Being able to send funds to loved ones, as well as to businesses, to pay rent, and make direct donations without having to go to the ATM makes life so much easier – but many do not know what email money transfers are.
Email money transfers are an inexpensive, quick, and easy way to get money from one bank account to the next. You may be wondering how does an email transfer work to save you time and money?
What is an Email Money Transfer?
Email money transfers (EMT) are an electronic way to transfer funds from one bank account to another using the users email addresses as a verification tool. The transferred money is not found in the email itself, but rather the approval of the funds to be received, which will then direct the user to sign into their online bank account where the deposit can then happen. By doing this, it keeps the funds secure during the transfer and can be completed in a matter of minutes, even if the recipient is across the country.
How Does Email Money Transfer Work?
For the person making the transfer:
Knowing the benefits of an email money transfer and how to send one will make life much easier.
- Simply log into your online bank account and select the email option as the type of electronic transfer you want to make.
- From there, enter the name of the recipient along with their email address
- Then how much money you are sending
- Then select the account that you want the transferred funds to be withdrawn from.
For security reasons, a secret question will need to be provided which the person receiving the funds will be able to correctly answer in order to process the transfer.
As soon as the transfer is confirmed, it will be sent to the recipient within a few minutes, and the sender will receive an email stating that the e-transfer has been accepted by the receiver.
For the person receiving the transfer:
Accepting an email money transfer is easy to do and only takes a few short steps.
- You will receive an email to notify you that an e-transfer has been sent to you.
- In that email, you will click on where you want the money deposited.
- Then it will open a new window where you will sign into your online bank account.
- Once signed into your bank, you will need to answer the specially created secret question.
- Then select the account where the money is to be deposited and that will complete the transfer.
How Quickly Will the Transferred Funds Be Available?
After the funds have been electronically sent, it usually only takes a few minutes, to receive the transfer email, where the receiver can then put the money into their bank account. Once the money is accepted, it is immediately available for use.
Why Choose Email Money Transfers?
Knowing how to email money is the smart and simple way to send money fast in a secure manner. There is no need to go to the bank or to the ATM, and it is faster than writing a cheque and mailing it. Email money transfers can be done regardless of time or place, since it only takes a phone or computer and an internet connection. E-transfers are easy to send and receive, and the whole process takes only minutes, making it faster than any traditional money transfer method.
How Do You Email Money Securely?
Email money transfers work securely through the banks and through trusted third-party institutions like Interac and Western Union, so there is no chance of money loss. Along with the security of having to log into each bank account (leveraging their security systems). Once the transfer is sent, it requires a secret question and answer, where the recipient unlocks their money. All these steps are in place will keep funds full protected.
If you will be accepting many email money transfers, there is an option to set up automated deposits, which will eliminate the need to answer secret questions or approving the transfer through an email. This can be set up through your bank and will require other security measures.
For those needing to send many e-transfers, there is also the option of setting up bulk processing payments. Invoices can be created using this service, making it an ideal system for online businesses that have employees working remotely.
How Much Do Email Money Transfers Cost?
The cost of an e-transfer through banks is minimal – as low as $1, and in some cases, free. Verify with your bank’s terms and conditions to know your bank’s policy.
Key Points For E-Transfers
- Knowing how to email money makes life easier by transferring funds from one bank account to the next in a secure way.
- Email money transfers are a secure way to send funds since the money is not in the email itself, while directing the receiving to the financial institution they want the money deposited at.
- E-transfer money is kept safe by using the cybersecurity of the bank, along with bank log-in details, the answer to a personalized secret question, and the log-in to access the email itself.
- Online bank transfers are quick to send and receive.
An email money transfer has minimal to no costs to send or receive.