The benefits of electronic money transfers

Woman using phone

The use of electronic money transfer services such as Interac e-Transfer have become commonplace in our society as an alternative to using cheques or other payment methods. Interac e-Transfer allows you to send or request money to anyone in Canada with an email address or phone number, and a Canadian bank account. Electronic money transfers are a fast and secure way to send, request or receive money.

When sending an e-Transfer, you’re not actually sending money by email or text message, simply notifications and deposit instructions. The transfer of funds is handled securely by the sender’s financial institution and the recipient’s financial institution.

Member to Member Transfers

Looking to send money to someone who is a Cambrian member like yourself? Cambrian offers Member to Member transfers; you just need to know their member number, and full name, or business name. It’s important to ensure that the spelling of the recipient’s name matches exactly what is in the Cambrian bank system. Before sending the transfer have the receiving account holder provide you with the exact spelling of the top name printed on their monthly statement.

To send a Member to Member transfer, login to CambrianOnline, and click on the “Transfers” link. There, simply select “Mbr to Mbr Transfer” and fill out the form.

Stay Safe

It’s important to remember that fraudsters can use electronic money transfer services in order to scam money and personal information out of Canadians.

If you get a transfer you were not expecting, contact the sender using another method of contact to confirm the legitimacy before accepting it. It is now common for fraudsters to send authentic looking emails or text messages requesting personal information, which is then used for fraudulent purposes.

Keep in mind that the Canada Revenue Agency does not use e-Transfer services to send or receive funds. If you are contacted by someone claiming to be the CRA who asks that you send funds via e-Transfer, it is a scam and should be reported to the Canadian Anti-Fraud Centre.