Certapay Pros and Cons

In Canada, there is a unique money transferring service which is called the Interac E-mail Money Transfer or EMT. CertaPay is the provider of this type of funds transfer service, where the transactions are conducted between the participating financial institutions in Canada.

Just like the other companies offering funds transferring services, there are pros and cons to using EMT. Before delving deeper into the advantages and disadvantages of this type of service, however, here is a quick description of how CertaPay works.

There are five banks in Canada which participate in the E-mail Money Transfer services. This includes the Royal Bank of Canada, the Bank of Nova Scotia, the Bank of Montreal, the Toronto-Dominion Bank and the Canadian Imperial Bank of Commerce.

These institutions are known as the Big Five banks and the clients of these banks are the ones who can send and transfer funds through the EMT services provided by Certapay.

The advantage of EMT is that unlike cheques, the funds for EMT are guaranteed. This is a safe, convenient and efficient way to send and receive funds instantly. The disadvantage of EMT is the possibility of phishing. Also, there is a surcharge if the sender is not a client of any of the Big Five banks.