Interac e-transfer beneficiaries (Canada)

Interac e-transfer beneficiaries

Bull Bitcoin allows its users to send Interac e-transfers to anyone in Canada with Bitcoin!

An interac e-transfer beneficiary consists of two things:

1. The full name of your beneficiary

2. The email address of your beneficiary

The beneficiary can be you, or it can be someone else, that is not a problem!

How to send a payment to an Interac e-transfer beneficiary with Bitcoin?

1. In the "Sell Bitcoin" section of the app, start by choosing "Email Money Transfer" as the beneficiary type. You will then be prompted to create a Interac e-transfer beneficiary. If you already have the beneficiary saved in your account, you can simply select that beneficiary instead of re-entering the beneficiary's information.

2. Select the amount of Canadian dollars that you want the beneficiary to receive.

3. Add the Secret Question and Secret Answer that you will give to your beneficiary. When accepting the Interac e-transfer, your beneficiary will need the Secret Answer.

4. You can add a personalized memo to the e-transfer. This is something that the beneficiary will see. Because the interac e-transfer will be coming from Bull Bitcoin's bank account and not from your bank account, it can be important to add a memo so that the beneficiary knows that the payment was sent by you.

5. Create the Sell Bitcoin order.

6. Pay the Bitcoin invoice with a Bitcoin transaction, a Lightning Network payment or a Liquid Network payment.

7. Once your Bitcoin payment is confirmed, the e-transfer will automatically be sent to your beneficiary.

8. The beneficiary will receive an e-transfer email with a link to accept the e-transfer.

9. Using the secret answer added in the Bull Bitcoin app, the beneficiary will claim the e-transfer and the funds will be added to the beneficiary's bank account.

Can I send a payment to an Interac e-transfer beneficiary from my Bull Bitcoin account balance?

You can only withdraw from your Bull Bitcoin to a bank account that you own. When creating an Interac e-transfer beneficiary, you must confirm that you own that email address.