TD e-Transfer: A complete guide to using the Interac e-Transfer method at TD Bank

TD Bank provides convenient e-Transfer services via EasyWeb and the TD app. This guide covers e-Transfer limits, setup and management tips, international transfer options, and associated fees. Finally, we’ll introduce Wise as a cost-effective alternative—one that saves you money!

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TD e-Transfer Limits: How Much Can You Transfer? How Can You Increase Your e-Transfer Limits? How to e-Transfer with TD Bank Interac e-Transfers on EasyWeb with TD Bank Interac e-Transfers on the TD App How to make an international e-transfer with TD TD’s International Bank Transfer: Western Union: Visa Direct: TD Cross border banking How to Add e-Transfer Contacts on your TD Bank account How to Delete e-Transfer Contacts from your TD Bank account How to Cancel an Interac e-Transfer at TD Bank How to Receive an e-Transfer with TD Bank How to Decline an Interac e-Transfer with your TD Bank account Commonly asked questions about TD e-Transfers What Happens If an e-Transfer Is Not Accepted? How to Retrieve Funds from Declined or Expired e-Transfers How long does an e-Transfer take with TD?

TD e-Transfer limits: How much can you transfer?

Like other Canadian banks, TD facilitates e-Transfers through Interac, providing a seamless way to send money. And while TD does post their sending limits, it’s important to note that not everyone has the same limits. To view your specific limits, check the Send Money screen in EasyWeb or the TD app under your account settings.

Below are the standard e-Transfer limits for TD customers. Note that these may vary based on your account type and settings.¹:

• Per Transfer: $3,000
• 24 hours: $3,000
• 7 days: $10,000
• 30 days: $20,000

Limits are in Canadian dollars and operate on a rolling basis, meaning the 24-hour period starts from the time of transfer.

How can you increase your e-Transfer limits?

You can ask to have your limit increased, but there is no guarantee TD will approve the request.

To request an increase to your e-Transfer limit, visit a TD branch or contact customer service through the TD app.²

How to e-Transfer with TD Bank

Using Interac e-Transfer follows the same process across most banks. The following will detail how to set up a transfer using EasyWeb³ and the TD app⁴.

Interac e-Transfers on EasyWeb with TD Bank

1. From your account page, access the Interac e-Transfer link in the left-hand menu
2. In the sub-menu, select the Send Money option.
3. From your Account dropdown menu, select the account you want to use to fund the transfer.
4. Fill in the Amount field.
5. In your Recipients dropdown, select your choice—if it isn’t there, use the Add New option.
6. Create a Security Question, Answer it, and then Confirm it.
7. Click the Next button.
8. Review your transaction details.
9. Click the Send Money button.

Interac e-Transfers on the TD app

1. Look for the Interac option in the menu and select it .
2. From the From Account dropdown, select which of your accounts you want to use to fund your transfer .
3. From the To menu, select your recipient. Alternatively, choose Add a Contact from the bottom of the list and add your recipient’s name and email address or Canadian cell number.
4. In the Security Question field, create a question that your recipient will know the answer to, but not anyone else.
5. Key in the answer to the question in the Answer field, but be aware of requirements and restrictions.
6. In the Amount field, enter the amount of money you’re sending
7. Review and finish!

How to make an international e-transfer with TD

Now that you know how to make transfers within Canada, let’s talk about TD’s options to send international e-transfers.

First up, it is important to note that international e-transfers can’t be done with TD and Interac. If your goal is to transfer internationally via Interac, consider opening a free Wise account for a seamless experience.

TD Global Transfer supports international transfers using three methods: International Bank Transfer, Western Union, and Visa Direct. Here’s an overview: (5).

TD’s International bank transfer:

• Send money to more than 150 countries and territories via direct deposit.
• Recipients typically receive their funds within 1 to 5 business days.
• There’s a transaction limit of $6, 500 per transaction every 24 hours.
• If you’re sending money to the US, there are no transfer fees, but there are two other countries, and these vary.

Western Union:

• Western Union has more than 500,000 locations in over 200 countries.
• International transfers need to be picked up in cash at one of these locations.
• Transfer time typically takes 2 to 4 hours.
• There’s a transaction limit of $999.99 every 24 hours.
• TD does not charge a transfer fee, however, Western Union applies transfer fees and foreign exchange rates.

Visa Direct:

• TD is one of the few banks in Canada to offer Visa Direct, a service attached to specific, eligible Visa cards.
• Recipients can be in any one of over 170 countries or territories.
• Transactions are typically processed within 24 to 48 hours.
• The transaction amount limit is $2,500 every 24 hours.
• There is no Direct Debit transfer fee when transferring to the US, however, when transferring to other countries you will be notified of a fee estimate.

TD Cross border banking

If you’re looking for a way to transfer money between your own CAD and USD accounts, you have a few options.

TD Cross-Border Banking allows you to set up a US based bank account without traveling to the US to do so. Then, using EasyWeb to connect your accounts, you can transfer your money between them. Note, however, they do not convert your currency at the mid-market rate, and they do not advertise their fee.

If you hold both Canadian and US dollar accounts at TD here in Canada, you can easily transfer money between them but again, there is a conversion fee for doing so. For this type of transfer, you can use EasyWeb or the app.

If you want a cost-effective way to send money to friends and family abroad or transfer your own funds between Canada and the US, consider opening a Wise account. It provides account details for both USD and CAD, making international transfers simple and affordable.

Wise offers low fees starting at 0.48%^*, using the mid-market rate on every transfer. You have the option of simply exchanging your funds between your US and Canadian accounts or using Interac via Wise to send money internationally. As a bonus, you can also use Interac to fund your Canadian dollar account.

How to Add e-Transfer Contacts on your TD Bank account

If you’re sending funds to someone for the first time, you’ll need to add their contact information. You do this as you’re in the process of setting up a transfer.

In the App, and within the Recipient menu there is an Add a Contact option at the bottom. Select that and fill in your contact details.

In EasyWeb, it’s the same process, except you’ll want to choose Add New in the drop-down list.

How to Delete e-Transfer Contacts from your TD Bank account

Your e-transfer contacts are added to your Payee list, so you need to delete them there.

• While on the home screen, select the Bills option from the main menu.
• Select Manage Payees.
• Select the contact you want to delete.

How to Cancel an Interac e-Transfer at TD Bank

Assuming your recipient hasn’t accepted or declined the transaction, you can cancel your Interac e-Transfer.⁶

Find your Interac e-Transfer History and, from there, go to Money Sent or Money Requested, depending on whether you’re using the Internet or the app. From there, find and select the transaction you want to cancel, and then follow the provided steps.

How to Receive an e-Transfer with TD Bank

Receiving money is easy!

Auto Deposit:

• Log in to your TD Bank online banking or mobile app.
• Go to the Interac e-Transfer section.
• Select Autodeposit and follow the prompts to register your email or phone number.
• Share your email or phone number with senders.
• Funds are automatically deposited.

Direct to Account:

These are typically restricted to business accounts, and there is nothing a receiver has to do — the funds are deposited directly into your account

Request Money:

• From the Interac menu, choose Request Money.
• Add the contact if this is the first time you’re requesting money from them.
• Enter the amount of your request.
• Select the account you want the money sent to.
• Confirm and send the request .

How to Decline an Interac e-Transfer with your TD Bank account

If, for some reason, you need to decline a transfer, here are the steps:

• Upon receipt of the SMS or email, select the link to log in to your TD account.
• Enter the answer to the security question.
• Select decline.

Commonly asked questions about TD e-Transfers

What Happens If an e-Transfer Is Not Accepted?

If you’ve sent money to someone who hasn’t accepted the transfer, the funds will be automatically returned to your account.

How to Retrieve Funds from Declined or Expired e-Transfers

In the event your transaction is declined or expired, you’ll receive an email notification with instructions on what to do to get your money back.

How long does an e-Transfer take with TD?

Interac e-Transfers are typically fast. They often arrive within a minute or two. However, in some cases they may take up to 30 minutes or longer.

Final Thoughts

If you’re simply sending money to friends, family, and business contacts in Canada, Interac e-Transfer is the best choice. For international transfers, Wise stands out with its mid-market exchange rate, offering a cost-effective alternative to banks.

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Sources:

1. TD e-transfer limits
2. Increasing your transfer limits
3. Send e-transfers via EasyWeb
4. How to e-transfer with the TD app
5. Transferring money with TD
6. Cancelling an e-transfer

Sources verified on 20 December, 2024