Interac e-Transfer Limits You Should Know Before Sending Money

Interac e-Transfer has become the most convenient way for Canadians to send and receive money. But e-Transfer limits vary from one institution to the next, so it’s important to understand what the limits are at your bank or credit union. In this article, I’ll explain how e-Transfers work and share the maximum limits from 13 Canadian financial institutions.

What Is Interac e-Transfer?

Interac e-Transfer is a quick and convenient way to transfer money between accounts at most Canadian financial institutions. Anyone with an email address and a bank account at a participating institution can receive an e-Transfer. In recent years, new features like Autodeposit have made e-Transfers even easier to use.

How Can I Send an e-Transfer?

Before you can begin to send and receive e-Transfers, you must register for the service via your online banking system. Once registered, you can send an e-Transfer in 3 quick steps:

1. Log in to your online banking via your desktop or mobile app.
2. In the e-Transfer menu, add your recipient’s email address to your list of contacts
3. Enter the amount you are sending and a security question. Hit send.

If you’ve previously sent money to your recipient, their contact information should be saved in the app, so you won’t have to add their email address each time you send money. Also, if your recipient is registered with Autodeposit, you won’t be required to provide a security question; the funds will go directly into their account.

Canadian Bank e-Transfer Limits

If you’re shopping for a high-limit e-Transfer, it can be tough to find the information you need as it’s often buried deep in a bank’s website. To help, I’ve compiled a list of e-Transfer limits at thirteen of the largest banks and credit unions across Canada.

ATB Financial

ATB Financial is a crown corporation wholly owned by the Province of Alberta. Their 5,000 employees provide financial services to more than 800,000 members. Their Interac e-Transfer limits are among the highest in Canada, with a 1-day limit of $5,000 and a 30-day rolling limit of $150,000.

Outgoing Interac e-Transfer limits:

• Maximum outgoing: $5,000
• 1-day rolling limit: $5,000
• 7-day rolling limit: $35,000
• 30-day rolling limit: $150,000

Receiving Interac e-Transfer limits:

• Max. incoming: $25,000

BMO

Canada’s 4th largest bank has set the following maximum e-Transfer limits for its customers:

Outgoing Interac e-Transfer limits:

• 24-Hour Limit: $2500 to $300 (as per your daily debit card transaction limits)
• 7-day limit: $10,000
• 30-Day limit: $20,000

Receiving Interac e-Transfer limits:

• 24-hour limit: $10,000
• 7-day limit: $70,000
• 30-day limit: $300,000

CIBC

You can request up to $1,000 via e-Transfer with CIBC. The limits for receiving money are as follows:

Outgoing Interac e-Transfer limits:

• 24-hour limit: $3000
• 7-day limit: $10,000
• 30-day limit: $30,000

EQ Bank

EQ Bank is one of the top online banks in Canada, known for its high savings rates and no-fee accounts. EQ’s Interac e-Transfer limits are as follows:

Outgoing Interac e-Transfer limits:

• 24-hour limit: $3000
• 7-day limit: $10,000
• 30-day limit: $20,000

Receiving Interac e-Transfer limits:

• Up to $25,000 per transaction

HSBC

HSBC has the highest transfer limit on our list, at $7000, for both personal and small business accounts. You can receive up to $25,000 via e-Transfer.

Outgoing Interac e-Transfer limits:

• Per Transfer: $7000
• 24-hour limit: $7000
• 7-day limit: $10,000
• 30-day limit: $40,000

HSBC Business Banking e-Transfer Sending Limits

• Per Transfer: $7000
• 24-hour limit: $7000
• 7-day limit: $10,000
• 30-day limit: $40,000

RBC

Canada’s largest bank bases your Interac e-Transfer limit on your daily Visa debit card transaction limits. You can find out what your individual limit is by signing into your online banking, Account Management, Daily Transaction Limit

Scotiabank

Scotiabank sets different e-Transfer limits for individual customers based on their debit card transaction limits. To obtain your limit with Scotiabank, head to “Profile and Settings” in your online banking to view your transaction limits.

Simplii Financial

Simplii Financial is the digital banking arm of CIBC. You can send and receive Interac e-Transfers from a Simplii Financial chequing account up to the following limits:

Outgoing Interac e-Transfer limits:

• 24-hour limit: $3,000
• 7-day limit: $10,000
• 30-day period: $30,000

According to Simplii Financial, there is no limit for receiving funds. As long as the sender can end it, it will be accepted.

Steinbach Credit Union

Manitoba’s largest credit union is well-known within the province for having some of the highest savings and GIC interest rates. The following limits apply to Steinbach Credit Union e-Transfers.

Outgoing Interac e-Transfer limits:

• Per transfer: $3,000
• 7-day limit: $10,000
• 30-day limit: $20,000

The same limits apply when requesting funds via e-Transfer.

TD Canada Trust

Canada’s 2nd largest bank has set the following limits for outgoing and income e-Transfers:

Outgoing Interac e-Transfer limits:

• Per Transfer: $3,000
• 24-hour limit: $3,000
• 7-day limit: $10,000
• 30-day limit: $20,000

Tangerine

Tangerine is the digital banking arm of Scotiabank, known for its no-fee accounts and low-fee investment funds. Like Simplii Financial, you can send and receive Interac e-Transfers with a Tangerine bank account up to the following limits:

Outgoing Interac e-Transfer limits:

• 24-hour limit: $3000
• 7-day limit: $10,000
• 30-day limit: $20,000

Receiving Interac e-Transfer limits:

• 24-hour limit: $10,000
• 7-day limit: $70,000
• 30-day limit: $300,000

Vancity

BC-based Vancity is Canada’s largest Credit Union, with more than 60 branches and 500,000 members. While you can only send $3,000 per transfer, Vancity has one of the highest 24-hour outgoing e-Transfer limits in Canada, at $10,000.

Outgoing Interac e-Transfer limits:

• Per transfer: $3,000
• 24-hour limit: $10,000
• 7-day limit: $10,000
• 30-day limit: $20,000

Receiving Interac e-Transfer limits:

• Up to $25,000 per transaction
• Maximum request amount per transaction, $3000

Vancity sets the following sending limits for business banking e-Transfers:

• Per transfer: $6,000
• 24-hour limit: $20,000
• 7-day limit: $20,000
• 30-day limit: $40,000

Desjardins

Quebec-based Desjardins Group operates more than 200 credit unions, serving more than seven million customers, primarily in Ontario and Quebec. They boast a high 24-hour e-Transfer sending limit of $5,000, or $10,000 for business accounts.

Outgoing Interac e-Transfer limits:

• 24-hour limit: $5,000 ($10,000 for small business customers)

FAQs

Which  Canadian Bank Has the Highest Interac e-Transfer Limit?

A couple of banks on our list stand out for their high e-Transfer limits. For example, ATB boasts a $5,000 daily limit up to an impressive $150,000 per month. Not to be outdone, HSBC has a daily limit of $7,000.

Can I Increase My Interac e-Transfer Limit?

The maximum limits at each bank are typically set in stone. This can make things challenging if you need to transfer a large sum of money and an e-Transfer is the most convenient option.

Here’s a tip. Some institutions may agree to temporarily increase your e-Transfer limit beyond the maximum to accommodate a large transaction. I did this with my bank by contacting a telephone banking rep (don’t bother with the branch, they won’t be able to assist). There are no guarantees, but it has worked for me in the past.

How Does Interac e-Transfer Autodeposit Work?

Autodeposit is a feature of Interac e-Transfer that allows incoming funds to be automatically deposited into a designated bank account. When Autodeposit is enabled, you are not required to log in to your online banking to answer the security question and deposit funds manually.

How Much Is an Interac e-Transfer Fee?

e-Transfer fees vary, but they typically run between $1.00 to $1.50 per transfer. That said, most financial institutions offer bank account service plans that include a limited (or unlimited) number of monthly e-Transfers.

Maximum e-Transfer Limits: Final Thoughts

If you need to transfer up to $3000 to someone in Canada, Interac e-Transfer is the easiest and most convenient way. Beyond that amount, the maximum limits begin to pose a challenge, so you may have to get creative by sending multiple transfers over several days.

Oh, and one more thing. If you’re paying for e-Transfers, try to find a chequing account that includes e-Transfers in the service plan. Otherwise, the fees can add up quickly.