Email Money Transfer (EMT) is a retail banking service, where users can transfer funds between personal and business accounts via email and their online banking service. It is often known as Interac e-Transfer offered through Interac Corporation. This method of money transfer is mostly used in Canada, and nearly all online Canadian banks offer EMTs.
An e-Transfer resembles an e-cheque in many respects. The money is not actually transferred by e-mail. Only the instructions to retrieve the funds are. The sender opens an online banking session and chooses the recipient, the amount to send, as well as a security question and answer. The funds are debited instantly, usually for a surcharge. The sender sends the security answer separately to the recipient, usually through another medium outside of the e-mail as a secondary security measure. An e-mail or text message is then sent to the recipient, with instructions on how to retrieve the funds and answer the question, via a secure website. The recipient must answer the security question correctly. If the recipient is subscribed to online banking at one of the participating institutions, the funds are deposited instantly with no extra charge.
When it comes to secured money transfer, there is no alternative to Electronic Commercial Banks and EMTs. This kind of banking, in my view, can open a new chapter for money transfer in Bangladesh.
Mohammad Zarif Islam,
Student of University of Windsor, Canada,
islam9a@uwindsor.ca