What is the receipt mode under Interac CAD transfers ?

The receipt mode is the mode that your recipient wishes to receive their deposits into when CAD transfers to Canada via Interac is made.

There are 3 receipt modes available

1. Email
2. Phone Number
3. Bank Account

When you choose Email or Phone Number, you will need to provide the recipient’s email or phone number that is registered to at least one of their Canadian banking accounts.

Then, the recipient needs to answer the security question correctly in order to withdraw funds to their intended bank account. If the recipient has enabled Autodeposit, the funds will be automatically deposited into the linked bank account.

Important Note: If funds are sent to an incorrect email or mobile number, they may be held for up to 30 calendar days. Please always double-check your recipient’s information carefully before transferring.

For Bank Account mode, you will need to provide the recipient’s bank account number, the bank’s institution code and branch code. For more information about Canadian banks’ institution code and branch code, click here.

For above receipt modes, funds are usually credited to the recipient within 30 minutes, but notifications sent back to you confirming the completed transfer may take up to a few hours to reflect.