# What is EMT?



## Rick31797 (Apr 20, 2007)

I see this as a form of payment and i can guess, and think it may mean Electronic money transfer.
If that is what it is, how does it work.. do u have to give out banking information , and if so, is this safe to do.

Rick


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## starjag (Jan 30, 2008)

If you do Internet banking, you should be able to set this up. It is very safe, you do it from inside your bank's website. And it has no fees.


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## GuitarsCanada (Dec 30, 2005)

Rick31797 said:


> I see this as a form of payment and i can guess, and think it may mean Electronic money transfer.
> If that is what it is, how does it work.. do u have to give out banking information , and if so, is this safe to do.
> 
> Rick


if it is what I think it is, this is sending money through your bank. I know that through CIBC I can send money to anyone, they get an email that has them follow instructions to deposit into their bank account. none of your personal information goes to the recipient. I used it all the time when the kids were away at school. Thank god thats over


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## Rick31797 (Apr 20, 2007)

I Just dont understand how the money goes to the persons account.. they must have to give you there banking information?
Rick


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## GuitarsCanada (Dec 30, 2005)

Rick31797 said:


> I Just dont understand how the money goes to the persons account.. they must have to give you there banking information?
> Rick


Nope, it all works with your bank and their bank. both people must have access to online banking. When you send the money it is simply an email to them. They have to follow the instructions, which routes them to their online banking acount. The banks essentially trade the money from there.

What is INTERAC Email Money Transfer and what do I need to use the service?




> An INTERAC® Email Money Transfer is a new way to send and receive money electronically that is available 24 hours a day, 7 days a week. INTERAC Email Money Transfers provide you with the flexibility to:
> 
> 
> 
> ...


I scored this off the CIBC page but all banks do it.


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## Rick31797 (Apr 20, 2007)

Ok i get it Thanks... its similar to paypal, only you can only pay somebody in Canada.
Seems like a good way to pay for both parties.. better than mailing a money order..

Rick


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## Budda (May 29, 2007)

paypal let's you pay somebody in canada...

I've payed a few canucks via paypal.


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## xuthal (May 15, 2007)

EMT sounds great,i have never used it,tried once but my bank wont let me,something to do with all conexus credit unions.If you have an account there you can send money that way,but only if the recipient has a conexus credit union account.


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## Rick31797 (Apr 20, 2007)

What i meant is EMT , you can only pay people in Canada. 
I think i will register, it may come in handy someday.
Rick


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## guitarsmark (Jun 1, 2009)

Rick31797 said:


> What i meant is EMT , you can only pay people in Canada.
> I think i will register, it may come in handy someday.
> Rick



They are handy - I use them all the time Electronic or Email money transfer. (Not sure of which) but it is fantastic - RBC Charges $1.50 for the service, but if you have one of their no limit accounts, its free...


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## Powdered Toast Man (Apr 6, 2006)

Rick31797 said:


> What i meant is EMT , you can only pay people in Canada.
> I think i will register, it may come in handy someday.
> Rick


As a former RBC employee, I think I can explain it:

EMT stands for Email Money Transfer.

It is done in partnership with Interac (the company). What happens is that using your internet banking, you transfer money to Interac. An email is sent to the person you're sending the money to and the email contains a link to claim the money. When the receiver clicks the link they are taken to the Interac EMT site and then they are asked to log in to their own online banking from whatever bank they deal with. Once logged in they enter the password that you (the sender) created when you sent the money. Once that's done, Interac deposits the money into the receiver's account.

So really, what's happening is that Interac is acting like a middleman between the banks. Bank A hands the money to Interac and then Interac hands the money to Bank B.

All you need to do this is just have internet banking with your bank. It's very safe and secure.

One thing to note however, once the transfer has been accepted by the receiver, you CANNOT reverse it. You CAN take it back if the receiver has NOT yet claimed the money (this happened to me and a friend when he found out that his bank does not participate in the EMT program), in which case I logged back in and canceled the transfer - Interac just put the money back in my account. But, if you get scammed in a sale and you want your money back neither the bank nor Interac is going to help you.

The great thing about this is that you don't need any account numbers or even what bank the receiver is dealing with, you just need their email address.


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## Rick31797 (Apr 20, 2007)

I went to my bank web address and register, it was pretty easy.. name and email address. thats all there was too it.

They also explained, that you need to make up a question and answer, something that a person would not guess, then the person you are sending money too , phone them and tell them the answer, to the question, this will allow only them to excess the money.

I guess the only negative part is once the money is sent, there is no getting it back if you are not satisfied with the item, or the item turns out to be fake.

With Paypal you can make a claim, so maybe the 3 % that they take may be worth it in certain internet sales.

I would not have a problem at all using EMT here on Canadian guitar forum, as all the transactions that i have noticed have gone very well.In a forum setting you develop a trust., unlike buying from a person off craigs list or Kijiji.

Rick


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