Pay with Interac Using Peanut — Coming Soon
Peanut is bringing Interac e-Transfer support to Canada. Send money to anyone with a Canadian bank account — no local account needed.
Pay with Interac e-Transfer Using Peanut — Coming Soon
Peanut is adding Interac e-Transfer support. Soon you'll be able to send money to anyone in Canada directly from your Peanut balance. Interac e-Transfer is Canada's dominant person-to-person payment method, processing over 1 billion transactions annually. It is accepted by virtually every Canadian bank and credit union — over 300 participating financial institutions. With Peanut's upcoming Interac integration, you'll send money to any Canadian bank account without needing one yourself.
Whether you're sending money to family in Toronto, paying a contractor in Vancouver, or splitting costs with Canadian friends, Interac through Peanut will let you move money the way Canadians do — instantly, by email or phone number.
What Is Interac e-Transfer?
Interac e-Transfer is Canada's national email and phone-based instant payment system, operated by Interac Corp, a consortium owned by Canadian financial institutions. It allows anyone with a Canadian bank account to send and receive money using just an email address or mobile phone number — no need to share bank account details.
The system is integrated into virtually every Canadian banking app, from the Big Five banks (RBC, TD, BMO, Scotiabank, CIBC) to credit unions like Desjardins and digital banks like EQ Bank, Simplii, and Tangerine. With Autodeposit enabled, funds arrive instantly without the recipient needing to accept — the money lands directly in their account.
Beyond person-to-person transfers, Interac also operates Canada's national debit card network. Interac Flash (contactless) and Interac Online (e-commerce) provide broad merchant coverage across the country. Virtually every Canadian has an Interac-linked bank account, making it the most universal payment system in the country.
How It Will Work
When Peanut adds Interac e-Transfer support, sending money to Canada will follow a simple flow:
How It Will Work
- 1
Open the Peanut app
Navigate to the payment section and select Interac e-Transfer.
- 2
Enter the recipient's email or phone number
Provide the email address or mobile number linked to the recipient's Canadian bank account.
- 3
Review the payment
See the amount in CAD and the equivalent charge from your Peanut balance at the current exchange rate.
- 4
Confirm and send
Tap to confirm. If the recipient has Autodeposit enabled, they receive Canadian dollars instantly. Otherwise, they receive a notification and deposit the funds into their account.
The recipient will see a standard Interac e-Transfer arriving in their bank. Your digital dollar balance converts to CAD behind the scenes at a competitive rate.
Where You Can Send
Interac e-Transfer reaches virtually every bank account in Canada:
- All major banks — RBC, TD, BMO, Scotiabank, CIBC
- Credit unions — Desjardins, Vancity, and hundreds of regional credit unions across every province
- Digital banks — EQ Bank, Simplii Financial, Tangerine, and other online-first institutions
- Business payments — some businesses accept Interac e-Transfer for invoices, rent, and services
With over 300 participating financial institutions, if someone has a Canadian bank account, they can receive an Interac e-Transfer. Autodeposit makes the experience seamless — the recipient does not need to do anything to receive the funds.
What You'll Need
To send Interac e-Transfers through Peanut once the integration launches:
- A Peanut account — download the app and create your account
- Identity verification — verify with your passport or national ID card (no Canadian SIN required). Verification takes under 2 minutes and is handled by Persona, a certified identity provider. Peanut never sees or stores your documents.
- A funded balance — deposit digital dollars via bank transfer or supported networks
- No Canadian bank account needed — today, sending an Interac e-Transfer requires a Canadian bank account. Peanut removes this requirement, letting you send to Canadian bank accounts from anywhere.
Info
Specific requirements and limits will be confirmed at launch. Peanut's general model applies: no payment fees, competitive exchange rates, and rate locks at the moment of payment.
Fees and Exchange Rate
Peanut charges no fees on payments. When sending an Interac e-Transfer through Peanut, you will pay the displayed exchange rate with no additional charges.
The Canadian dollar is a stable, freely traded currency. Traditional cross-border services to Canada often charge flat fees plus unfavorable exchange rates. Peanut's model converts your digital dollar balance directly to CAD at a competitive rate, with no additional fees.
The exchange rate locks at the moment you confirm the transfer — the amount shown on your screen is exactly what gets charged. No slippage, no post-transaction adjustments.
Who This Is For
Peanut's Interac integration is designed for anyone who needs to send money to Canada:
- People sending money to family in Canada — send dollars and have them arrive as Canadian dollars in any bank account, instantly. No more wire transfer fees or multi-day waits.
- Remote workers paying Canadian contractors — pay invoices directly to a contractor's bank account via Interac e-Transfer, at a competitive rate.
- Cross-border travelers — the US-Canada corridor is one of the busiest in the world. Send money ahead of your trip or pay Canadian friends after a visit.
- Canadians abroad — if you're a Canadian living or traveling outside Canada, you can still send money home to anyone's bank account via Interac, funded from your Peanut balance.
