Interac e-Transfer is one of Canada’s most popular and convenient ways to send and receive money electronically. It allows you to conveniently transact with friends, businesses, charities, or anyone with a bank account with a participating financial institution in Canada.
However, there are limits to how much money you can send, receive or request via Interac in Canada. The transaction limits are usually set by your financial institution, but are typically between $2,000 to $3,000 per transaction for consumers and may be higher for businesses.
In this blog post, we’ll look at the specific Interac e Transfer limits for individuals and businesses for major banks like RBC, TD, Scotiabank, BMO, CIBC, and other financial institutions in Canada. We will also answer frequently asked questions and share alternatives to Interac in Canada.
Interac e-Transfer Limits for Individuals
Interac e-Transfer has become a popular and convenient way for individuals in Canada to send and receive money electronically. It allows users to transfer funds securely and quickly between Canadian bank accounts, eliminating the need for cash or physical checks.
For individuals, Interac e-Transfer imposes certain limits on the amount of money that can be sent or received. These limits are in place to protect users from potential fraud and to comply with regulatory requirements. Here are the Interac e-transfer limits for personal banking in Canada:
Sending Limits:
- No Minimum transfer amount
- Maximum per transfer sending limit: $3,000
- Daily rolling sending limit: $10,000
- 7-day rolling sending limit: $10,000
- 30-day rolling sending limit: $20,000
Receiving Limits:
- Maximum per transfer incoming limit: $25,000
- Daily rolling incoming limit: N/A
- 7-day receiving limit: N/A
- 30-day receiving limit: N/A
Requesting Limits:
- Maximum per request: $3000
Note: Rolling limits are calculated using the day and time the Interac e-Transfer is sent. So if the first transaction is sent at 11:30 am, “day” is calculated on the 24-hour rolling period, ending at 11:29 am the next day.
Interac e-Transfer Limits for Businesses
Many businesses in Canada are using Interac e-Transfer for transferring funds due to its convenience and security. However, it’s important for businesses to understand the limits associated with Interac e-Transfer transactions to manage their financial transactions effectively.
Exceeding these limits may result in transaction failures or delays. If your business frequently deals with large transfers, you may need to explore alternative payment methods or discuss higher limits with your financial institution.
Here’s a brief overview of Interac e Transfer limits for businesses:
Sending Limits:
- No Minimum transfer amount
- Maximum per transfer sending limit: $6,000
- Daily rolling sending limit: $20,000
- 7-day rolling sending limit: $20,000
- 30-day rolling sending limit: $40,000
Receiving Limits:
- Maximum per transfer incoming limit: $25,000
- Daily rolling incoming limit: N/A
- 7-day limit: N/A
- 30-day limit: N/A
Requesting e-transfers:
- Maximum per request: $3000
Interac e-Transfer Limits Across Major Banks
Each major bank in Canada has specific limits in place to ensure the security and smooth functioning of Interac e-Transfer transactions.
Interac e-Transfer limits are in place to safeguard against potential fraud or unauthorised transactions. They are a protective measure to ensure the security of funds being transferred electronically.
If you require higher transfer limits for a specific transaction, you may need to explore alternative methods, such as wire transfers or direct bank-to-bank transfers. These limits may vary depending on the type of account you hold with each bank. Some financial institutions may offer higher limits for premium or business accounts.
Here are the current Interac e-Transfer limits across some of the major banks in Canada:
Bank | Day (24-hour) Limit | Weekly (7-day) Limit | Monthly (30-day) Limit |
CIBC Interac e-Transfer Limit | $3,000 | $10,000 | $30,000 |
BMO Interac e-Transfer Limit | Varies by account limit (it could be $2,500 or $3,000) | $10,000 | $20,000 |
TD Bank Interac e-Transfer Limit | $3,000 | $10,000 | $20,000 |
ScotiaBank Interac e-Transfer Limit | Variable | Variable | Variable |
RBC Interac e-Transfer Limit | Variable | Variable | Variable |
EQ Bank Financial Interac e-Transfer Limit | $3,000 | $10,000 | $20,000 |
Simplii Financial Interac e-Transfer Limit | $3,000 | $10,000 | $30,000 |
Tangerine Interac e-Transfer Limit | $3,000 | $10,000 | $20,000 |
Vancity Interac e-Transfer Limit | $10,000 | $10,000 | $20,000 |
Motive Financial Interac e-Transfer Limit | $3,000 | $10,000 | $20,000 |
Interac Transfer Limit at Laurentian Bank | $3,000 | $10,000 | $20,000 |
RBC Interac e Transfer Limit
The Interac e-Transfer limits at RBC are tied to the daily access limit of your client card. Through your RBC online banking account, you can discover your Interac e-Transfer limit and also have the flexibility to adjust other limits, such as ATM withdrawals, transfers, and purchases.
It’s important to note that the minimum sending limit for Interac e-Transfer at RBC is set at $0.01. Follow these steps to find and modify your Interac e-Transfer limits at RBC:
- Sign in to your RBC Online Banking account.
- Navigate to the “Account Management” section.
- Look for the option labelled “Daily Transaction Limit.”
- On this page, you can view your specific Interac e-Transfer limit and make temporary adjustments to other transaction limits like ATM withdrawals and purchases.
Using RBC’s user-friendly online banking platform, you can conveniently manage and tailor your Interac e-Transfer limits to suit your individual financial requirements.
CIBC Interac e Transfer Limit
CIBC does not have a minimum Interac e-Transfer amount, but it has maximum limits:
- 24-hour period: $3,000
- 7-day: $10,000
- 30-day: $30,000
It is important to note that there is a $1,000 limit when requesting money, and you can have up to a maximum of 10 unfulfilled “Interac e-Transfer Request Money” transactions at any time.
TD Interac e Transfer Limit
TD Bank has limits for Interac e-Transfer transactions. These limits apply to both TD personal and business clients.
- Per transfer: $3,000
- 24-hour limit: $3,000
- 7-day limit: $10,000
- 30-day limit: $20,000
Scotiabank Interac e Transfer Limit
Scotiabank Interac e-Transfer limit varies for each savings account. To check your limit, log into the Scotia Online portal and check under “Profile and Settings”.
Click “View transaction limits” to see your Interac e-Transfer limits per transaction and periodic limits.
BMO Interac e Transfer Limit
BMO Interac e-Transfer limits vary based on the transaction limits of your BMO Debit Card. The transfer limits are:
- 24 hours: $2,500 or $3,000
- 7-day: $10,000
- 30-day: $20,000
Log in to your BMO online banking profile, and go to “Bank Accounts” under “My Account Summary” to view your debit card limits.
Tangerine Interac e Transfer Limit
Tangerine, a well-known Canadian bank, offers personal banking services that include Interac e-Transfers. If you’re accustomed to using other banks for sending money via Interac e-Transfers, you’ll find the following limits familiar:
Sending Limits for Tangerine:
- Daily Limit: $3,000
- 7-Day Limit: $10,000
- 30-Day Limit: $20,000
However, the receiving limits for Tangerine Bank differ from the sending limits. In the case of Tangerine, the Interac e-Transfer receiving limits are as follows:
Receiving Limits for Tangerine:
- Daily Limit: $10,000
- 7-Day Limit: $70,000
- 30-Day Limit: $300,000
Simplii Interac e Transfer Limit
Simplii Financial has a minimum Interac e-Transfer limit of $0.01. The hourly and daily limits are:
- 24 hours: $3,000
- 7-day: $10,000
- 30-day: $30,000
National Bank e Transfer Limit
National Bank has a daily Interac e-Transfer limit of $3,000. However, for businesses, the following applies:
- Daily limit: $5,000
- 7-day limit: $25,000
National Bank does not have daily, weekly, or monthly limits for receiving Interac e-transfers to a business account. However, the maximum amount per deposit is $25,000.
Desjardins e Transfer Limit
In Canada, Desjardins has some of the highest Interac e-Transfer limits for personal banking. You can send up to $5,000 per 24-hour period, notably higher than other major banks.
Additionally, the receiving limit per transfer at Desjardins is impressive, allowing individuals to receive up to $25,000 in a single transaction.
For businesses using Desjardins’ services, the 24-hour sending limit is set at $10,000. This limit allows businesses to make larger transactions within a day while ensuring security and control.
Vancity e-Transfer Limit
Vancity has specific transfer limits when using Interac e-Transfer to send and receive money. When sending money as an individual, the limits are as follows:
- Per transfer: $3,000
- Daily limit (within 24 hours): $10,000
- 7-day limit: $10,000
- 30-day limit: $20,000
On the other hand, when receiving money, the maximum amount you can receive per transfer is $25,000, and the limit for requesting money per transaction is $3,000.
For business banking, the transfer limits are slightly higher to accommodate the needs of businesses:
- Per transfer: $6,000
- Daily limit: $20,000
- 7-day limit: $20,000
- 30-day limit: $40,000
When receiving an Interac e-Transfer into a business account at Vancity, the maximum amount allowed is $25,000.
How to Increase Interac e Transfer Limit
To increase your Interac e-Transfer limits, contact your bank’s customer support. You can contact them through live chat, email, or phone, depending on the options provided by your bank. However, not all Canadian financial institutions support increasing Interac limits.
The decision to increase limits may vary based on factors such as the purpose of the transfer, your account history, length of time with the bank, and the amount you wish to send.
Additionally, keep in mind that any limit increases granted by the bank may be temporary or limited to a certain number of transactions.
What is Interac e-Transfer, and How Does it Work?
Interac e-Transfer is a popular and widely used money transfer service in Canada, known for its affordability and speed. This electronic service allows you to send money worldwide, 24/7, once you have registered for online banking.
To initiate an Interac e-Transfer, you need the recipient’s email address or phone number, which you enter through your online banking platform. Different banks may have varying processes for making Interac e-Transfers, but regardless of the specific method, you will receive a notification once the transaction is completed.
One of the advantages of Interac e-Transfer is the ability to keep track of your payment history. Most banking platforms offer a transaction history section, allowing you to review all your past payments made through Interac e-Transfer.
However, knowing the transfer limits associated with Interac e-Transfer is essential. Each bank sets its own limits, which apply to both the amount you can send and receive. It’s advisable to check with your specific bank for the most up-to-date information on their Interac e-Transfer limits.
How Secure is an Interac e-Transfer?
Interac e-Transfer is one of the secure money transfer services in Canada. This is because Interac has advanced security measures such as:
- Secure login process
- Encryption technology
- Confidential user IDs and passwords
- 128-bit browser encryption
Furthermore, each Interac e-Transfer has a security question (set by you) that the recipient must answer correctly before receiving the funds.
How Do I Send Money via Interac e-Transfer?
Sending money through Interac e-Transfer is a straightforward and efficient process across various financial institutions in Canada. While each institution may have its own unique interface, the general steps to send money through Interac e-Transfer remain consistent.
Here’s a simplified guide to help you send money hassle-free:
- Log in to your online or mobile banking.
- Navigate to the Interac e-Transfer section.
- Follow the steps outlined.
How Do I Cancel an Interac e-Transfer Transaction?
Cancelling an Interac e-Transfer can vary slightly depending on the financial institution you’re dealing with. However, the general process typically involves the following steps:
- Log in to your online bank
- Navigate to the payment history or transaction history
- Press the Interac e-Transfer if you want to cancel
- Press the Cancel button
It’s important to note that cancellation fees may apply, depending on your financial institution’s policies. Some banks may charge a fee for cancelling an Interac e-Transfer, while others may not impose any additional charges.
Interac e-Transfer Fee
Interac e-Transfer fees vary among different financial institutions in Canada, so it’s important to familiarize yourself with the fee structure of your specific bank before initiating any transfers. While some banks may impose fees for certain Interac e-Transfer transactions, others offer free transfers.
For example, with the Royal Bank of Canada (RBC), sending, receiving, and cancelling Interac e-Transfers are generally free for most RBC accounts. However, some personal and business accounts may incur a $1 or $1.50 fee.
With Simplii Financial, there are no fees for sending or receiving Interac e-Transfers. However, there is a $3.50 fee for cancelling a transfer.
Some banks do not charge a fee for sending or receiving Interac e-Transfers but may have fees associated with cancelling transfers. Additionally, certain banks may waive sending fees but charge receiving fees.
Comparing Interac e-Transfer to Other Money Transfer Services in Canada
If you’re uncomfortable using Interac e-Transfer or looking for alternative money transfer services in Canada, several options are available to suit your needs. Here are some popular alternatives to consider:
- Wealthsimple Cash: Wealthsimple Cash is Canada’s free and fast money transfer service. Apart from facilitating money transfers, you can also use Wealthsimple Cash for investing and making everyday purchases.
- Wise (Formerly TransferWise): Wise, previously known as TransferWise, is a London-based money transfer service that allows you to send and receive money from over 70 countries. However, it’s important to note that transfers through Wise may take up to three working days to complete.
- WorldRemit: WorldRemit is another viable alternative to Interac e-Transfer as it enables low-cost money transfers within 150 countries. Moreover, WorldRemit provides various transfer options, including bank transfers, mobile money transfers, and cash pickup.
- MoneyGram: MoneyGram is a well-established money transfer service in Canada that offers both affordability and speed. With MoneyGram, you can make transactions across 200 countries and territories, utilising different methods for sending and receiving money.
- PayPal: PayPal is a widely recognised payment platform that can be an alternative to Interac e-Transfer in Canada. It allows for free transfers within the country and offers low-cost international transfers to various countries. It’s important to note that both the sender and the receiver must have a PayPal account to execute a transaction.
Learn more about Interac e-Transfer alternatives in Canada.
Final Thoughts on Interac e-Transfer Limit
Understanding Interac e-Transfer limits is crucial for smooth and secure money transfers in Canada. As we explored the various major banks’ limits and their importance in safeguarding against potential fraud, it’s evident that staying informed empowers us to make smarter financial decisions.
Whether you’re a personal account holder or a business owner, keeping track of your Interac e-Transfer limits ensures seamless transactions without any hiccups. So, next time you plan to send or receive money through Interac e-Transfer, be mindful of your bank’s specific daily, weekly, and monthly limits.
Stay in control of your finances and avoid any surprises during your transactions. For more helpful insights and updates on financial services, keep following us!
FAQs on Interac e-Transfer Limits
Can I Increase My Interac e-Transfer Limit?
Yes, you can increase your Interac e-Transfer limit with your financial institution. Some banks and credit unions automatically raise the limit based on your credit card usage. However, each institution has its own criteria for increasing the limit. To explore your options, visit your bank or contact customer service to discuss increasing your transfer limit.
How Much Does it Cost to Send Money via Interac e-Transfer?
Interac e-Transfer fees vary among financial institutions. While some charge fees for Interac e-Transfers, others do not. To determine the fee associated with Interac e-Transfers, you must check with your specific bank or credit union. Stay informed about your Interac e-Transfer fees by contacting your financial institution today.
Can I Accept an Interac e-Transfer Without a Canadian Bank Account?
If you receive an Interac e-Transfer without having a participating Canadian bank account, it’s important to ask the sender to cancel the transfer. Once cancelled, the funds will be returned to the sender. However, if you cannot reach the sender within 30 days, the transfer will expire, and the funds will be automatically returned to them.
How Much Money Can You E-Transfer in One Day?
Different banks have different e-Transfer limits. However, most banks have a daily Interac e-Transfer limit of $3,000.
Is Interac e-Transfer only in Canada?
Interac e-Transfer is only available in Canadian financial institutions such as banks and credit unions. However, you can transfer international money through Interac with Mastercard® and Western Union®.
