Canada accounts: send INTERAC e-Transfer^® payments starting 17 October 2022

Last updated: 12 October 2022

Starting 17 October 2022, you will be able to send INTERAC e-Transfer^® payments in Canadian dollar (CAD) from HSBC Canada accounts using HSBCnet payment screens.

What are INTERAC e-Transfers?

With the INTERAC e-Transfer service, you’ll be able to electronically send CAD payments to your beneficiaries in real-time across Canada, reducing your reliance on cheques.

INTERAC e-Transfers are:

• Fast and convenient - 24 hours a day, 7 days a week, 365 days a year (24/7/365).
• Final and irrevocable - Once payment is accepted by the beneficiary, the sender of the payment will be notified that the payment has been made and the funds cannot be recalled or returned.
• Safe and secure - Funds are transferred between participating financial institutions using encrypted payment networks and employing multiple security measures.
• Sent to beneficiaries in Canada via their email address, mobile number or bank account number with INTERAC^®.
• Valued up to CAD $25,000 per transaction, in CAD only.

Note: INTERAC e-Transfer payments debit instantly, please ensure there are sufficient funds in the debit account prior to submitting payment instructions. Payment processing is dependent on payment and currency cut-off times, weekends and holiday dates.

What this means for you

Starting 17 October 2022, HSBCnet users with permissions to create Priority Payments debiting an HSBC Canada account held in CAD currency will be able to create an e-Transfer by selecting ‘Single Payment – INTERAC e-Transfer^® (Priority Payment)’ and Canada as the Beneficiary bank location.

Here’s what the INTERAC e-Transfer payment option will look like in HSBCnet payment screens:

(select image to enlarge)

Getting started

The Alias management service in HSBCnet allows users to register company details with INTERAC in order to send INTERAC e-Transfer payments. System Administrators can assign Alias management permissions to appropriate users. To learn more about company registration with INTERAC, please visit the ‘Alias management’ page in the HSBCnet user guides portal.

What else is changing in HSBCnet?

We’re introducing new statement narratives and transaction codes for INTERAC e-Transfer payments to help you identify transactions more easily. If you have an automated account reconciliation process in place, review the link below for detailed information on how to identify and reconcile INTERAC e-Transfer payments:

New statement narratives for CAD INTERAC e-Transfer payments ❯

Find out more

For information on how to receive INTERAC e-Transfer payments with HSBC accounts in Canada, please see our article from November 2021.

For more information, please contact your local HSBCnet Support Centre.

INTERAC e-Transfer is a registered trademark of Interac Corp. Used under licence.