The easiest way to send and receive money in Canada is Interac e-Transfer. Money can be sent to anyone with an email address or a phone number in Canada, along with a Canadian bank account. Interac e-Transfer is available at over 250 participating financial institutions across Canada, including all the major banks. There is, however, a limit to how much money can be sent via e-Transfer. This limit is set by financial institutions individually. Listed below are the transfer limits of some of the major Canadian banks and credit unions.
|Name of Bank / Credit Union||Per Transfer Limit||Daily Limit||7-Day Limit||30-Day Limit|
|Royal Bank of Canada (RBC)||Based on client card’s daily access limit||Based on client card’s daily access limit||Based on client card’s daily access limit||Based on client card’s daily access limit|
|Toronto-Dominion Bank (TD)||$3,000||$3,000||$10,000||$20,000|
|Bank of Nova Scotia (Scotiabank)||Based on account’s transaction limit||Based on account’s transaction limit||Based on account’s transaction limit||Based on account’s transaction limit|
|Bank of Montreal (BMO)||$3,000||$3,000||$10,000||$20,000|
|Canadian Imperial Bank of Commerce (CIBC)||$3,000||$3,000||$10,000||$30,000|
|Canadian Western Bank (CWB)||$3,000||$10,000||$10,000||$20,000|
|Vancity Credit Union||$3,000||$10,000 (Daily rolling)||$10,000||$20,000|
|Meridian Credit Union||$5,000||$5,000||$10,000||$20,000|
|Coast Capital Savings Credit Union||$3,000||$3,000||$10,000||$20,000|
Royal Bank of Canada (RBC) e-Transfer limits for outgoing transfers are dependent on the client card’s daily access limit. The daily access limit determines the daily maximum withdrawal limit from an account, which includes debit purchases and ATM withdrawals aside from e-Transfers. You can check your daily transaction limit and increase it for a limited time through the RBC online banking portal. You can increase RBC e-Transfer limit permanently by getting in touch with an RBC Advisor over the phone. A 7-day and a 30-day transfer limit has not been specified by RBC. RBC’s minimum sending limit is $0.01.
Fees: There is no fee for outgoing and incoming transactions or to cancel transactions from personal chequing accounts. A fee of $1 may apply for personal savings accounts. If an incoming transfer has expired and hasn’t been cancelled by the sender, you will have to pay a $5 fee to reclaim the transfer.
Cancelling a transfer: A transfer can be cancelled as long as it hasn’t been deposited into the recipient’s bank account. To cancel an RBC e-transfer, you can log into online banking, go to ‘Pay Bills and Transfer Funds,’ select ‘Payment History,’ select the confirmation code of the e-Transfer from the payment history, and click on ‘Cancel Payment’ from the transaction detail page. If there is no option to cancel, it means that it is no longer possible to cancel the transfer.
TD e-transfer limits and fees for outbound transfers are as follows:
The limits are rolling limits based on the time of the last transfer. There is no transaction fee for sending an Interac e-Transfer if you have a TD Student Chequing Account, TD Every Day Chequing Account, TD Unlimited Chequing Account, TD All-Inlusive Banking Plan, or TD Wealth Private Banking Account. For all other accounts, you will have to pay a $0.50 fee for every outbound transfer of up to $100 from your TD Bank account, while transfers of over $100 are charged a $1 fee.
Cancelling a transfer: You can cancel any pending transfers. To cancel a TD e-Transfer, you can log in to the TD App or EasyWeb and find the transaction in the Interac e-Transfer history. If a transaction is cancelled more than 45 minutes after sending the transfer, a $5 cancellation fee will be payable.
Scotibank’s Interac e-Transfer limits depend on the account’s transaction limits; thus, different accounts may have different transaction limits. You can view your daily and weekly Interac e-Transfer limits by logging into the Scotiabank mobile app or Scotiabank’s online banking portal. After logging in, look for ‘View Transaction Limits’ under ‘Profile and Settings.’ To change your Interac e-Transfer limit, you can contact Scotiabank’s customer service. Your limits may be changed temporarily or permanently.
BMO e-Transfer limits and fees for new accounts are as follows:
The limit can be increased by contacting the BMO bank over the phone or visiting a branch. If Interac e-Transfer fees are not covered in your banking plan, a fee of $1 per transaction may apply.
Cancelling a transfer: An e-Transfer can be cancelled through the BMO online banking portal or the mobile banking app if it hasn’t been deposited to the recipient’s account. A cancellation fee of $5 may apply for cancelling a transfer.
CIBC e-Transfer limits and fees for outbound transfers are as follows:
The transfer fee is included with some bank accounts, while others pay $1.50 per transaction. There is no fee to receive an e-Transfer. If you want to receive money from your contacts, CIBC lets you request up to $10,000.
Cancelling a transfer: A pending CIBC e-Transfer can be cancelled through the CIBC online banking portal or the mobile banking app. To stop a transfer, a fee of $3.50 will have to be paid.
The maximum amount that can be sent by e-Transfer within a 24-hour period is $4,000, and in a 7-day period is $14,000. There is no specified limit for receiving e-Transfers. National Bank accounts with a monthly package have no fee, other accounts have a fee of $1.25 per transfer.
Cancelling a transfer: National Bank e-Transfer can be cancelled through the National Bank online banking portal or the mobile banking app as long as they have not been deposited to the recipient's account. To cancel a transfer, a fee of $3.50 will be charged.
Desjardins e-Transfer limit is set at $5,000 for a 24-hour period, and you can send the entire amount at once. It should also be noted that the limit cannot be increased. Meanwhile, the maximum amount for a single incoming transfer is $25,000. If you have a monthly transaction plan, you won’t have to pay any additional fee for a transfer. If you exceed the number of transactions for the month or if you don’t have a plan, standard transaction fees will apply.
Cancelling a transfer: A transfer can be cancelled free of charge as long as it hasn’t been accepted by the recipient.
HSBC personal banking accounts have the following limits for Interac e-Transfers:
Additionally, there is a $25,000 limit to receiving an incoming transfer. HSBC Bank does not charge a fee for Interac e-Transfers; however, based on your account package, you may have to pay a transaction fee.
The limits set by Laurentian Bank for outgoing Interac e-Transfers and applicable fees are as follows:
The maximum limit for an incoming transfer is set at $25,000. To send money via Interac e-Transfer from a Laurentian Bank account, a $1 fee is applicable per transaction. Additionally, depending on your banking package, you may have to pay a withdrawal fee.
Cancelling a transfer: A transfer can be cancelled as long as it hasn’t been deposited into the recipient’s bank account. The transaction fee is non-refundable even if you cancel the transfer.
Canadian Western Bank (CWB) Interac e-Transfer limits and fees for outgoing transfers are as follows:
Interac e-Transfer is free for CWB Apex Accounts, CWB Gold Leaf Plus Accounts, CWB Youth Accounts, and CWB Student Accounts, while other accounts are charged a fee of $1 for outgoing transfers.
EQ Bank Interac e-Transfer limits and fees for outgoing transfers are as follows:
The maximum limit for incoming transfers is $25,000 per transfer. EQ Bank does not charge any fee for sending or receiving e-Transfers.
Tangerine e-Transfer limits and fees for outbound transfers are as follows:
Tangerine e-Transfer limits for inbound transfers are as follows:
Tangerine Bank offers free of cost e-Transfers. Transfers that haven’t been deposited to the recipient's account can be cancelled.
Simplii e-Transfer limits and fees are as follows:
Simplii Financial does not charge any fee for sending or receiving Interac e-Transfers. You can also request your contacts to send you up to $10,000 from your Simplii Financial online banking portal.
Cancelling a transfer: Simplii Financial e-Transfers can be cancelled as long as they have not been deposited to the recipient's account. To cancel a transfer, a fee of $3.50 will have to be paid.
Wealthsimple e-Transfer limits and fees are as follows:
Wealthsimple lets you send, request and receive money from your Wealthsimple cash account. The Wealthsimple cash account does not have any transaction fees.
The maximum daily limit for outbound KOHO e-Transfers is $3,000. $3,000 is also the maximum limit for a single outbound transfer. A weekly or monthly limit has not been specified. Meanwhile, the limit for inbound transfers into a KOHO Essential account is $5,000 per transaction, a $5,000 daily maximum amount, and a $20,000 monthly maximum amount. For KOHO Extra / Everything Accounts, the daily inbound transfer limit is $10,000, and the monthly limit is $40,000.
ATB Financial’s outgoing Interac e-Transfer limits and fees are as follows:
The limits are rolling limits. The maximum incoming Interac e-Transfer limit per transaction is $25,000. ATB Financial offers unlimited free Interac e-Transfer on their ATB Advantage Accounts, Unlimited Accounts, Freedom Accounts, Generation Accounts and Student First Accounts. Other Canadian dollar accounts are charged a fee of $1.50 every time they send money. Receiving money through an e-transfer is free of cost.
Manulife e-Transfer limits and fees for outbound transfers are as follows:
The maximum limit per incoming transfer is $25,000. The transaction fee for an outgoing transfer is $1. This fee is waived for some Manulife Bank accounts, while some accounts get a limited number of free transactions every month.
Vancity e-Transfer limits and fees for outbound transfers are:
Rolling limits are calculated using the date as well as the time of a transfer. For example, if a transfer was sent at 10.15 am on a day, the day for the rolling period will end at 10.14 am the next day.
Vancity has also set a limit of $25,000 per transfer for inbound transfers. Meanwhile, you can request your contacts for an e-Transfer of an amount up to $3,000. There is no fee for sending, receiving or requesting an e-Transfer if you have an Access Chequing or an E Package Chequing account. However, other accounts will be charged a fee of $0.90 per transfer and per transfer request. Outbound e-Transfers can be cancelled through the online banking portal or mobile app as long as their status is pending.
Meridian Credit Union e-Transfer limits and fees are as follows:
The above limits cannot be increased. Meridian accounts come with a fixed number of free e-Transfers, and this number depends on the type of account. Any additional transfers are charged a $1.50 fee. Cancellation of pending transfers is free of cost; however, the e-Transfer fee will not be refunded.
Coast Capital e-Transfer limits for outbound transfers are as follows:
Coast Capital e-Transfer limits for inbound transfers are as follows:
An e-Transfer fee of $1.50 per transaction applies to outgoing transfers and transfer requests, but incoming transfers are free. Outgoing transfers can be cancelled from the Coast Capital digital banking portal as long as the money hasn’t been deposited to the recipient’s account.
Alterna e-Transfer limits and fees for outbound transfers are as follows:
The limit for incoming transfers is $25,000 per transaction. The same sending and receiving limits apply to Alterna Savings’ subsidiary, Alterna Bank’s accounts. Meanwhile, Alterna Savings lets you request money from your contacts, the limit for which is set at $3,000. For Alterna Bank, the ‘Request Money’ limit is set at $10,000 per transaction.
A fee of $0.90 may apply for sending and requesting money if your monthly banking package does not include free transactions or when you exceed the free transaction limit. The fee charged by Alterna Bank for the same is $0.80.
Canadians can use Interac e-Transfer to send money to their contacts directly from their bank account using the bank’s online banking portal or mobile banking app. The recipient is only required to have a valid email address or phone number and a Canadian bank account. The process is fast and secure, and the money is usually deposited within minutes after the recipient answers the security question to accept the transfer. In rare cases, it may take up to 30 minutes for the process to complete.
To send an Interac e-Transfer, you must have a Canadian bank account and access to online banking or mobile banking apps. You can log in to your online banking portal or mobile banking app and locate the option to send money with Interac e-Transfer.
To be able to send money, you will have to provide the recipient’s email address or mobile phone number. You will have to enter the amount and add a security question. If the recipient has registered for Autodeposit, you will be notified of the same, and a security question will not be required.
If the recipient has registered for Autodeposit, the money will be directly deposited into their account without the need to answer the security question, and they will be notified of the same. If they haven’t registered for Autodeposit, the recipients will be able to deposit the amount by clicking the link in the notification received through email or text message and logging into their online or mobile banking. Financial institutions use their existing payment networks for the transfers.
The general steps involved in sending money with Interac e-Transfer are as follows:
When someone sends you an Interac e-Transfer, you will receive a notification through email address or text message. You must follow the instructions in the notification and log into your financial institution’s online banking portal.
You will need the answer to the security question entered by the sender to receive the money. If you have registered for Autodeposit, you will not have to answer any security questions, and the money will be directly deposited into your registered account.
If you have made a mistake while sending an e-Transfer, you can cancel the transfer as long as the money isn’t deposited into the recipient’s account. To cancel a transfer, you need to log into your bank’s online banking portal or mobile banking app and look for the translation history. You will be able to see the status of the particular transfer there, and if the status is ‘pending,’ you will be able to cancel the transfer.
Depending on your financial institution, you may be charged a cancellation fee. Meanwhile, if you were charged a transaction fee, the fee will most likely be forfeited.
If the recipient does not claim the e-Transfer for 30 days, the e-Transfer will expire, and the recipient will no longer be able to deposit the money into their account. The sender will receive instructions for reclaiming the funds.
In some cases, the recipient may still be able to claim the funds by paying an additional fee if the sender hasn’t reclaimed the funds or cancelled the transfer after it has expired.
Some financial institutions may allow you to increase your e-transfer limit temporarily or permanently. To find out more, you can contact your financial institution through phone, email, live chat or by visiting a branch. The decision to increase the limit depends on several factors and is completely up to your financial institution. Some institutions that may allow increasing the limit include RBC, Scotiabank and BMO.
An e-Transfer that hasn’t been claimed can be cancelled by the sender through the online banking portal or the mobile banking app. A transfer cannot be cancelled after the funds have been deposited into the recipient’s account.
Interac e-Transfers are secured by multiple layers of security, making them extremely safe.
An Interac e-Transfer can be sent by logging into online banking or mobile banking. In the portal or app, look for the option to send money through Interac e-Transfer. Enter the email address or phone number of the recipient and the amount to be sent. If the recipient has registered Autodeposit, you will not need to enter a security question. If they haven’t registered for Autodeposit, you will have to enter a security question and its answer. Once you have entered all the information, review it and confirm to send.
No. Recipients who have registered for Autodeposit receive the money directly into their account when you send it. Once the money is deposited into a recipient's account, the transfer cannot be cancelled.
An Interac e-Transfer usually takes only 2-3 minutes (or less). In some cases, it may take up to 30 minutes.