Interac e-Transfer has emerged as the preferred method of sending money between parents and their kids in Canada. A new survey from Interac finds nearly half of students who are or will be studying away from home this fall say they would prefer receiving money via Interac e-Transfer over all other methods of payment, like check or cash.
Interac found seven out of 10 students say they would ask their parents to send funds via Interac e-Transfer if they needed it. Emergencies (54%), gifts (38%), school supplies (37%), living costs, like rent (33%) and food (33%), were among the top reasons why students said they’ve received money from their parents via Interac e-Transfer in the past.
Students are also turning to Interac e-Transfer when it comes to sending money, with more than half (56%) having sent one, including: to pay back an IOU to friends or family (63%); to split a bill (38%); to pay for a service (35%); to pay monthly fees, like rent (26%); to pay for fees or leisure activities, like a gym membership (22%).
Like their parents, students favor exchanging money via Interac e-Transfers because it is instant (81%) and convenient (71%) – seven in 10 of students said they enjoy not having to go to the ABM or bank to deposit money.
The omnibus survey was conducted by The Strategic Counsel among a representative sample of 500 post-secondary students and 500 parents of post-secondary students across Canada.
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