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Paypal alternative...Interac email money transfer

April 6 2010 at 9:06 PM
Dan Basso  (Login tripoli99)

I've recently been made aware of this service.....from what I know, it's a perfect way to send money in Canada....sender pays a small fee to recipient....paypal kills me on fees and FX last ebay sale, they turned $1227 USD into $1171 CDN.....not including the pending ebay fees either.

I would like to hear if any others have used this interac service...any complaints, or concerns?


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(Login boysblue)

Re: Paypal alternative...Interac email money transfer

April 6 2010, 9:22 PM 

just used it for the first time last night. think the only fee is a $1.50 bank charge. seems like a good alternative to paypal.


(Login danthevintageman)

Re: Paypal alternative...Interac email money transfer

April 6 2010, 9:38 PM 

i also advertise this payment option on my auctions but unfortunately not to many people actually use it. hopefully more will start to use it so i can stay away from those Paypal fees as eBay takes enough as is.
it is easy to use though if seller and buyer are both signed up for this service on line with there bank.
buyer sends money right to your bank account,you both agree to a password and just enter the password through an email sent from the money transfer and bang the money is in your bank account. i think this is how it works as its been awhile for me.

(Login DamirTomicic)

Re: Paypal alternative...Interac email money transfer

April 6 2010, 10:16 PM 

Where is the buyer protection?
If I send $1,000 to someone and they send me an empty envelope, what then?

(Login reoddai)

Re: Paypal alternative...Interac email money transfer

April 6 2010, 10:53 PM 

No buyer protection, but if you trust the party, or are the recipient its great.

I'm with BMO and they offer 1 free interact payment sent a month I believe (student account).

(Login shiftintermedia)

Re: Paypal alternative...Interac email money transfer

April 6 2010, 10:55 PM 

That is buyer protection. Once the money is out of the account it is gone.
No matter what the other party says, it is your word against the other.
The bank will not do a single thing to help the buyer.



(Login danthevintageman)

Re: Paypal alternative...Interac email money transfer

April 6 2010, 11:05 PM 

everyone i have used it with on eBay and here on the forum knew me so it all worked out great.
you guys are correct though,as there is no protection on the purchase for the buyer.
i guess that's why it wont be used that often on eBay.

Dan Basso
(Login tripoli99)

has anyone ever used Paypal's protection?

April 7 2010, 1:00 AM 

I know I haven't....or can't remember...I'm selling cards right now, so for me to receive money and not send out the cards would be insane....

I also never had a problem accepting personal checks, from both US and CDN buyers, over the years.

I think it will be quite apparent...two tier pricing...I like your idea, Jim, of pricing for each method.

(Login esb1922)

Re: Paypal alternative...Interac email money transfer

April 8 2010, 10:04 PM 

I'm with Paul and Damir

I'm a programmer and to create a new payment system to me is like to make 3 eggs'omelet... but would you trust me?????

Dan Basso
(Login tripoli99)

well, if you have never dealt with the person before

April 8 2010, 10:55 PM 

I could see your concern,, but dealing with known buyers/sellers, it's a no brainer if the name of the game is keeping more money in your pocket.

Once again, has anyone actually had to use any 'insurance' offered by paypal?


(Login GillesRen)

My personal experience with EBay

April 9 2010, 5:53 AM 

I have over 200 packages sent and received successfully with a 100% success rate.
Buyer's insurance is good but not very valuable.

Paypal is charging 2.9% on money reception and 2.5% in exchange rate above/over currency rate.


Jim F
(Login hockey_jim)

Re: Paypal alternative...Interac email money transfer

April 9 2010, 9:30 AM 

I've been using the email transfer with people that I deal with regularly with no problems. This is the first time that I actually put it in a listing as a payment option. As a Canadian buyer, unless you have a balance in your paypal account, you are paying a few points to buy US$. Then the seller is paying the fees and to flip the money back to C$. I figured I would discount the cards the amount that I would be paying paypal plus a bit for the convenience. Everyone wins.

The buyer doesn't really have any protection, other than persuing a bad deal legally, that's why I only offer the email option for items that will be sent with tracking. A little peace of mind for both sides. The other payment option gaining popularity is the paypal personal payment. Not sure if buyers are aware that unlike a regular paypal payment, the buyer has no protection on this type of transaction.


Earl Strohmeyer
(Login strohman)


April 9 2010, 5:53 PM 

I don't live in Canada, so I can't use this service, but I'm glad that there is a new service being offered. I also agree that when dealing with people I know, I wouldn't worry. I have taken many money orders over the years without issue, even though there are fake money orders out there.

Hopefully there will be other reputable companies allowing us to make purchases at fair prices in the future. eBay fees used to be a nuisance, but now they are a real burden for sellers! When you add eBay AND PayPal fees, which all go to eBay, it's ridiculous!

That being said, I agree that I wouldn't use this service with a seller that I don't know. Sending money with no protection is definitely too dangerous in today's world. I got burned once by sending money thru Western Union. (Many years ago.) I won't fall for that kind of trick again!

Back to the topic--I remember when PayPal was a new service, much like eBay was many years ago. Now they have a monopoly and are starting to gouge their customers, which is the perfect breeding ground for competition. I hope to see more reputable services like this soon!

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