What are the e-Transfer limits at Vancity ?

Vancity is one of Canada's largest credit unions, serving individuals and businesses with everyday banking, lending, and digital payment services.¹ Among its most widely used features is Interac e-Transfer, a convenient method to send money within Canada using only an email address or phone number, acting like a digital cheque or cash alternative through your online banking. It's accessible and simple to use, but it does come with specific limits that can affect how much you can send or receive.

In this article, we'll break down Vancity's e-Transfer limits and explore Wise as an alternative.

Understanding Interac e-Transfers at Vancity

At Vancity, Interac e-Transfers are available through online and mobile banking for both personal and business members.² Transfers are usually processed within minutes, especially when the recipient has Auto-Deposit enabled.

Funds don't leave the Canadian banking system, making it secure and reliable for domestic payments.³ However, this means they cannot be used for international transfers, and all transactions are subject to preset limits designed to reduce fraud and manage risk.

Vancity e-Transfer limits for personal accounts

Vancity applies sending limits to personal accounts across different timeframes. These limits help protect members from fraud and large unauthorized transfers.

Daily, weekly, and monthly sending limits

• Daily sending limits: $10,000⁴
• Weekly sending limits: $10,000⁴
• Monthly sending limits: $20,000⁴

Receiving limits and auto-deposit

Vancity Personal e-Transfer Sending Limits

Vancity e-Transfer limits for business accounts

Vancity offers higher Interac e-Transfer sending limits for business members to support larger and more frequent transactions.

Daily, weekly, and monthly sending limits

• Maximum per transfer: $25,000
• Weekly spending limit: $125,000
• Monthly spending limit: $250,000⁵

Receiving limits for businesses

Vancity Business e-Transfer Sending Limits

Fees for Interac e-Transfers at Vancity

Vancity charges fees for certain Interac e-Transfer actions, with the exact amount depending on whether it's personal or business.

• Fees for requesting money through an Interac e-Transfer

The fee for both personal and business is $0.90.⁶ ⁷ This is only charged if and when the recipient fulfills the request, and the funds are successfully deposited into your Vancity account. If the request is ignored, declined, or expires, no fee is charged.

• Fees for sending an Interac e-Transfer

Sending an Interac e-Transfer also comes with a $0.90 fee, which is charged at the time the transfer is sent.⁶ ⁷ This is non-refundable.

• Fees for depositing an Interac e-Transfer sent by someone else

There is no fee for depositing an Interac e-Transfer into your Vancity account when the transfer was sent by another person or business. Incoming e-Transfers are free.

International transfers with Vancity

Interac e-Transfers are strictly domestic. To send money outside Canada with Vancity, there will be an international wire transfer or another international payment service.

With a wire transfer, funds are sent through international banking networks (such as SWIFT) to a foreign bank account. You'll need detailed recipient information, including:

• Bank name and address
• SWIFT/BIC code
• Account number or IBAN

International wire transfers through Vancity can involve:

• Outgoing wire fees
• Incoming or intermediary bank fees (often deducted from the amount sent)
• Foreign exchange markups on top of the mid-market rate

Common pain points include slower transfer speeds, higher costs, and limited transparency around fees.⁸

Wise as an alternative for international payments

Wise isn’t a bank, but it’s a great alternative to cover your money management needs - including direct deposits, local currency transfers, and more, for minimal transfer fees.

Wise never charges a markup on your transfer - meaning you’ll only ever pay the mid-market exchange rate when sending your money abroad. The app ensures transparency by informing you of what you pay before you transfer money. There are no costs associated with opening an account. The only time you pay is when you convert money or send money abroad.

Whether you’re a business or a personal account user, Wise offers multiple transfer options to cover everything you need. Wise can even help you get started with your account, letting you send, spend, and receive your money across the world.

Key takeaways

Vancity e-Transfers are a reliable and efficient solution for sending money within Canada, making them a popular choice for personal and business everyday transactions. They offer speed, convenience, and strong security, but transfer limits can be a constraint for larger payments and vary depending on member type. For international transfers, Interac e-Transfers is not a choice for Canadians, and wire transfers can come with higher fees, slower processing times, and less transparent exchange rates. Wise therefore stands out as a compelling alternative with upfront pricing, competitive exchange rates, and faster global transfers. Wise takes out the cost and complexity of sending money internationally. To get started today, open an account for free with Wise!