Your guide to using Interac Web Payment as a Canadian business

Interac Web Payment (also known as Interac e-Transfer for Business) lets you move Canadian dollars between bank accounts almost instantly, with business-focused features that let you pay vendors and employees, and receive customer payments.

In this guide, we’ll show you how to set up Interac e-Transfer for Business, how it works when you’re paid, and its downsides — like being CAD-only. We’ll also cover what to do if you need to send or receive payments in other currencies and how Wise can help you manage cash flow globally.

Is Interac Web Payment different from Interac e-Transfer?

Interac Web Payment isn’t a separate product. In fact, Interac e-Transfer for Business is built on the same network Canadians know, but with enhanced features to meet business needs, such as:

• Higher transaction limits (up to 25,000 CAD per payment¹)
• The ability to send money directly to a recipient’s bank account number, not just an email or phone number
• Richer remittance data, like invoice numbers that travel with the payment
• Real-time confirmations so you know when a payment’s gone through

How to set up Interac Web Payment for your business

1. Check your bank supports it – Most major Canadian banks now offer Interac e-Transfer for Business. You’ll just need a business account and online banking access to get started.
2. Meet the basics – You’ll need a Canadian dollar business account, plus an email, phone number, or account number to send/receive payments and access to online banking.
3. Enable Autodeposit – Allow incoming payments to land in your account automatically, without security questions. It’s also faster and more secure.
4. Learn to send and request payments – You can send payments directly from your online banking, or use “Request Money” to send digital payment requests to customers.
5. Know the fees – Some banks include a set number of free transfers while others charge around 1–1.50 CAD^2,3 per payment. Always check your account package for details.

Major banks offering Interac e-Transfer for Business

How Interac Web Payment works for your customers

Paying you through Interac e-Transfer for Business provides a familiar and convenient payment experience for your customers:

• They receive a payment request by email or text with your business name, the amount, and any notes you’ve included
• They click through to their own online banking or mobile app, approve the payment, and the money is on the way
• Payments can be made directly from chequing, savings, or even a line of credit account, with no need for a credit or debit card
• If you’ve set up Autodeposit, funds land in your account instantly without security questions
• Both sides get real-time confirmation when the transfer is complete

Customers also benefit from bank-level security features like transaction encryption and online banking authentication, which help protect against fraud and unauthorized transactions.

Receiving payments and managing your funds

With Interac e-Transfer for Business, payments arrive in near real time for faster cash flow and less invoice chasing. You can:

• Get funds deposited directly into your bank account with Autodeposits
• See payment details like invoice numbers right in your statement
• Download reports from your bank for easier reconciliation
• Avoid chargebacks — once a payment’s received, it can’t be reversed by the sender’s bank

Pros and limitations of Interac Web Payment for businesses

Interac Web Payment limitations for businesses

Interac e-Transfer is Canada-only and CAD-only, meaning you can’t use it to pay international suppliers, get paid by foreign customers, or hold multiple currencies.

There’s also a maximum transaction limit of 25,000 CAD¹, which can be restrictive for larger B2B payments. Daily or weekly limits may also apply depending on your bank.

If your business operates internationally, you’ll need a separate solution to handle cross-border and multi-currency transactions.

Wise: A solution for managing cross-border payments

Interac Web Payment is a great tool for moving money within Canada, but it stops at the border. That’s where Wise Business comes in, giving you the flexibility to send, receive, and hold money internationally, without any hidden fees.

With Wise Business, you can:

• Hold and manage 40+ currencies in one account with no need to open separate bank accounts around the world
• Get local bank details in major currencies like USD, EUR, GBP, AUD, and more, so you can receive payments from customers or marketplaces like a local
• Send money to over 160 countries at the mid-market exchange rate, with transparent low fees you’ll see before you hit send
• Convert currencies when it suits your business, not just when your bank forces a conversion
• Integrate with accounting tools like Xero and QuickBooks, and manage team access to keep control over spending and approvals

By pairing Interac for domestic transactions with Wise for everything international, you can cut costs and manage cash flow with a global perspective. No borders. No guesswork. Just payments that work for your business.

Conclusion

Interac Web Payment is a secure and familiar way for Canadian businesses to move money, running on the trusted Interac network to deliver quick transfers, real-time confirmation, and robust security you can trust. For domestic transactions, it offers a no-frills, affordable, and trackable way to pay suppliers and get paid by customers.

However, Interac is designed for use within Canada, which means it only works in CAD and can’t handle international payments, which can quickly become a challenge for businesses with suppliers, clients, or operations overseas.

Pairing Interac with a global solution like Wise Business can bridge that gap. Interac keeps your in-Canada payments fast and low-cost, while Wise lets you hold and manage over 40 currencies, get local bank details in major currencies, and send money to more than 160 countries at the mid-market exchange rate.

Together, they provide the best of both worlds — efficient domestic payments and transparent, flexible international transfers — giving your business the ability to grow without borders and international bureaucracy slowing it down.

1. Send & receive money with Interac e-Transfer for Business
2. Help - Interac e-Transfer - RBC Royal Bank
3. About our accounts and related services
4. Business payment methods | CIBC