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Interac e-Transfer enables Canadians to send and receive the money within minutes. These transactions are safe since senders will add security questions and receivers will need to provide the correct answers. Therefore, unintended recipients cannot access those funds.
Most Interac e-Transfers are free for both senders and receivers. Free usage also makes it the cheapest way to send and receive money in Canada. However, there are e-transfer limits.
The limit will not be the same for all banks in Canada. There are limits per transfer and on daily, weekly, and monthly transactions. The sending and receiving limits also vary. Apart from that, customers of the same bank might have different e-transfer limits based on the type of account they have. The limit will not be the same for personal and business accounts.
Note, however, that you can request to increase your funds limit. Make a request from your bank if you need to do so.
In addition, e-transfer limits will vary based on the type of transaction. There are receiving, sending, and requesting money features. For example, say you have a receiving limit of $2500. However, someone has sent you $3500. The remaining amount will be in your account.
Do you find it a bit confusing? Yes, it might not be that easy if it is your first e-transfer. However, we will make things clearer for you. We will cover all the possible factors in this article. We will also include the Interac e-Transfer limits of the leading banks.
What is Interac e-Transfer?
Interac e-Transfer is a fast and secure way to transfer money to any recipient. You will have to use online banking for this transfer. Therefore, you can expect a fast transaction. The process will be safe as you will use a security question. Only intended recipients can receive the money.
Once you start using Interac e-Transfer, you will not need to write cheques to pay someone. You will not need to go through the hassles of withdrawing money from the ATM. You can transfer money at your home, and it can reach the recipients within a minimum possible time. You cannot expect a better solution.
However, you cannot transfer any amount if the recipient does not have a Canadian bank account. With a bank account, you can send the money and the receiver will receive it within minutes. Also, you can use this service to get paid and request funds. Every transaction will be safe, fast, and hassle-free.
How Does Interac e-Transfer Work?
As stated earlier, you will need a Canadian bank account to initiate the process. You will also have to understand the sending and receiving limits of different banks. We will cover a little background to enable you to know more about e-transfers.
The Interac Cooperation is the creation of the largest banks in Canada. It is the renewed name of the Interac Email Money Transfer. You can use this service when you have a Canadian bank account. Both parties need to have an account to be able to send or receive funds. Once you have accounts, you will have to follow a few steps for sending or receiving money.
When you send any amount, you will have to add a security question. It will ensure a secure transfer. However, if the recipient has registered for auto-deposit, you do not need to add a security question. The funds will go directly to the recipient's account. You will find it hassle-free and less time-consuming.
While expecting money from someone, you will have the option to initiate a request. There is a Request Money feature for this purpose. More importantly, you will have around 250 financial institutions in this network. Therefore, you will have a lot of flexibility in sending and receiving money.
Interac e-Transfer Fee
You will not have to pay to receive Interac e-Transfers if you have an account at the same bank. Also, some banks offer an unlimited number of free e-transfers to both business and personal accounts. In that case, you can transfer money whenever you want without a fee.
When your bank has a limited number of free transfers, you might need to pay. You can inquire with your bank about the transfer requirements to avoid any confusion.
How to Send Interac e-Transfer
You will have to follow a few steps to transfer money through Interac e-Transfer. Here’s what you need to do to send money to any recipient.
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1. You will have to use online banking. Then you add or choose a recipient. You will need both the phone number and email address of the recipient.
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2. Put in the amount you want to send and add a security question.
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3. Complete the transaction.
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4. Send the answer to the security question to the recipient. The recipient will use this to deposit the transferred funds in their bank account.
How to Receive Interac e-Transfer
Once the sender completes the transaction, you will get a notification through email or text. You will receive the answer to the security question, and you will have to use that to deposit the transferred amount into your account.
However, if you have registered for auto-deposit, the amount will go to your account directly. You will not need a security question. If you are already expecting the funds, you can initiate the process using the Request Money feature.
How to Cancel Interac e-Transfer
You will find the cancellation process fast and easy. First, you will have to log on to your online banking account. Visit Transaction, tap Interac e-Transfer, and select the transaction you want to cancel. You can then tap Cancel this Transfer. It will cancel the transaction immediately.
How to Increase Your Interac e-Transfer Limit
You can improve your Interac e-Transfer limit by increasing your daily debit limit. You will find this feature in your online banking account. You can call your bank or visit the nearest branch to know more about the available options.
Note that most banks offer a $3000 daily e-transfer limit. However, credit unions will have bigger daily limits of up to $10,000. Here are a few contact numbers you can use to increase your e-transfer limits.
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TD-1-866-222-3456
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BMO-1-877-225-5266
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CIBC-1-800-465-4653
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RBC-1-800-769-2555
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Scotiabank-1-800-472-6842
Interac e-Transfer Limit When Sending and Receiving
CIBC
There is no minimum limit while using CIBC. Therefore, you can send as little as $1 or even less. However, you will have to follow the maximum e-transfer limits given below.
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24 hours limit – $3000
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7 days limit – $10,000
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30 days limit – $30,000
For requesting money, the limit is $1000. However, you can have up to ten unfulfilled Request Money transactions at any time.
BMO
The bank will decide the limits based on your BMO debit card limit. Canadians can send $2500 or $3000 based on their debit card limit within 24 hours. You will also have to follow the limits below while sending any amount through Interac e-Transfer.
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7 days limit – $10,000
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30 days limit – $20,000
The receiving limits will not be the same. While receiving, BMO will apply the following.
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24 hours limit – $10,000
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7 days limit – $70,000
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30 days limit – $300,000
TD Canada
All the banks will have different sending and receiving limits, as well as sending and receiving procedures. With TD Canada, you can expect standard limits for business and personal accounts. Here are the Interac e-Transfer limits you need to follow while sending money.
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Per transfer limit – $3000
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24 hours limit – $3000
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7 days limit – $10,000
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30 days limit – $20,000
You can use the Request Money feature, like other banks, but the limit will still be $3000 per request. You can expect to request more funds when you use its leading competitors.
HSBC
If you have an account with HSBC Bank, you can expect more flexibility. You can transfer $7000 within 24 hours. You can also receive $10,000 within the same period. Here are the details of the limits of sending and receiving.
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24 hours limit – $7000
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7 days limit – $10,000
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30 days limit – $40,000
You can send lower amounts, but your receiving ability will be higher. However, some leading banks do allow receiving more funds than sending. Here are the receiving limits by HSBC.
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24 hours limit – $10,000
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7 days limit – $70,000
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30 days limit – $100,000
Simplii Financial
You can use Simplii Financial to send and receive money through Interac e-Transfer. When it comes to the sending limits, you will have to check the following details. However, you can request your bank to increase your sending limits.
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24 hours limit – $3000
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7 days limit – $10,000
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30 days limit – $30,000
You can also use the Request Money feature. You can have around 200 active Request Money transactions. While the limit is $10,000, there is no required minimum. You can transfer only $0.01 if you wish to do so.
Tangerine
Tangerine offers customer-friendly solutions to its users, like other leading banks. It has set limits for daily, weekly, and monthly transactions. Here are the limits you will have to follow while sending money through Interac e-Transfer.
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24 hours limit – $3000
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7 days limit – $10,000
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30 days limit – $20,000
However, the receiving limits are not the same. Tangerine applies the following limits for the recipients.
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24 hours limit – $10,000
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7 days limit – $70,000
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30 days limit – $300,000
EQ Bank
You can send and receive money via Interac e-Transfer using your EQ Bank account. You will have to follow the limits below while sending money.
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24 hours limit – $3000
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7 days limit – $10,000
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30 days limit – $20,000
The receiving limits are the following.
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24 hours limit – $10,000
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7 days limit – $70,000
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30 days limit – $300,000
Scotiabank
The limits for the Interac e-Transfer will not be the same for all Scotiabank accounts. Therefore, you can visit Scotia OnLine to know the limits for sending and receiving money.
However, if you have a business account, the limit per transaction is $10,000. Customers can also complete $10,000 per transaction.
RBC
You will have some exceptions with RBC. The limits will depend on how much customers spend using their client cards daily.
The minimum limit for sending any fund is $0.01. If you want to know the exact fund you can send or receive, you can log in to your online banking and tap Daily Transaction Limit. You will find this feature under Account Management. You can also edit the limits for purchases, withdrawals, and transfers on this page temporarily.
Manulife
Manulife has a minimum transfer limit of $10. Here are the maximum limits for sending.
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Per transfer limit – $3000
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24 hours limit – $3000
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7 days limit – $10,000
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30 days limit – $20,000
For receiving, Manulife applies the following limits.
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Per transfer limit – $10,000
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24 hours limit – $10,000
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7 days limit – $70,000
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30 days limit – $300,000
Desjardins
You can expect the highest Interac e-Transfer limits for personal banking from Desjardins. You can transfer $5000 within a 24-hour period and receive $25,000 per transfer.
If you have a business account, Desjardins’ sending limits for 24 hours is $10,000.
Vancity
You can use Vancity to send and receive money via Interac e-Transfer. Here are the limits for both.
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Per transfer limit – $3000
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24 hours limit – $10,000
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7 days limit – $20,000
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30 days limit – $20,000
The limit for receiving is $25,000 per transfer. The Request Money limit is $3000 per transaction. However, the sending limits for business banking will vary.
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Per transfer limit – $6000
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24 hours limit – $20,000
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7 days limit – $20,000
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30 days limit – $40,000
The maximum fund to receive per transaction is $25,000.
Alterna Bank
Alterna Bank applies the following sending limits.
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Per transfer limit – $3000
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7 days limit – $10,000
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30 days limit – $20,000
Here are the receiving limits.
You can send and receive money via Interac e-Transfer using your EQ Bank account. You will have to follow the limits below while sending money.
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24 hours limit – $3000
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7 days limit – $10,000
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30 days limit – $20,000
The receiving limits are the following.
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24 hours limit – $10,000
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7 days limit – $70,000
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30 days limit – $300,000
Scotiabank
The limits for the Interac e-Transfer will not be the same for all Scotiabank accounts. Therefore, you can visit Scotia OnLine to know the limits for sending and receiving money.
However, if you have a business account, the limit per transaction is $10,000. Customers can also complete $10,000 per transaction.
RBC
You will have some exceptions with RBC. The limits will depend on how much customers spend using their client cards daily.
The minimum limit for sending any fund is $0.01. If you want to know the exact fund you can send or receive, you can log in to your online banking and tap Daily Transaction Limit. You will find this feature under Account Management. You can also edit the limits for purchases, withdrawals, and transfers on this page temporarily.
Manulife
Manulife has a minimum transfer limit of $10. Here are the maximum limits for sending.
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Per transfer limit – $3000
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24 hours limit – $3000
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7 days limit – $10,000
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30 days limit – $20,000
For receiving, Manulife applies the following limits.
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Per transfer limit – $10,000
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24 hours limit – $10,000
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7 days limit – $70,000
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30 days limit – $300,000
Desjardins
You can expect the highest Interac e-Transfer limits for personal banking from Desjardins. You can transfer $5000 within a 24-hour period and receive $25,000 per transfer.
If you have a business account, Desjardins’ sending limits for 24 hours is $10,000.
Vancity
You can use Vancity to send and receive money via Interac e-Transfer. Here are the limits for both.
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Per transfer limit – $3000
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24 hours limit – $10,000
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7 days limit – $20,000
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30 days limit – $20,000
The limit for receiving is $25,000 per transfer. The Request Money limit is $3000 per transaction. However, the sending limits for business banking will vary.
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Per transfer limit – $6000
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24 hours limit – $20,000
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7 days limit – $20,000
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30 days limit – $40,000
The maximum fund to receive per transaction is $25,000.
Alterna Bank
Alterna Bank applies the following sending limits.
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Per transfer limit – $3000
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7 days limit – $10,000
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30 days limit – $20,000
Here are the receiving limits.
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Per transfer limit – $10,000
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7 days limit – $70,000
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30 days limit – $330,000
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