What is the Interac e-Transfer Limit? + Related Questions Answered

If you’re used to transferring money frequently as an individual or business, you know how important it’s to have a large transfer limit.

However, not all money transfer services and financial institutions have the same transfer limit.

Thus, the Interac e-Transfer limit varies from one financial institution to another, making many people confused about the actual limit.

I find it worthy of addressing this issue because Interac e-Transfer is one of Canada’s most popular and fastest money transfer services.

So in this post, I discuss the Interac e-Transfer limit of various banks in Canada and answer related questions on the Interac Transfer limit.

Overview on Interac e-Transfer

Interac e-Transfer service is one of the money transfer services in Canada. This money transfer service is so popular because it offers a cheap and fast money transfer service.

With Interac e-Transfer, you can send money 24/7 electronically worldwide. To this end, you need to register for online banking to make an Interac e-Transfer.

Thus, Interac e-Transfer allows you to send money through your online bank using the recipient’s email address or phone number.

That said, different financial institutions have different processes of making an Interac e-Transfer.

But regardless of the process of your bank, you will be notified once the transaction is completed.

Furthermore, you can keep track of all your past payments through the transaction history section.

However, there’s a limit to how much you can transfer through Interac e-Transfer. Here I discuss the Interac e-Transfer limit and other related issues to help you decide whether this service is suitable for you or not.

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) which the recipient must answer correctly before receiving the funds.

How Does Interac e-Transfer Work?

Like other money transfer services, Interac e-Transfer allows you to send money from one bank account to another.

However, not all banks in Canada support Interac e-Transfer. But over 90% of Canadian financial institutions support Interac e-Transfer. Some of these financial institutions include:

  • ATB Financial
  • CIBC
  • BMO Financial Group
  • Desjardins Group
  • Royal Bank of Canada
  • Manulife Bank of Canada
  • HSBC Bank Canada
  • Peoples Trust Company
  • National Bank of Canada
  • TD Bank Group
  • Royal Bank of Canada
  • Scotiabank
  • Vancity
  • Meridian
  • First West Credit Union

But to make an Interac e-Transfer, you need to register for online banking. Some banks allow you to do this directly on your mobile phone; others require you to visit the bank in person.

Once you have access to online or mobile banking, you can start making Interac e-Transfer 24/7.

But how do you make an Interac e-Transfer through online banking? All you need is the email address or phone of your intended recipient.

However, if your intended recipient didn’t accept your transfer within a particular period, your transfer will expire, and you will be notified to reclaim the money.

Some banks would charge a reclaim fee if you didn’t cancel an unclaimed transfer within a particular period after notifying you of the expiration.

Furthermore, you can receive or request money through Interac e-Transfer or set autodeposit on your incoming Interac e–Transfer funds.

What is Interac e-Transfer Limit?

Like other money transfer services, Interac e-Transfer also has a limit. However, Interac limits are determined by each financial institution.

That said, the Interac e-Transfer limit range in the following order:

  • Daily limit (30-day)
  • Weekly limit (7-day)
  • Monthly limit (30-day)

Thus, $3,000 is the daily Interac limit of most financial institutions in Canada. On the other hand, weekly and monthly transfer limits vary significantly.

However, a financial institution can have different Interac e-Transfer limits for different users based on their credit card usage and other factors.

The following table highlights the Interac e-Transfer limit of various banks in Canada.

Interac e-Transfer Limits of Banks in Canada

Here are the current Interac e-Transfer limits of some Canadian banks as of the time of writing this review:

Bank  Daily Limit (24-hour)Monthly Limit (30-day)
RBC

 

VariableVariable
BMO$2,500 or $3,000$20,000
TD Bank$3,000$20,000
ScotiaBankVariableVariable
CIBC$3,000 $30,000
Simplii Financial $3,000$30,000
Tangerine$3,000$20,000
Laurentian Bank$3,000 $20,000
EQ Bank Financial

 

$3,000$20,000
LBC Digital Bank

 

$3,000$20,000
Vancity$10,000$20,000

 

Can I Increase My Interac e-Transfer Limit?

Yes, you can increase your Interac e-Transfer limit depending on your financial institution.

That said, your bank or credit union can automatically increase your Interac Transfer limit based on your credit card usage.

However, different financials use different factors to increase the Interac e-Transfer limit.

Thus, you may need to visit your financial institution or call customer service to discuss your transfer limit increment.

How Do I Send Money via Interac e-Transfer?

As mentioned previously, each financial institution has a different process of sending money through Interac e-Transfer. Nevertheless, the process is generally simple and fast.

However, all you need to send money through Interac e-Transfer is to:

  • 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?

The process of cancelling Interac e-Transfer varies from one financial institution to the other.

Generally, cancelling an Interac e-Transfer involves the following process:

  • Log in to your online bank
  • Navigate to the payment history or transaction history
  • Press the Interac e-Transfer you want to cancel
  • Press the Cancel button

Note that some financial institutions charge fees for cancelling transfers while others don’t.

Interac e-Transfer Fee

Interac e-Transfer fee varies from one financial institution to the other. Thus, you need to check out the Interac e-Transfer fee of your bank before making any transfer.

While some financial institutions charge an Interac e-Transfer fee, others allow you to make free transfers.

For example, RBC doesn’t charge a fee for sending, receiving, or cancelling an Interac e-Transfer for most of its accounts. However, it charges $1 and $1.50 for some personal and business accounts.

 

On the other hand, other banks don’t charge fees for sending or receiving Interac e-Transfer but have fees for cancelling transfers.

For example, Simplii doesn’t charge a fee for sending or receiving transfers but charges $3.50 for cancelling transfers.

Moreover, other banks don’t charge sending fees but charge receiving fees.

Other Interac e-Transfer Services

You can’t only send and receive money from Interac e-Transfer, but you can enjoy other top-notch innovative features.

Here are some of the other services of Interac e-Transfer that makes it a popular and reliable alternative to other money transfer services in Canada:

1. Interac e-Transfer Request Money

If you want to request a money transfer from your friend, family or business partner, Interac e-Transfer Request Money is what you need.

With the Interac e-Transfer Request Money, you can request money using the Interac e-Transfer system.

After sending a request successfully, you will receive a text or email notification once the funds arrive in your account.

Learn more about the Interac e-Transfer Request Money and the list of participating financial institutions.

2. Interac e-Transfer Autodeposit

Are you looking forward to any upcoming funds transfer? You can have it done automatically with the Interac e-Transfer.

With the Interac e-Transfer Autodeposit feature, you can have funds from incoming transfers deposited automatically into your bank account without any security questions.

This means that you can get ahead of your daily routine while receiving your upcoming funds automatically.

Learn more about the Interac e-Transfer Autodeposit feature and the list of participating financial institutions.

Interac e-Transfer vs. Other Money Transfer Services in Canada

If you’re not comfortable with Interac e-Transfer features, you should consider the following alternatives.

1. Wealthsimple Cash

Wealthsimple Cash is a free and fast money transfer service in Canada.

In addition to free money transfer, you can also use Wealthsimple Cash to invest and make everyday purchases.

2. Wise (Formerly TransferWise)

Wise is a London-based money transfer service that allows you to make and receive money from more than 70 countries.

However, it may take up to three working days to complete a transfer through Wise.

3. World Remit

World Remit is another alternative to Interac e-Transfer because it allows you to make low-cost money within 150 countries.

Furthermore, Word Remit provides multiple transfer options ranging from bank transfers, mobile money transfers, and cash pickup.

4. MoneyGram

MoneyGram is one of the low-cost and fastest money transfer services in Canada.

That said, you can make transactions across 200 countries and territories with MoneyGram using different methods.

5. PayPal

The last but not the least alternative to Interac e-Transfer in Canada is PayPal.

PayPal allows you to make free transfers within Canada. It also allows you to make low-cost international transfers across different countries.

However, both the sender and the receiver need to have a PayPal account to execute a transaction.

Learn more about Interac e-Transfer alternatives in Canada.

Verdict on Interac Transfer Limit

That’s all about the Interac e-Transfer limit. If you’re okay with the limit of your financial institution, you can prioritize Interac e-Transfer over other money transfer services.

Remember, you can communicate with your financial institution to increase your Interac Transfer limit, whether by visiting the bank credit/credit union or calling customer service on the phone.

However, if you’re not okay with the Interac e-Transfer service, you have numerous alternatives to consider, such as Wise, Wealthsimple Cash, PayPal etc.

Overall, your emphasis should be on the cost, limit, and speed of transfer when selecting a money transfer service.

FAQs

How Much Does it Cost to Send Money via Interac e-Transfer?

Different financial institutions charge different fees for Interac e-Transfers. However, some financial institutions don’t charge any fee for Interac e-Transfer.

Thus, you need to check with your bank or credit union to know your Interac e-Transfer fee.

Can I Accept an Interac e-Transfer Without a Canadian Bank Account?

You can’t accept an Interac e-Transfer without a participating Canadian bank. Thus, you should ask the sender to cancel the transfer when you receive an Interac e-Transfer without having a Canadian bank account.

Once the sender cancels the transfer, the funds will be returned to them. But if you can’t contact the sender after 30 days, the transfer will expire, and the funds will be automatically returned to the sender.

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?

Yes, Interac e-Transfer is only available in Canadian financial institutions such as banks and credit unions. However, you can make international money transfers through Interac with Mastercard® and Western Union®.

Have more questions? Drop them in the comment section.

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