How is a regular Email Money Transfer (EMT) different from an Interac™ EMT?
Interac™ EMT • Interac EMT is a service provided by Interac. They charge for the service. • The banks using the service have the ability to transfer money via EMT instantly between each other without any holds. • They are able to transfer instantly because Interac takes responsibility for the money so that other banks do not have to worry if funds go NSF (Not Sufficient Funds). Regular Email Money Transfer (EMT) • Regular Email Money Transfer (EMT) does not transfer funds instantly, because it uses the regular Electronic Funds Transfer (EFT) procedure. • Funds arrive in the recipient’s account 1-2 business days after the Email Money Transfer is accepted – just like an Electronic Funds Transfer (EFT).
