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.
- 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.
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:
- 1Sign in to your Kraken account and click on the Deposit button.
- 2The 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.
- 3Click the Directly tab and enter the amount of CAD you would like to deposit.
- 4Click Begin e-Transfer deposit.
- 5You will receive an email from Interac which contains instructions on how to complete your transaction.
- 6Once you accept the request, you will be redirected to the Interac e-Transfer webpage so that you can select your bank institution.
- 7After 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.
To initiate a withdrawal using an Interac e-Transfer:
- 1Sign in to your Kraken account and click the Withdraw button on the home page.
- 2Search for CAD (Canadian Dollar). In the second dropdown select Payper (Interac e-Transfer).
- 3Enter the amount you wish to withdraw and review the Additional Information section, to ensure your withdrawal goes smoothly.
- 4Click Withdraw CAD.
- 5You will receive an email from Payper with a Secret Answer (password) and details of your transaction.
- 6If you have AutoDeposit enabled your funds will be automatically deposited to your account.
- 7If 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.
- 8You will then select your financial institution and choose the bank account to transfer the funds to using your Secret Answer.
- 9Once you have completed the instructions above, you will receive an email confirmation.
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.
Fees and limits
- 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?
Can I receive a refund or cancel this payment?
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?
What is a Secret Answer?
- 1Check 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.
- 2Your Secret Answer will not change. If you have a Secret Answer from a previous transfer you can use the old one provided.
- 3If you are still unable to locate an email with your Secret Answer, please contact our Support team for assistance.