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Author Topic: Is Interac e-transfer a good way of trading bitcoins?  (Read 2500 times)
dvsmith
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October 15, 2012, 06:26:43 PM
 #1

I'm looking to buy some bitcoins using CAD person-to-person instead of using an exchange.

I've heard conflicting reports on whether Interac email transfer is a good idea for trading BTC in CAD, since it can potentially be reversed and Bitcoin is non-reversible.

Interac states there are no "chargebacks"
http://www.interac.ca/merchants/faqs.php, see section on "Chargeback"

But a few posts on these forums say otherwise
https://bitcointalk.org/index.php?topic=105555.0

I'm just wondering if anyone has feedback on using Interac for BTC...
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tehace
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October 15, 2012, 06:42:05 PM
 #2

#bitcoin-cad has this guide as a topic.

https://en.bitcoin.it/wiki/Secure_Trading-CAD-interac

 Does this apply?

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Stephen Gornick
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October 15, 2012, 10:46:53 PM
 #3

I'm just wondering if anyone has feedback on using Interac for BTC...


Canadian Bitcoins will cash out to Interac, but there are no exchanges that still accept Interac for the purchase of bitcoins.

If you have a good trust history on the #Bitcoin-otc Web of Trust (WoT) you might find a willing counterparty.

There might be no need to trade online if there is someone local:

 - http://www.LocalBitcoins.com

Or check the Canadian IRC for advice and/or a counterparty:

 - http://webchat.freenode.net/?channels=#bitcoin-cad

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teflone
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October 15, 2012, 11:56:05 PM
 #4

Got burned through interac..

In the cases of identity theft, EMT(interac email tranfers) are reversable..

To protect yourself, do no accept ANY interac from the same bank as you are accepting it with.
As this is an internal banking issue and is prone to reversal.

Use two diff banks to protect each other..

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beeteecee
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October 26, 2012, 08:14:36 PM
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So, if someone send me an Interac transfer from their BMO account and I accept it to my CIBC account, it should be fine? No way of reversing it?
ninjanips
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October 27, 2012, 02:42:00 AM
 #6

Got burned through interac..

In the cases of identity theft, EMT(interac email tranfers) are reversable..

To protect yourself, do no accept ANY interac from the same bank as you are accepting it with.
As this is an internal banking issue and is prone to reversal.

Use two diff banks to protect each other..


Wow  very interesting I didn't know that using different banks made any difference in the possibility of reversals. Very good to know!
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