What’s the limit for Canada Interac e-Transfers? US guide

Anyone can use the Interac e-Transfer® system to send money within Canada. You don’t have to worry about account or routing numbers. You just need the basic contact information of the person you want to receive the payment.

But is there an Interac e-Transfer maximum amount that you can send? The answer depends on your bank as well as the specific details of your account.

Read on for more details on Interac e-Transfer limits in Canada.

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Interac e-Transfer limits overview

Interac doesn’t place limits on the amount you can send in an e-Transfer.¹ Instead, your bank will have maximum amounts that you can withdraw or transfer, and these limits will apply to Interac e-Transfers.

To understand your Interac e-Transfer limits, you can get in touch with your bank or check via your online or mobile banking interface.

Most banks place a dollar limit that applies to a daily, weekly, and monthly period. This means that there will be maximum amounts that you can send over a rolling 24-hour, 7-day, or 30-day span of time.

Your e-Transfer daily limits may also interact with other transfer or withdrawal account limits. For example, if you have already withdrawn money from your bank account from an ATM, it may count toward your Interac e-Transfer maximum amount for that day.

Here’s some good news: your e-Transfer limit is probably flexible. If you call your bank and ask to raise your limit, either on a temporary or permanent basis, they will do their best to work with you.

Is there a limit for Interac e-Transfers from the US to Canada?

Interac e-Transfers can only transfer money between Canadian bank accounts. Therefore, it’s impossible to use Interac e-Transfers to transfer money from Canada to the US or vice versa.

Even though you can’t use Interac e-Transfer to send money between Canada and the US, there are still plenty of ways of moving money across the border:

1. International wire transfers: Most banks offer international wire transfers, though there may be associated fees. Banks may also charge a markup on the conversion rate — known as a “spread” — to cover their costs.
2. Money transfer services: Apps like PayPal also provide international wire transfer services. Similar fees and limits apply.
3. ACH transfers: Some banks also offer ACH transfers. This is a slower option, but it’s also a cheaper one. However, not all banks offer international ACH transfers.

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What are e-Transfer limits with different banks?

Let’s take a look at the e-Transfer limits for some of Canada’s largest banks:

It’s always wise to call your bank and ask about your limits. Remember, your e-Transfer limit may be flexible if you call your bank and ask.

What is the maximum Interac e-Transfer in Canada?

The maximum Interac e-Transfer depends on the bank making the transfer and the details of the account that you have. If you need to make a large transfer, call your bank and ask about the maximum amount limit.

Monthly Interac e-Transfer limits tend to run in the tens of thousands CAD, but daily limits are usually less than 10,000 CAD. For bigger transactions, you may have to disburse funds in chunks.

One thing to remember: you can’t send more money via Interac e-Transfer than you have in your account. Otherwise, you may pay overdraft fees.

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*For more information, please visit https://wise.com/us/large-amounts/.

How to raise your maximum Interac e-Transfer limit

If you find out your e-Transfer limit is too low, ask your bank to raise it for you. They may raise your limit on a temporary basis to accommodate a specific transaction, or they may raise the limit permanently.

Your ability to raise your Interac e-Transfer limit will depend on your bank, the type of account, and your bank’s assessment of your financial stability and resources.

Interac e-Transfers allow you to easily send an e-Transfer in Canada. Daily, weekly, and monthly limits on the e-Transfer amounts that you can make will depend on your bank, and even more specifically, the type of account you have.

If you need to send a payment between the US and Canada, Interac e-Transfers is not an option.

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Sources

1. Interac - Frequently Asked Questions
2. CIBC - Interac e-Transfer
3. Scotiabank - What’s my Interac e-Transfer limit?
4. BMO - Agreements, Bank Plans and Fees for Everyday Banking
5. Royal Bank - Client Card Daily Limits
6. Royal Bank - Interac* *e-Transfer