What are Interac’s e-Transfer limits and fees: A closer look

Interac e-Transfer lets Canadian businesses and individuals transfer money between accounts. Participating banking institutions control how much you can e-transfer at once - and they apply e-transfer fees, too.

We’ll cover everything you need to know about Interac e-Transfer limits and fees.

We’ll also discuss Wise as a simple alternative to transfer your money within Canada - and even across the globe!

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What is the Interac e-Transfer limit?

Every bank sets its own Interac e-Transfer limit, and there are several limits to consider. Most Canadian dollar accounts are subject to daily, weekly, and monthly e-transfer limits. Businesses can send up to 25,000 CAD by Interac e-Transfer.¹ However, all limits depend on the individual account - and which banking institution or credit union you use.

E-transfer limits can also vary depending on whether you are sending, requesting, or receiving money. For example, RBC customers can send requests of 10,000 CAD, with the opportunity to have up to 25 active transfer requests at any one time.²

Many banks also offer greater limits for receiving money, compared to sending, like Tangerine Bank, which lets customers send up to 3000 CAD daily, but they can receive 10,000 CAD every day.³

E-transfer limits when sending money within Canada

Each bank offers different e-transfer limits within Canada. Find a list of personal and business account limits below.

E-transfer limits when sending money abroad

You might be wondering how much you can e-transfer abroad. A few banks provide international e-transfers for personal and business accounts. There are limits to the transaction - and these are usually less compared to transferring money in Canada.

For example, RBC currently has a transaction limit of 2500 CAD when sending money abroad.⁴

NBC or the National Bank of Canada has a daily limit of 3000 CAD on outgoing Interac e-transfers which includes e-Transfers to other countries.²⁸

Send more and save more with Wise🚀

How to increase your e-transfer limit?

Most banks will deal with increases on an individual basis - and they often don’t disclose how to increase your Interac e-Transfer limit online. Speak to your banking provider as your first port of call. Here’s what you can do for the banks we’ve been talking about:

• RBC: On the online platform, choose Daily Transaction Limits and then Edit Limits. This modifies your limits for up to 60 days. To modify your limits permanently, call 1-800-769-2555 and speak to your RBC advisor.
• CIBC: 1-800-465-2422 is the number to call for help with banking, including an increase in your e-transfer limits.
• TD Bank: You can either call the bank using the TD app or contact them via the EasyWeb Messaging feature from your desktop.
• Scotiabank: You can either visit your nearest branch or call the following number: 1-800-472-6842.
• BMO: By speaking with your account manager, you can enjoy e-Transfer limits which meet your requirements.
• Tangerine: You can increase your daily limit by logging in on the platform, selecting the chequing account option and then the edit option. This increase is effective for the next 24 hours.²⁹

What are the Interac e-Transfer fees?

Every bank sets its own e-transfer fees, so it’s important to understand how much money you’ll be paying for each transaction.

Personal accounts

There are some personal accounts that don’t charge to send an Interac e-Transfer.

These include:

• BMO customers with an active bank plan - including all BMO premium rate savings and chequing accounts in Canadian dollars¹²
• CIBC Smart and Smart Plus Accounts
• CIBC Smart for Students
• CIBC Smart for Seniors
• CIBC Advantage for Youth
• CIBC Advantage for Students⁶
• RBC Chequing Account ¹³
• All Tangerine Chequing Accounts¹⁴
• TD Student, Everyday and Unlimited Chequing Account
• TD All-Inclusive Banking Plan
• TD Wealth Private Banking Account¹⁵

However, some personal accounts do experience e-transfer fees. Find a table of these accounts below.

Business accounts

There are some business accounts that don’t charge for sending or receiving money. These include:

• CIBC Unlimited Business Operating Account
• CIBC Advanced Business Operating Account (up to 100 transactions)
• CIBC Everyday Business Operating Account (up to 30 transactions)
• CIBC Not-For-Profit Operating Account (up to 30 transactions)¹⁷
• TD Unlimited Business Plan¹⁵
• BMO business banking customers with an active bank plan - including all BMO premium rate savings and chequing accounts in Canadian dollars

However, some business accounts do experience Interac e-Transfer fees. Find a table of these accounts below.

International Interac e-Transfers

If you want to send or request money overseas, many banks also charge for international Interac e-Transfer transactions.

Find a table of international e-transfer fees below.

International e-transfer payments also levy fees which aren’t always highlighted upfront, meaning you might end up spending more money than expected for your global transfer. Banks charge you a retail rate - this isn’t what you see on Google when looking up exchange rates.

Avoid nasty hidden fees with Wise Interac e-Transfers, including plenty of options for Canadian customers across the world. And it’s not all about Interac! Wise’s mid market rate and a nominal transfer fee ensure that you make the most of your money, and save where you can.

With Wise’s international money transfer option, you can send money directly into your recipient’s bank account. Send money to 80+ countries - and receive money in 10 currencies, too.

What are the e-Transfer fees for transfer requests and cancellations?

As well as charging for e-transfers, many participating banks also charge for transfer requests and cancellations.

Transfer requests

Transfer requests can cost money at some banks. Find a table of transfer request fees below.

Cancellation fees

Many banks charge an Interac e-Transfer reclaim fee, to let you receive funds from any cancelled e-transfers.

Find a table of Interac e-Transfer cancellation fees below.

If you’re looking for a cost-effective money transfer alternative, Wise has got your back! With transparent fees, speedy transactions, and plenty of transfer options for individuals and businesses, send and receive your money with ease.

Wise always uses the mid-market exchange rate - guaranteeing a fair transfer rate for everyone. You can even send funds as an instant²⁷ money transfer to reach people that little bit quicker.

Make simple, stress-free payments with Wise!

Interac e-Transfer is a convenient way for Canadian customers to send and receive funds. However, there are limits and fees attached, including transaction, request and reclaim fees for individuals and businesses.

To explore your international payment options, check out Wise.

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Sources last checked on: 29 March 2023