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e-Transfers

OECU is pleased to launch “e-tsf” the simple, secure way to transfer money from anywhere to anyone.

The simple, secure way to transfer money from anywhere to anyone. Send or receive money in a snap with Interac e-Transfer. All you need is an email and/or mobile phone number and an account at a Canadian financial institution. As a sender, you don't need to worry about figuring out where the person banks and they won't know where you do your banking, because all account details and financial institutions are kept confidential.

Whether you owe a friend, need to pay your share of the rent or expect to receive money from friends or family, we've got you covered.

It's easy. There's no need to set up any new accounts, user IDs or passwords. As long as both parties have online banking accounts, all you need to send or receive money is the recipient's mobile phone number or email address.

It's secure. When you send an Interac e-Transfer by text or email, the money never travels with the message. Instead, recipients receive an encrypted link to deposit the funds using their own banking credentials.

It's convenient. With Interac e-Transfer, you can use any computer or mobile phone to send or receive money instantly by text or by email. Whether you owe your friend, he owes you or they just don't take plastic, you'll never need to worry about carrying cash again.

It's quick. Recipients are notified by email and/or text that they have received a payment within approximately 30 minutes from when the sender initiates the transfer.

Ways to use it
Interac e-Transfer is a quick and convenient way to transfer money for almost anything, such as:

  • Repaying money you borrowed from a friend

  • Sending cash to children at college or university

  • Transferring your share of rent to your roommate

  • Sending money in place of a gift

  • Paying the invoices of suppliers or contractors.

How to send and receive an e-Transfer

Sending:

  1. Ensure you know the recipient’s name and email address or mobile phone number.

  2. Log in to your account via OECU online banking with your computer or smartphone.

  3. Select eTransfers from the menu. This will automatically launch the eTransfer page.

  4. Set up your recipient(s) by entering their name and email address on the Add/Delete Recipients page. You can also choose to notify your recipient via text, in which case you would enter their mobile phone number.

  5. Create a security question that only they will know the answer to. If it's a friend, for example, the question might be: "our favorite place for dinner”.

  6. Once you've set up your profile and recipient(s) select your recipient from the dropdown list on the Send INTERAC® e-Transfer page.

  7. Indicate the amount you'd like to send, and optionally include a Message to the recipient.

  8. Click the Send Transfer button.

    Note: Your account will be debited the amount you have sent, as well as a service fee once you click Send Transfer.
     

  9. Funds are immediately debited from your account and the recipient is alerted by email and/or text message that they have received an e-Transfer that they can then deposit into their own account securely using their computer or smartphone and their own financial institutions online banking site.

Receiving and depositing:

  1. Click on the link provided in the email or text (to be taken to the Interac® website).

  2. Select Ontario Educational Credit Union from the available list in order to deposit the funds.

  3. Login to your online account with Ontario Educational Credit Union.

  4. Provide the answer to the security question.

  5. Accept the transfer.

  6. Typically, the funds will be immediately available; however, allow up to 30 minutes for system processing for the funds to arrive in your account.

    ® Trademark of Interac Inc. Used under license

 

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