An Email Money Transfer (EMT) is a retail banking service that allows users to transfer funds between personal accounts using email and their online banking service. It is a popular digital payment method in Canada, where it is also known as Interac e-Transfer. EMTs are initiated through an account holders online banking application, where users select the amount to be sent and the specific account from which the funds will be withdrawn. They choose the recipient of these funds, and when confirmed, funds are instantly debited. 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. EMTs are instant as long as both the sender and the recipient belong to participating online banks.
EMT is provided by Interac and is not available to U.S. citizens. Nearly all online banks in Canada offer EMTs. Anyone with an email and online banking account can set up, send, and receive an EMT using Wise. EMTs are a successful alternative payment method to checks, and they are instant as long as both the sender and the recipient belong to participating online banks.
Email money transfer (EMT), as with all banking transactions, may be subject to fraud, so cybersecurity and online financial safety are important. Money in an EMT is not transferred via email in an online money transfer, just the instructions to retrieve and deposit funds from the participants accounts. Users should not accept email transfers from unknown parties and contact the sender directly when notified of a transfer that is not expected. Because email is used, the service is susceptible to phishing scams.