as both sender and recipient bank at participating institutions, the funds are sent and received instantly. However in some cases, for example two people with different banking institutions, transfers may take anywhere between near instant, or up to a few hours for the receiving party to get their emailed notice.
However, like any online banking mode of payment, e-Transfers are vulnerable to phishing. Many Canadians in areas where the Big Five banks have little presence or who do not bank online are penalized by a surcharge when receiving e-Transfers. Unlike a real giro, an e-Transfer requires intervention from the recipient for every single transaction. An e-Transfer goes stale much faster than a cheque (after 30 days, the e-Transfer is automatically cancelled and the sender is notified by e-mail to retrieve the funds.) 
- Interac e-Transfer participants
- "Interac e-Transfer Frequently Asked Questions". Interac website. Acxsys Corporation. Retrieved 30 July 2013.
Some participating financial institutions offer the Interac e-Transfer service to their small business online banking customers. Please check with your financial institution to find out more.