I can already send money via e-mail by using Interac E-Mail Transfers. And I don't need a Visa or MC debit card - it works directly from my bank account. It's also virtually instant (usually 15 minutes). The other person knows nothing except my e-mail address I used to send the e-mail. And since it's done through my bank App (or online website) I don't have to worry about some third party handling it for me (even though the third party is Interac themselves - who are far more trustworthy than some company).
Only drawback is it costs $1.50 - IMO a small price to pay for the convenience and security.
You're exactly right. I don't understand what the big deal is, especially given that, with my bank, the transfer is pretty much instantaneous.
The fact that these guys plan to take 1 - 2 business days tells me that they're making some serious bucks living off the float. Also, the fact that they do not -- or at least, the article does not -- mention the cost of doing the transfer is quite revealing.
Also, the fact that they do not -- or at least, the article does not -- mention the cost of doing the transfer is quite revealing.
The article does mention that it is a free service. Not sure if your bank charges anything, just like they sometimes charge for using another bank's ATM.
Comments
I can already send money via e-mail by using Interac E-Mail Transfers. And I don't need a Visa or MC debit card - it works directly from my bank account. It's also virtually instant (usually 15 minutes). The other person knows nothing except my e-mail address I used to send the e-mail. And since it's done through my bank App (or online website) I don't have to worry about some third party handling it for me (even though the third party is Interac themselves - who are far more trustworthy than some company).
Only drawback is it costs $1.50 - IMO a small price to pay for the convenience and security.
You're exactly right. I don't understand what the big deal is, especially given that, with my bank, the transfer is pretty much instantaneous.
The fact that these guys plan to take 1 - 2 business days tells me that they're making some serious bucks living off the float. Also, the fact that they do not -- or at least, the article does not -- mention the cost of doing the transfer is quite revealing.
Move along.....
The article does mention that it is a free service. Not sure if your bank charges anything, just like they sometimes charge for using another bank's ATM.