Canadian banking users can effortlessly transfer money via just their email address or mobile number within minutes. This unique payment method reduces reliance on bank branches and physical checks, saving time and effort.

Every e-Transfer is encrypted, allowing users to generate a specific security question and answer known only to the sender and receiver. This direct payment method also minimizes the risk of fraud and security breaches.

Compared to Electronic Fund Transfers (EFT) or bank money transfers, Interac e-Transfer may be a more cost-effective payment method. Some banks, especially online banks, are quick to offer free and unlimited e-transfers.