E-Transfers | PARAMA

Online Banking FAQs



As we enter an age of paperless records and electronic transactions, PARAMA strives to keep up with the changes and advances in technology. INTERAC® has made it even easier to send and receive money in Canada by introducing the INTERAC® e-transfer tool, now available to you through PARAMA’s online banking service. The process is easy, user-friendly, convenient and secure. All you need is access to online banking and you can send money to anyone with an e-mail address. What’s even more convenient is the recipient can deposit the money to any participating financial institution. They don’t even have to be PARAMA members. It’s a great alternative to using cheques or cash!

Security is important to us, as it is to you, so you should know we do our best to ensure that your account is kept safe and protected. You do not actually send money through email, only the notification is sent electronically. The money transfer is completed via online banking through the financial institution you wish to transfer money to.

The first time you send or receive and INTERAC® e-transfer you will be required to set up a profile on your online banking account which consists of your name, e-mail address and telephone number. This information is required by INTERAC® to complete your e-transfers and can be updated at any time by clicking the “Edit Sender Profile”. You can even set up to receive your notification by e-mail and/or text message.


Receiving an e-Transfer:
Sending an e-Transfer: First 10 per month are FREE


How to receive an INTERAC® e-Transfer (FREE to receive):

  • You will first receive a text message or email indicating that you have an e-transfer pending.
  • Click the link in the notification to direct you to the INTERAC® deposit page.
  • From the "at a credit union:" section select "Ontario" from the drop down menu, then choose "Parama Credit Union".
  • Click on the "Deposit" button and you will be redirected to PARAMA’s online banking page. Sign in with your Online Banking credentials.
  • Answer the security question provided by the sender. (if you don't know it, contact the sender)
  • Select the account to deposit your money into. (if you do not see an account, please call us)
  • Before you complete the deposit, you can add a message to the sender.


How to send an INTERAC® e-Transfer (First 10 per month are free and then $1.50 thereafter):


Once money has been deposited by the recipient it cannot be cancelled. Be sure to verify the email address before you send the e-transfer.


  • Sign in to PARAMA’s Online Banking system, click on the "Transfers" button on the left side of the screen, then click on "Send INTERAC® e-Transfer".
  • Either select an existing recipient from the drop down menu or click on “Add New Recipient” for a new transfer.
  • “Add New Recipient” will prompt you to enter: recipient’s name, email, telephone, preferred language, email and/or text notification, security question and answer.
  • For your security, only you and the recipient should know the security question and answer. You can communicate this to the recipient by phone or in person. Please avoid emailing them the answer.
  • You can change the recipient’s information or delete them via “Edit Recipients” at the main e-transfer screen at any time.
  • Once you have selected the recipient, select the option for notification – either by email, phone or both.
  • Select the account you want to transfer the money from (if you do not see an account, please call us)
  • Enter in the amount you would like to send.
  • Minimum transaction $5
  • Maximum transaction and daily sending limit $3,000
  • Cumulative maximum weekly sending limit $10,000
  • Cumulative maximum monthly sending limit $20,000
  • Maximum incoming transaction and daily incoming limit $10,000
  • Cumulative maximum weekly incoming limit $25,000
  • Cumulative maximum monthly incoming limit $50,000
  • You can enter a short message for the recipient, but please remember not to include the answer to the security question.
  • Click “Send Transfer” to complete the transaction.
  • The recipient will receive an email and/or text notification within 30 minutes.
  • In order to receive the funds properly the recipient will need to correctly answer the security question you set up in their recipient profile.


Some things to keep in mind

Can I view the status of my sent e-transfer?

You can view the status of your transfer at any time. Simply log in to PARAMA’s online banking and click the “View: Pending” link at the top. At the far right of your transfer you will see the status – if it is still pending or has been deposited.

Can I cancel my e-transfer?

You can cancel the e-transfer at any time after the notification has been sent and up to the point they accept it and deposit the funds. In the same “View: Pending” tab simply click the “Cancel” link located to the far right of the transfer. Please note that the $1.50 fee will not be refunded.

Does the recipient have the option to refuse/decline my e-transfer?

Your recipient is given the option to refuse the e-transfer when they receive the notification. In this event, you will receive an email. At this point you will have to follow the above steps to cancel the e-transfer on your end. The amount, not including the $1.50 transfer fee, will be returned to your account. If you do not cancel the e-transfer, the funds will be automatically returned to your account within 67 days from the initial date sent.

What happens if my recipient’s financial institution does not accept e-transfers?

Even if the recipient’s financial institution does not accept e-transfers the funds can still be deposited to any Canadian personal bank account. Through the link received in the notification email, the recipient will have to go through the steps to register their banking information. The deposit can take 4-6 business days to process and the INTERAC® fee will be deducted from the deposit amount. The fee is generally $4, however may vary depending on the recipient’s financial institution. Check the list of participating financial institutions at:

What if my recipient doesn’t complete the e-transfer or doesn’t receive the initial email notification?

You can resend the notice through the “View: Pending” tab and click the “Resend Notice” link to the far right of the transfer you would like to resend. If the transfer is not completed by your recipient 30 days after initially sent, the transaction expires and you will be notified by email. You then have 30 days to cancel the e-transfer on your end (your funds will be directly deposited to your account, minus the service charge) through the same “View: Pending” tab. If you do not cancel by that time INTERAC® will automatically do so and the funds will be returned to your account (minus the service charge) within seven days.