Canada is a large market for international payments thanks to its diverse population and number of businesses that operate in an increasingly global marketplace. In today’s current climate, having the ability to transfer funds to family and friend overseas in a way that’s reliable, secure and cost-effective is very important.
Interac worked collaboratively with Mastercard to develop a game-changing international remittance solution for financial institutions and their customers. International Transfer by Mastercard and Interac leverages both Mastercard Send and the Interac e-Transfer platform to allow Canadians to send money to bank accounts in other countries:
- Trusted and Secure: The solution leverages the trust and reliability of the Interac e-Transfer and Mastercard brands. Funds are transferred using established banking procedures, backed by industry-leading fraud mitigation.
- Convenient and Familiar: Users will be able to access the solution through online and mobile banking in the same way they already use Interac e-Transfer for domestic money transfers. Once the user selects the recipient’s destination and banking information, the request is sent to the recipient and funds are directly sent to the recipient’s bank account.
National Bank is officially the first bank to offer the service to their personal banking clients. Since May 7, National Bank clients have been able to make transfers to 19 Eurozone countries, with other countries to be added gradually. National Bank has made this product available free of charge until July 31, 2020 via National Bank’s online banking platform.
To learn more about International Transfer by Mastercard and Interac, please visit: https://www.interac.ca/en/consumers/products/interac-e-transfer/international-money-transfer/