The Ultimate Guide to Interac e-Transfer Limits in Canada

Are you looking for a fast Canadian bank transfer option that is safe, free, and widely available? Then consider Interac e-transfers, a method of sending money between Canadian banks, and it’s available at 250+ financial institutions. 

Interac e-transfer is a great option for sending money between family and friends, whether settling a debt or paying a bill. Also, it’s suitable for business transfers, which can be used to pay employees, suppliers, and more. 

However, Interac e-transfers have limits, usually broken down by per transfer, daily, weekly, and monthly. These limits typically differ for sending and receiving money. In this article, we share the limits for the top Canadian banks and credit unions for your convenience. 

What Is an Interac e-Transfer?

An Interac e-transfer is a fast way for Canadians to send money between banks by using online banking. It’s a convenient alternative to writing a cheque or visiting an ATM for cash withdrawal. All you need to send money to a recipient is their phone number or email. 

Also, the processing speed is typically a few minutes up to a maximum of 30 minutes in rare cases. This is significantly faster than the 2-3 day processing speeds you can expect with regular bank transfers. 

However, Interac e-transfers are only available between Canadian bank accounts, so it’s unsuitable for international transfers. You can send money internationally with alternatives like Wise, which support a large number of countries across the globe. 

Are Interac e-Transfers Safe?

Yes, Interac e-transfers are completely safe because the transfer process includes a security question the recipient must answer. For example, the sender may ask a question such as “what is their favourite animal?”, and designate the answer as “dog”. 

Consequently, the sender has to share the answer with the recipient so that they can receive the money. This prevents fraudulent transactions from going through where the recipient gets funds from unknown senders. 

How Do Interac e-Transfers Work?

As mentioned previously, a Canadian bank account is required to start the transfer process, and the recipient must also have a Canadian bank account. To help you understand the service, we will offer some background information. 

Firstly, the Interac Cooperation (previously known as Interac Email Money Transfer) was founded in 2018, and their head office is located at Royal Bank Plaza in Toronto. The service was created to offer Canadians a faster way to send and receive money between banks. 

The sender can initiate a transaction by entering the amount and adding a security question. The answer to the security question must be provided to the. Unless the recipient has auto-deposit turned on, which means funds will be transferred automatically without requiring the security question step. 

On the other hand, you can use the initiate a request option to receive funds from one of the many financial institutions in the network. Continue reading for a step-by-step process of how to send money with Interac. 

How to Send Money With Interac E-Transfer

Sending money with Interac e-transfer is an easy process that requires just a few steps and minutes of your time. Here is what you need to do when sending money to any Canadian recipient within the network:

Step 1 – Online banking: sign into your online banking account and add the recipient details. This includes their phone number, email address, and name. 

Step 2 – Enter amount: now add the amount of money you want to send to the recipient. Also, don’t forget to add a security question. 

Step 3 – Review and confirm: make sure the details are correct and complete the transfer. 

Step 4 – Share security answer: contact the recipient and provide the security answer. 

How to Receive an Interac e-Transfer

After the sender completes the transaction on their end, you’ll receive a notification via text or email. Also, you’ll need to receive the answer to the security question, which you must enter to get the funds. 

Alternatively, you can turn on auto-deposit, which skips the security questions step, and money will automatically arrive in your account. Furthermore, you can use the Request Money feature to start the money transfer process on your end. 

Can You Cancel an Interac e-Transfer?

The Interac e-transfer process is simple and fast. Start by logging into your online banking account and navigating to the transaction page. Next, click on the Interac e-Transfer and choose the transaction you want to cancel. You will notice an option to cancel the transaction, and the location of the button varies based on the UI of your online banking provider. 

Note that most Interac e-transfers are sent within a few minutes of initiating the process. Therefore, you have a limited amount of time to cancel the transfer. 

What Are the Interac e-Transfer Fees?

It’s important to consider the Interac e-transfer fees to compare the transfer method with others –  such as writing a cheque. Generally, the transfer fee is around $1-$1.5 at most credit unions and banks.

However, most Canadian financial institutions offering Interac e-transfers provide packages that include no fees for using this service. Also, many banks part of the network do not charge fees for sending money with Interac. 

Therefore, it’s a cost-effective alternative money transfer method to costly services. Also, Interac offers competitive rates for business transfers between Canadian bank accounts. 

What Are Interac E-Transfer Limits?

Interac e-transfers are subject to limits and differ based on the bank you are sending from and to. In most cases, the transfer limit is around $2,500 to $3,000, and you can speak with your bank to increase the limits for a brief period. 

Furthermore, the recipient must consider the receiving limits, and which are usually $3,000+. In the following section, we will share the sending and receiving limits of Canada's most popular financial institutions. 

RBC E-Transfer Limit

The RBC Interac e-transfer limit depends on the RBC account daily access limit of the client card. To discover the limit, sign into your RBC online banking account and under “Account Management”, select “Daily Transaction Limit”. 

On this page, you can also edit the limits of ATM withdrawals, transfers, and purchases. Also, the receiving limit will be displayed on this page. Note that the minimum sending limit is $0.01.

TD Canada

As with each bank on this list, TD Canada has unique sending and receiving limits. Here are the standard limits for personal and business accounts when sending money:

• Per transfer: $3,000
• 24 hours limit: $3,000
• 7 day limit: $10,000
• 30 days limit: $20,000

The bank has a request Money feature, but the limit is still $3,000 per transfer. Furthermore, you can expect bigger receiving fund limits when using TD Canada’s biggest competitors. 

Scotiabank

The Scotiabank Interac e-transfer limit varies for each saving account. Therefore, you need to log into the Scotia OnLine portal and look under “Profile and Settings”. Click on the “View transaction limits” button to check out the periodic and per transaction limits. 

Furthermore, you can increase your Interac e-transfer limit by contacting Scotiabank customer support. The amount you can increase the limits varies based on your account, and the duration for the increase might be limited. 

BMO

The BMO transfer limits vary based on the transaction limit of your BMO Debit Card. It’s usually $2,500 or $3,000, which means this is the maximum amount of money you can send in a 24-hour period. 

Furthermore, the periodic limits are $10,000 for 7 days and $20,000 for 30 days. You can view the debit card limits by logging into your BMO online banking profile, heading over to “My Account Summary” and inspecting the information under “Bank Accounts”. 

CIBC

A minimum CIBC Interac e-transfer amount doesn’t exist, and the maximum limits are as follows:

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

However, when receiving money with CIBC, a $1,000 limit is imposed. Also, there is a cap of 10 unfulfilled “Interac e-transfer Request Money” transactions at any time.

National Bank of Canada

The National Bank of Canada Interac e-transfer limits are $3,000. Furthermore, businesses can send $5,000 within 24 hours and $25,000 every 7 days. Also, there are no limits for receiving Interac e-Transfers, which include daily, weekly or monthly periods. 

Laurentian Bank

The Laurentian Bank Interac sending limits are as follows:

• $3,000 per transaction
• $10,000 for a 7 day period
• $20,000 for a 30-day period

Whereas the receiving Laurentian Bank Interac e-transfer limits are $25,000 per transaction. Therefore, you can receive considerably more than you can send with Laurentian Bank. 

Canadian Western Bank

The Canadian Western Bank offers the basic limits you’ll find at most other Canadian banks. The sending limits are as follows:

• Daily transaction limit: $3,000
• Daily and weekly transaction limit: $10,000
• Monthly transaction limit: $20,000

Furthermore, we could not find the information for the receiving limits, but they are likely to be around $25,000. This is the receiving limit for most other Canadian banks similar to CWB. 

Desjardins

Are you looking for a Canadian bank that offers one of the highest sending limits? Then Desjardins is the right choice since you can send up to $5,000 per transfer, and it’s even higher for business accounts at $10,000. Furthermore, the receiving limits are $25,000 per transfer, which is inline with what competing banks offer. The higher limits provide more flexibility for users that need to settle larger debts. 

ATB

The ATB sending and receiving transfer limits are typically what you’ll see at other Canadian banks in the Interac e-transfer network. They are as follows:

• Per transfer limits: $5,000
• Daily transfer limit: $5,000
• 7 day transfer limit: $35,000
• 30 day transfer limit: $150,000

Furthermore, the ATB Interac e-transfer receiving limit is $25,000. 

Vancity

The Vancity Interac e-transfer limits are comparable to what you see with other Canadian banks. The limits are as follows:

• Limit per transaction: $3,000
• The 24 hour limit: $10,000
• 7 day limit: $10,000
• 30 day limit: $20,000

The receiving limit is $25,000 for each transfer, but the maximum request amount is $3,000. Furthermore, the Vancity limits for business banking receiving limits are also $25,000. Whereas the sending limits are:

• Per transfer: $6,000
• Daily: $20,000
• 7 days: $20,000
• 30 days: $40,000

Meridian

The Meridian daily Interac e-transfer limit is $10,000, and there is no fee for the service. 

Coast Capital Savings

Coast Capital Savings provides average sending limits, and they are:

• Per transaction limit: $3,000
• Daily or weekly limit: $10,000
• Monthly limit: $20,000

Whereas to receive funds with Coast Capital Savings, the following limits apply:

• Daily limit: $10,000
• Weekly limit: $70,000
• Monthly limit: $300,000

Simplii

The Simplii Interac e-transfer limits are on par with what you see at other Canadian banks, and they are:

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

Furthermore, the minimum amount you can send with Simplii is $0.01, which is convenient if you wish to complete a small transfer. 

Tangerine

Tangerine is a popular Canadian bank offering personal banking services that include Interac e-transfers. If you’ve used other banks to send money with Interac e-transfers, then you’ll be familiar with the following limits:

• Daily: $3,000
• 7 days: $10,000
• 30 days: $20,000

Additionally, it’s important to consider the receiving limits since they are different from the sending ones. For Tangerine, the Interac e-transfer receiving limits are:

• Daily: $10,000
• 7 days: $70,000
• 30 days: $300,000

EQ Bank

Your EQ chequing account facilitates sending and receiving money through Interac e-transfers. The sending limits are as follows:

• Daily limit: $3,000
• Weekly limit: $10,000
• Monthly limit: $20,000

Also, noting the receiving limits is worthwhile since they are different:

• Daily limit: $10,000
• Weekly limit: $70,000
• Monthly limit: $300,000

Manulife

The minimum amount of money you can send through Manulife Interac e-transfers is $10, so it’s a good service when you want to share the bill with friends at a restaurant or pay back a small debt. Furthermore, the Manulife Interac e-transfer sending limits are:

• Per transfer limit: $3,000
• Daily limit: $3,000
• Weekly limit: $10,000
• Monthly limit: $20,000

Also, you should familiarise yourself with the Manulife Interac e-transfer receiving limits. From the list below, you’ll note that the per transfer receiving limit is higher than what’s offered at alternative Canadian banks. Here are the receiving limits:

• Per transfer limit: $10,000
• Daily limit: $10,000
• Weekly limit: $70,000
• Monthly limit: $300,000

Motusbank

Motus Interac e-transfer limits are inline with what you can expect from other financial institutions in Canada. Here are the sending limits:

• Daily limit: $3,000
• Weekly limit: $10,000
• Monthly limit: $20,000

Also, the receiving limits are $25,000 per transaction and there is no limit to the number of transactions you can receive per day. It’s a good option for sending money to friends and family since there are no fees. 

Alterna

Alterna is a Canadian direct bank, which is a subsidiary of the Ontario-based credit union Alterna Savings. They offer Interac e-transfer limits comparable to other Canadian banks on this list. The sending limits are:

• Per transfer limit: $3,000
• Weekly limit: $10,000
• Monthly limit: $20,000

Furthermore, the receiving limits are:

• Per transfer limit: $10,000
• Weekly limit: $70,000
• 30 days: $300,000

Final Thoughts

To conclude, the Interac e-transfer limits are similar for most Canadian financial institutions on this list. Generally, the daily limit is $3,000, weekly is $10,000, and monthly is $20,000. Furthermore, you can contact your bank to increase the limits – your experience with this will vary on a case-by-case basis. 

We welcome you to refer back to this page when trying to stay within the Interac e-transfer sending and receiving limits. It will help you make the most of the transfer method and avoid being blindsided by limits while using Interac. 

Frequently asked questions about Interac e-Transfer Limits in Canada