EMT banking stands for Email Money Transfer banking.
This refers to a method of transferring funds electronically from one person to another using email and online banking services. The process typically involves the sender initiating a transfer through their online banking platform, specifying the recipient's email address, and setting up a security question and answer. The recipient then receives an email notification and uses the provided link to access the funds, answering the security question correctly to deposit the money into their own bank account.
Here's a breakdown of the key elements:
- Initiation: The sender uses their online banking application to start the transfer.
- Recipient Information: The sender provides the recipient's email address.
- Security: A security question and answer are created to protect the transfer.
- Notification: The recipient receives an email notifying them of the transfer.
- Claiming Funds: The recipient follows the link in the email, answers the security question, and deposits the funds into their bank account.
Email Money Transfer is a convenient and popular way to send money electronically, especially between individuals who may not have each other's bank account details readily available. It's widely used in Canada, for example, via services like Interac e-Transfer.
