What happens if no one accepts your e-Transfer?

What Happens if No One Accepts Your e-Transfer?

Interac e-Transfer is a convenient and secure way to send money to others in Canada. However, if the recipient does not accept the transfer within 30 days, the funds will automatically expire.

What Happens When an e-Transfer Expires?

If an e-Transfer expires, the funds will be returned to the sender’s account. The sender will receive a notification informing them that the transfer has expired.

How to Prevent an e-Transfer from Expiring

There are two ways to prevent an e-Transfer from expiring:

1. The sender can cancel the transfer before the expiration date. To do this, the sender must log into their online banking account and find the pending e-Transfer. They can then select the “Cancel” option.
2. The recipient can accept the transfer before the expiration date. To do this, the recipient must click on the link in the email or text message they received from Interac. They will then be prompted to enter their banking information and accept the transfer.

What if the Recipient Does Not Have an Email Address or Mobile Number?

If the recipient does not have an email address or mobile number, the sender can still send them an e-Transfer. To do this, the sender must select the “Send by Text Message” option when creating the transfer. The recipient will then receive a text message with a link to the transfer. They can then click on the link and enter their banking information to accept the transfer.

Conclusion

Interac e-Transfer is a convenient and secure way to send money to others in Canada. However, it is important to be aware of the expiration date for e-Transfers. If the recipient does not accept the transfer within 30 days, the funds will automatically expire and be returned to the sender’s account.