Email Money Transfer - EMT

A retail banking service that allows users to transfer funds between personal accounts using email and their online banking service. Email money transfers are considered secure because only the notification of transfer is done through email. The actual funds are settled through the existing funds transfer networks that banks have used for years.

The email money transfer is most commonly used by clients of the "big five" banks in Canada: the Royal Bank of Canada, TD Canada Trust, the Canadian Imperial Bank of Commerce, the Bank of Montreal and the Bank of Nova Scotia. Because email is used, however, this service is susceptible to phishing scams. Care must be taken by both parties to ensure the safety of both the sender and receiver.

It is a good practice to not accept transfers from unknown parties, and to contact the sender directly when notified of a transfer that is not expected.