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SugarJ

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EMT = Email Money Transfer, also known as Interac Online Transfer. Interac is Canadian, I'd be surprised if you'd heard of it.
 

crazyea

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EMT - email money transfer. This process is not instant. It takes a few days for the money to be transferred from one account to another an account.

Interac Online Transfer is similar to EMT, but is not managed by your bank but a 3rd party. It is usually instant, but not all banks banks support this feature.
 

sswilson

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EMT - email money transfer. This process is not instant. It takes a few days for the money to be transferred from one account to another an account.

Interac Online Transfer is similar to EMT, but is not managed by your bank but a 3rd party. It is usually instant, but not all banks banks support this feature.
Are you sure you don't have that backwards?

EMT is an instantaneous (and mostly non reversible) transfer between accounts that transfers the money as soon as the recipient actions the email. The banks see it is just one step above giving somebody physical money and thus don't offer any kind of reversal options like you might see with a CC purchase. Any time I've used it the money either showed up or was removed from my online banking account as soon as it was actioned in the same manner as a transfer between two of my own accounts at the same bank.

OTOH, my only experience with interac transfers (I'm assuming it's the same thing) was through an NCIX purchase and NCIX offers points for that kind of payment, but it took a few days to process just the payment let alone get the order started so I didn't use it again.

edit: Back on topic though... I suspect the best way for individuals to transfer funds between US and Canada is (unfortunately) paypal.
 
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crazyea

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I sold a couple of items on this site within the last month to the same person.

First time he paid me he used EMT because thats what I asked for. At the time I didnt know any better. Once I accepted his payment the transfer took 3 days.

The second time he paid me I asked for Interac payment. The payment was deposited instantly to my account.


EDIT: To clarify, both forms are initiated via Email, so technically both are EMT. But if a bank offers both versions, the Interac version is much quicker. But again both sending and receiving bank would need to offer Interac, otherwise it would take a few days.
 

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