Email money transfer (EMT),
Definition of Email money transfer (EMT):
An email money transfer (EMT) is a retail banking service that allows users to transfer funds between personal accounts, using email and their online banking service. Mostly used in Canada, email money transfers are often called Interac e-Transfers.
EMTs are considered a secure method of transferring money because the notification of the transfer is done exclusively through email. The actual funds are settled through existing fund transfer networks, which banks have used for years.
A type of service that is offered by banks and other types of financial institutions whereby funds may be transferred between a customers various accounts that are held at that institution.
How to use Email money transfer (EMT) in a sentence?
- Although completed via email, there is minimal cybersecurity worry as money is not actually transferred via email.
- Nearly all online banks in Canada—including the Big Five—offer EMTs.
- An email money transfer allows users to transfer funds between personal accounts, using email and their online banking service.
- The actual money is transferred via existing bank fund transfer networks.
- There have been instances where people have had money stolen due to fraudulent interception of EMTs.
Meaning of Email money transfer (EMT) & Email money transfer (EMT) Definition