Interac e-Transfer Limit: What’s The Limit For My Bank?

What’s the Interac e-Transfer limit for your bank and how do they work?

Using Interac e-Transfer, Canadians can conveniently send and receive money within minutes using their online banking account.

These e-Transfers are generally secure given that senders can include a security question that makes it difficult for unintended recipients to access the funds.

Also, depending on your bank account package, Interac e-Transfers (both sending and receiving) can be completed free of cost, making it one of the cheapest ways to transfer money in Canada.

Learn about Interac e-Transfer limits (daily, weekly, monthly, and per transaction), how to use the service, and the associated fees.

How Does Interac e-Transfer Work?

For a little background, Interac Corporation (Interac Association + Acxsys Corporation), was founded by some of Canada’s largest banks, and Interac e-Transfer was formerly referred to as Interac Email Money Transfer.

To use the service, you need to have a bank account in Canada.

If you are sending money to a recipient via Interac e-Transfer, take the following steps:

  • Log into your online banking and choose a recipient or add a new one. You will need your recipients email address or phone number to send them money.
  • Enter the amount you are sending and a security question.
  • Complete your transaction (funds are taken from your bank account immediately).
  • Send your recipient the answer to the security question so they can deposit the funds in their bank account.

If you are on the receiving end of an Interac e-Transfer, you will receive a notification by text or email and can easily deposit funds into your account.

If a recipient is registered for “Auto deposit”, you don’t need to set a security question and funds are deposited directly into their account.

If you are expecting money from someone, you can also initiate a “Request Money” transaction using Interac e-Transfer.

There are more than 250 financial institutions on the Interac e-Transfer network.

Interac e-Transfer Limits

Banks have set various limits on how much money you can send using Interac e-Transfer over a specified period.

In some cases, you may also be limited by the type of account i.e. personal vs. business chequing account, and debit card daily access limit.

RBC Interac e-Transfer Limit

If you bank with RBC, your Interac e-Transfer send limit depends on how much you can spend daily using your client card.

The most money I can send via e-Transfer through my RBC account is $3,000 every 24 hours.

There is a minimum transfer limit of $0.01.

TD Interac e-Transfer Limit

TD has a $3,000 cap per transaction and the following periodic limits when sending money:

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

When using the “Request Money” feature, there’s a limit of $3,000 per request.

CIBC Interac e-Transfer Limit

Using CIBC Online Banking, you can send as little as $0.01 using Interac e-Transfer.

The maximum limits when sending are:

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

You can request funds from someone paying you up to $10,000 per request and have up to 200 active Interac e-Transfer Request Money transactions at any time.

BMO Interac e-Transfer Limit

Depending on your BMO Debit Card limit, you can send money up to either $2,500 or $3,000 per 24-hour period.

The following limits also apply when sending funds using Interac e-Transfer:

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

If receiving money, the limits below apply:

  • 24 hours: $10,000
  • 7 days: $70,000
  • 30 days: $300,000

Scotiabank Interac e-Transfer Limit

Interac e-Transfer limits for Scotiabank accounts vary.

You can review yours through Scotia OnLine. For business accounts, the limit is $10,000 per transaction and you can complete up to $10,000 payments at once.

Simplii Interac e-Transfer Limit

When sending money via Interac e-Transfer using Simplii Financial, the following limits apply:

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

You can request up to $10,000 and have up to 200 “Request Money” transactions active at a time.

The minimum Interac e-Transfer transaction using Simplii is $0.01.

Tangerine Interac e-Transfer Limit

Tangerine Bank customers have the following daily, weekly, and monthly limits when sending Interac e-Transfers:

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

When receiving funds via e-Transfer, these limits apply:

  • 24 hours: $10,000
  • 7 days: $70,000
  • 30 days: $300,000

EQ Bank Interac e-Transfer Limits

Interac e-Transfer from your EQ Savings Plus Account is subject to the limits below:

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

When receiving money in your Savings Plus Account, the following limits apply:

  • 24 hours: $10,000
  • 7 days: $70,000
  • 30 days: $300,000

HSBC Interac e-Transfer Limit

For outgoing funds, the limits for Interac e-Transfers are:

  • 24 hours: $7,000
  • 7 days: $10,000
  • 30 days: $40,000

When receiving money, the limits are:

  • 24 hours: $10,000
  • 7 days: $70,000
  • 30 days: $100,000

How To Increase Your Interac e-Transfer Limits in Canada

More often than not, your Interac e-Transfer limit reflects your debit card’s (or client card) transaction limits.

These restrictions are put in place to protect you from losing all your account money if your account becomes compromised.

You may be able to ask your bank to increase or decrease your Interac e-Transfer limit.

Below are the contact numbers to call if you want to change your Interac e-Transfer limit:

  • Scotiabank: 1-800-472-6842
  • RBC:1-800-769-2555
  • CIBC: 1-800-465-4653
  • BMO: 1-877-225-5266
  • TD: 1-866-222-3456

Interac e-Transfer Fees

It is generally free to receive Interac e-Transfers if you have an account at a participating bank.

When sending money, your personal or business bank account may offer up to an unlimited number of free Interac e-Transfers.

If you have limited or no free Interac e-Transfer transactions, fees may apply.

BankFee to Send/TransferCancellation Fee
CIBC$1.50$3.50
TD$0.50 – $1.00; $1.50 for business accounts$5
Scotiabank$1.00Free
RBCFreeFree
TangerineFreeFree
SimpliiFree$3.50

Note that the fees may be different if you send Interac -Transfers from a non-chequing account.

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