email money transfer

[Anonymous]

Buyer is asking for my best offer and will pay by email transfer.What is an email money transfer?

[ypdc_dennis]

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@Anonymous wrote:

Buyer is asking for my best offer and will pay by email transfer. What is an email money transfer?

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If the buyer is in Canada they may be talking Interac e-Transfer (Email Money Transfer).

You need a Canadian financial institution that supports it and an email address.

I have had one earlier this year and it worked without problems.

The buyer sends you a password and you use that to unlock the email transaction via your bank/credit union.

More info: http://www.interac.ca/en/interac-etransfer/etransfer-faq

[reallynicestamps]

While this may be a reasonable way to transfer money, it would give me pause that a buyer wants to use something unusual that requires you to go out of your way to receive the payment, when he should be able to send you money from his credit card or bank account through Paypal.

Not to put too fine a point on it, PP is free for the buyer (the seller pays a fee), well known, and reliable.

I would wonder if the customer is either unable to qualify for a credit card or some kind of paranoid nut.

But I am a cynical and nasty old woman.

PS 'Wire transfers' which are quite common in Europe and hella expensive in North America. What will be your bank's fee for accepting the email transfer.

How much time (at the ON minimum wage of 18 cents a minute) are you willing to spend on researching this?

[momcqueen]

As a buyer, they are better protected by paypal. Is there a reason they don't want to use it?

[ypdc_dennis]

Additional details for Interac e-Transfer (Email Money Transfer)

- Think of it as a certified electronic cheque. Funds must be in Canadian dollars.

- To make best use of this service you need to be doing your banking online.

- There are daily transfer limits, default is $1000/day, your bank may have a higher limit.

- Transfers can be made to an email address or texted to a phone number (if you bank using your mobile device).

- Fees: In my case the buyer paid any Interac fees when they sent the payment. As for me (the seller), nothing, as my bank doesn't charge me for cheque deposits (which is how they treated it).

- The Canadian banks are behind this alternative to PayPal transfers, so it is PayPal versus the Canadian banking system. Lots of people don't trust the american run PayPal, or prefer to deal directly and cut out the paypal middleman out of the picture.

Over the last few years all of my eBay sales have been paypal, but based on my trouble-free experience I would accept Interac e-Transfer if a buyer offered to pay that way.