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How do I fund my account with an Interac e-Transfer?
Interac is a Canadian interbank network that serves as the Canadian debit card system and has existed for more than 35 years. An Interac e-Transfer is a secure payment option in which you can send and receive bank transfers using your email address.
Interac e-Transfer is protected by federal legislation and Canada’s robust and secure banking system. This makes it one of the safest and most trusted payment methods in the world.
Requirements
Interac services work with Canadian bank accounts exclusively. To use Interac e-Transfers, you must meet the following requirements:
  • Have a Canadian bank account that supports Interac.
  • The name on your bank account must match the name on your Kraken account.
  • A Canadian phone number must be present on your Kraken account. 
  • Interac e-Transfers are only available to clients residing within Canada.
  • Your Kraken account must be verified to Intermediate or Pro level.
Deposit instructions
To help your deposit go smoothly, use our deposit checklist before sending any funds.

Follow the steps below to initiate a deposit using an Interac e-Transfer: 
  1. 1
    Sign in to your Kraken account and click on the Deposit button.
    ConsumerWeb_DepositHomePage.png
  2. 2
    The dropdown will be pre populated with your default currency. If this is not CAD (Canadian Dollar) you can search for CAD in the search menu.
    Screenshot_2023-05-26_at_10.01.29.png
  3. 3
    Click the Directly tab and enter the amount of CAD you would like to deposit.
    Screenshot_2023-05-26_at_10.01.33.png
  4. 4
    Click Begin e-Transfer deposit.
  5. 5
    You will receive an email from Interac which contains instructions on how to complete your transaction.
    Funding_InteracDepositEmail_12082021.png
  6. 6
    Once you accept the request, you will be redirected to the Interac e-Transfer webpage so that you can select your bank institution.
  7. 7
    After you select your bank institution, you will be taken to your online banking homepage so that you can accept the transaction and choose the bank account you wish to deposit funds from. The optional message field can be left blank. Once you have completed the instructions by Interac, you will receive an email confirmation.
    Screenshot_2021-12-08_at_10.37.58.png
Withdrawal instructions
To initiate a withdrawal using an Interac e-Transfer: 
  1. 1
    Sign in to your Kraken account and click the Withdraw button on the home page. 
    ConsumerWeb_WithdrawButton.png
  2. 2
    Search for CAD (Canadian Dollar). In the second dropdown select Payper (Interac e-Transfer).
    Withdraw_Interac.png
  3. 3
    Enter the amount you wish to withdraw and review the Additional Information section, to ensure your withdrawal goes smoothly.
    WithdrawCad.png
  4. 4
    Click Withdraw CAD.
  5. 5
    You will receive an email from Payper with a Secret Answer (password) and details of your transaction.
    Funding_WithdrawalEmailfromPP_12172021.png
  6. 6
    If you have AutoDeposit enabled your funds will be automatically deposited to your account.
  7. 7
    If you do not have AutoDeposit enabled you will receive a second email, sent after the first one containing your Secret Answer, that will allow you to accept the transfer.
  8. 8
    You will then select your financial institution and choose the bank account to transfer the funds to using your Secret Answer. 
  9. 9
    Once you have completed the instructions above, you will receive an email confirmation.
Processing times
An Interac e-Transfer transaction can take between an hour to one day to process. If your transaction takes longer than one day please contact our Support team. Your financial institution may require authorization for the e-Transfer. The transaction will be shown as a debit in your bank statement but may not have been released. In this case you will need to contact your financial institution and approve the transaction.For additional information on funding providers; fees; minimums and processing times, see our deposit options and withdrawal options for more details.
Fees and limits
Your own personal Interac e-Transfer payment limits will vary depending on your financial institution. You can contact your financial institution for more details.
  • The limits we have for deposits are 3,000 CAD per transaction, 10,000 CAD daily, 30,000 weekly and 100,000 monthly. 
  • The limits we have for withdrawals are 4,000 CAD per transaction, 10,000 CAD daily, 30,000 weekly and 100,000 monthly. 
  • Deposit fees are 0.5%. 
  • Withdrawal fee is 10 CAD.

Frequently asked questions

Why did I receive a decline notification?
An Interac e-Transfer can expire if not fulfilled within 24 hours. If you receive a decline notification email, it is likely a transaction you initiated one or two days prior, but did not complete.
Document examples
If you need assistance with your deposit, and would like to reach out to Kraken Support, please have these documents ready:
  • A statement displaying your name and account number:
    Name and account number
  • A statement displaying the e-Transfer leaving the bank account:
    Leaving bank account
  • A detailed view showing the accepted e-Transfer, including the recipient Payper, date of transaction, and the value:
    Transaction Info
Can I receive a refund or cancel this payment?
Interac e-Transfer payments are processed in real-time, which means that it is not possible to cancel a transaction once the funds have been sent. If your transaction is not yet finalized you can simply decline the transaction or not fulfil it. If the deposit steps are completed, and your transaction still displays the pending status, your transfer might require an authorization from your bank to be released. In this case, we would advise you to contact your bank.An e-Transfer is authorized through your financial institution. You must have access to your bank account to authorize the transaction. If you did not authorize this transfer please contact Support.
What is an Autodeposit?
Autodeposit is an Interac feature which you can enable in your online banking so that incoming funds are deposited without having to enter a Secret Answer. Please note that you will receive an email from Payper containing a Secret Answer even if you have Autodeposit enabled. In this case, you can disregard the email and be assured that your funds have been deposited directly into your bank account.
What is a Secret Answer?
Secret Answers are used by clients to accept an e-Transfer withdrawal. You will receive your Secret Answer in an email from Payper. If you did not receive an email from Payper that contains your Secret answer check the following:
  1. 1
    Check any previous emails from Payper, as well as your spam folder in your email. You can use your transaction ID or reference number to help you find the correct email.
  2. 2
    Your Secret Answer will not change. If you have a Secret Answer from a previous transfer you can use the old one provided.
  3. 3
    If you are still unable to locate an email with your Secret Answer, please contact our Support team for assistance.