Interac e-transfer

From Bisq Wiki
Jump to navigation Jump to search

As per Interac's website Interac e-Transfer is "a fast, secure and convenient way to send money to anyone in Canada using online banking. The participating bank or credit union transfers the funds using established and secure banking procedures. Transfers are almost instant, but can take up to 30 minutes depending on your bank or credit union." For more information visit their FAQ page.

Creating the account in Bisq

Setting up an Interac e-Transfer account in Bisq.

To create an Interac e-Transfer payment account in Bisq, you must add your full account name, email or mobile #, as well as a secret question and answer which is used to accept payments.

Remember that none of this information can be modified once an account is created, and account signing data can be lost if not properly backed up.

Using Interac e-Transfer for Bisq trades

This payment method is very easy to use and will normally have a very fast turnaround time.

If buying bitcoin with fiat:

After accepting the trade and waiting for at least 1 blockchain confirmation (the more confirmations the safer) you would proceed to your Canadian bank account. From there (options and method may vary depending on financial institution) you would select Email Money. You must then create a new contact using your trading partners contact details (found in Bisq). Please make sure to never mention anything related to bitcoin since this may generate questions from your bank. When creating a new contact make sure the details match exactly, especially the secret question/answer and email, since this is the only way for your trading partner to claim the funds. In the message field add the trade ID and ensure that you are sending the exact sum listed in Bisq. Once you've sent the transfer, you may click on Payment Started in Bisq.

If selling bitcoin for fiat:

After your trade has been accepted and your transaction confirmed, the taker will initiate the Interac e-Transfer. You may receive it within minutes, however you may take up to the trade time limit to accept it. Once you've accepted it you may click on Confirm Payment in Bisq to release the Bitcoin. It is imperative that you confirm receipt in Bisq, otherwise the Bitcoin will not be released and the trade may unnecessarily end up in mediation.

Ease of use

This payment method is very practical and streamlined, after you've set up an email contact for Interac e-Tranfers, subsequent trades with the same Bisq trading partner become extremely quick and easy.