Direct Deposit & EMT Info
 

Let's say that I have something for sale, but the buyer is from the US. Are they able to send me a payment through direct deposit or EMT? If so, what info should I give them?

Not sure if you can, he/she would have to go to the same bank as you... and what you need is:
Full name
Account
Account #
Branch #

Correct me if anything is missing guys

I don't think you can do a DD internationally.
EMT is Canada only as well.

Best bet would be Paypal. It also protects you.

:rolleyes: There yah go

Yea, and sadly not all that many banks to EMT in the first place. I just opened an account at HSBC since it's the only one that offers me free banking no matter where I am in the world, plus they have actual branches throughout Japan. They don't do EMT's at ALL and the lady who works at the local HSBC branch used to manage a T.D. branch, and suggested I could open an account with TD as well, but there has been a LOT of fraud that has been revolving around EMT's due to their insecurity. Fun times for all.

For international wire transfers you're also going to need the bank's swiftcode as well as maybe (new policy for some banks these days) the exact address of the your branch where the money is going to.

Factually incorrect, although I wouldn't blame you for thinking so.

The EMT process is quite secure. The problem is that you can send money via online banking. Online banking itself is also secure. The weakness is in connect id's (username, bank card number, for example) and passwords.

Keyloggers and phishing attempts are out there en masse. All a fraudster needs is your connect id and password to log on to your online banking, set up a payee and commit bill payment fraud or send EMT's from your account.

Also, of the 5 major banks in Canada, (RBC, TD, Scotia, CIBC, and BMO) ALL support EMT. HSBC is not a Canadian bank, and many other credit unions and things like PC Financial aren't banks at all as far as the Canadian Banker's Association is considered.

Interac Online, formerly known as Certapay, is a Canadian company run collectively by the CBA partner banks. Anyone can pay to get on the system, but in order to process EMT's you must be a Canadian Chartered Bank. I believe HSBC is chartered, but they just don't feel like paying the money to establish an EMT presence because most of their business is outside of Canada and it wouldn't be a great ROI opportunity given the relatively small presence in Canada.

Ahhh! Thank you for clearing it up.