Email Money Transfer (EMT)
Candlefocus EditorThough email money transfers are relatively safe, there have been cases of online fraud connected to email money transfers, wherein fraudsters intercept EMTs and steal the money. The majority of online banking providers in Canada—including the Big Five—offer EMTs as a safe and convenient alternative for money transfers.
To make an email money transfer, you will need to log in to your online banking account, specify the recipient’s name and email address, the amount of money being sent, and the financial institution of the recipient. You will also need to provide your email address and a security question with an answer that only the recipient can provide. This ensures that only the recipient can access the funds by answering the security question.
Once the money is sent, the recipient will receive an email containing instructions about how to access the money. The recipient must follow the instructions to confirm their identity, such as entering a one-time password (OTP) sent to the email address or answer the security question correctly. The recipient will then be able to access the funds.
Email money transfers offer a secure way to transfer money. The service is easy to use and requires minimal personal information exchange to complete the transfer. As long as both parties use the email money transfer safely, there is no need to worry about security threats.