How long do Interac e-Transfers take: A guide on transfer durations

Interac e-Transfers offer a speedy way for Canadians to send money without revealing any private banking details. It's a simple and safe option that lets folks transfer money to friends, family, or businesses across Canada.

When it comes to speed, how long does an Interac e-Transfer take? Stick around as we dive into the Interac e-Transfer time frames for different situations. You'll also learn about Wise which helps you save on costs for international as well as domestic transfers.

Table of Contents

Why is my e-Transfer taking so long? How long does an e-Transfer take to send? How long do Interac e-Transfers take in Canada? How long does an international Interac e-Transfer take? How long does it take to receive an e-Transfer? How long do you have to accept an e-Transfer? How long does an e-Transfer autodeposit take? How long does an e-Transfer refund take? How long do refunds for cancelled or declined e-Transfers take? How long do refunds for expired e-Transfers take? Conclusion

Why is my e-Transfer taking so long?

If you're waiting in vain for an Interac e-Transfer to go through, there could be a few reasons behind the delay.

First off, the speed of a transfer can vary based on your bank. If they're closed for the day or their servers are slower than usual, it might take longer for that e-Transfer to get processed.

Keep in mind, banks usually shoot out notifications when an e-Transfer is received and taken care of. But until your recipient on the other end responds to that alert, consider the transfer still pending.

And if you're sending money across borders? International transfers tend to take a bit more time compared to domestic ones. So if you've got an overseas bank in play here, just know it might be a few days before everything's wrapped up nice and neat.

Wise helps you stay on track. With our transparent timelines, you can keep track of all your e-transfers, be it domestic or international.

Keep track of your money with Wise

How long does an e-Transfer take to send?

Good news – Interac e-Transfers are pretty quick, usually taking just a couple of minutes.¹ The moment you hit "send", your recipient will get a heads-up via email or text message, letting them know there's cash coming their way and how to grab it.

Now, depending on where they bank, they might have to answer a security question before the funds land in their account. A little extra safety never hurt anyone!

How long do Interac e-Transfers take in Canada?

For those wondering, “How long for e-Transfers to go through?” they're usually pretty snappy – think instant or within 30 minutes.¹ But keep in mind that some banks might want the receiver to jump through a couple of extra hoops (like answering a security question) before declaring the transfer totally done and dusted.

Bank	Duration
Interac	Instant to 30 minutes¹
CIBC	Instant to 30 minutes²
TD	Within 1 to 30 minutes³
Scotiabank	Instant with Autodeposit or as soon as recipient answers security question correctly⁴

How long does an international Interac e-Transfer take?

Curious about the timeline for international Interac e-Transfers? While local transfers usually zip through in under an hour, sending money across borders takes longer. You're looking at around 1 to 2 business days for global e-Transfers to land safely. The confirmation email should give you a heads-up on ETA delivery timeframes.¹

If patience isn't your strong suit, think about using something like Wise instead. This nifty alternative lets users send international e-Transfers in mere minutes, and with their network of local banks, they can quickly process overseas transactions while keeping fees nice and low.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information. The speed of transaction claims depends on individual circumstances and may not be available for all transactions.

How long does it take to receive an e-Transfer?

The sender has a few steps to follow before hitting "send," but as for the recipient – they're mostly just waiting for that notification to pop up. Sometimes there's a security question they'll need to answer before the transfer is all set.

Keep reading to find out more about what recipients can expect in terms of timing for these transfers.

How long do you have to accept an e-Transfer?

If the sender is in Canada, you'll usually get a notification within a minute or up to 30 minutes. Just make sure you answer any security questions correctly so the transfer can be finalized.¹

With Autodeposit set up, any incoming Interac e-Transfers should go straight into your bank account without any extra steps.¹ If we're talking about international e-Transfers, expect them to take around 2 business days for the transfer to be completed.¹

How long does an e-Transfer autodeposit take?

Autodeposit is a nifty feature that lets users have incoming Interac e-Transfers sent straight to their bank accounts. When you've got this set up, e-Transfers can come through almost instantly.¹

Did you know?
You can now receive Interac e-Transfers directly to your Wise account. Save money with each transfer - in just a few clicks!

Save Money with Wise

How long does an e-Transfer refund take?

You can only undo an e-Transfer if the receiver hasn't gotten around to accepting it yet.¹ If they've already accepted it, you'll need to chat with them directly.

Keep in mind that cancelling a transfer might be different for each financial institution, and there could be cancellation fees involved. How long it takes will also depend on your provider.

How long do refunds for cancelled or declined e-Transfers take?

Most banks don’t disclose how long it takes before your account is reimbursed for cancelled or declined transfers. But here's a quick overview of what some banks are saying:

Bank	Duration
CIBC	Returning funds may take up to 30 days.⁵
TD	Once declined, the funds will automatically be returned to your account.⁶
Scotiabank	Funds will be returned automatically once the transfer is cancelled.⁷

How long do refunds for expired e-Transfers take?

If the recipient doesn't have Autodeposit working its magic, they usually get a 30-day window to claim that cash. Missed the deadline? The transfer's considered expired.

When it comes to getting your hands back on those expired funds, it really boils down to your bank. Here’s a guide on what the top Canadian banks advise:

Bank	Duration
CIBC	To reclaim the transfer amount, you’ll need to select it from your online banking dashboard.⁸ Returning funds may take up to 30 days.⁵
TD	Funds will automatically be returned to your account after the expiry date.⁹
Scotiabank	After expiry, you’ll get an email about reclaiming the funds. Duration will depend on how soon you can complete these steps.¹⁰

Conclusion

Interac e-Transfers are pretty quick – especially if you're moving money within Canada. Most of the time, it takes no more than 30 minutes to wrap things up.

That being said, the actual duration could vary based on your bank or financial institution. Remember that international transfers might take a bit longer depending on your bank's network.

⏱️For speedy overseas transactions, give Wise a try. We use our network of local banks to slash fees and speed everything up for you.

With Interac e-Transfers being such an easy way to send money securely, and now that you've got the scoop on how long they take, you can go ahead and confidently send one yourself.

Manage Interac e-Transfers with Wise

---

Sources:

1. Interac e-Transfer FAQs

2. CIBC Personal Banking How to send an Interac e-Transfer

3. TD Personal Banking e-Transfer

4. Scotiabank Help e-Transfer

5. CIBC Reference Reclaim Money

6. TD Intelliresponse decline e-transfer

7. Scotiabank Cancel Interac e-Transfer guide

8. CIBC Terms and Conditions page

9. TD Intelliresponse expired e-transfer

10. Scotiabank Help centre how to reclaim money

Sources last checked on: 12 April 2023