Interac e-Transfer is a safe and secure way to transfer money. You don’t have to share your personal banking information – all you need is the recipient’s phone number or email address.
The money is available instantly, thanks to the Interac network of Canadian banks.
E-Transfers are free to receive and either free or low-cost to send, depending on your bank and account type. Many Canadians use Interac e-Transfer to buy items online, pay for babysitters, send rent money, reimburse friends, and more.
Key Takeaways
- Interac e-Transfers are a quick and convenient way to send money within Canada.
- Interac e-Transfers are always free to recieve, and many bank accounts allow you to send them for free – although some have strict limits.
- Cancelling an e-Transfer that you sent can only be done if the recipient hasn't already deposited the money.
How does Interac e-Transfer work?
An Interac e-Transfer is an electronic money transfer between bank accounts. It's like sending a cheque electronically – you specify who the recipient is and how much money you want transferred.
Interac e-Transfers don't require sharing banking details, making it a safe way to transfer funds between individuals or businesses. The sender’s financial institution sends the money to the recipient’s financial institution, usually within minutes.
Interac e-Transfer was created in 2003 by the big Canadian banks. They collaborated to make a standardized protocol for all of Canada, creating a monopoly for money transfers and making other systems, like Venmo, practically impossible to implement.
What can Interac e-Transfer be used for?
Interac e-Transfer can be used for various types of payments, making it versatile for personal and business transactions:
- Settle bills with friends or family for meals, trips, or shared purchases
- Pay babysitters or freelancers for their work
- Purchase items from online marketplaces
- Make fast and safe payments to small businesses
How to set up Interac e-Transfer
Setting up Interac e-Transfer is quick and easy through your online banking account:
- Log into your online banking portal
- Select Interac e-Transfer from the menu
- Add your email address or mobile number
- Link your account to enable sending and receiving mone
The email and phone number you choose will be used to send and receive transfers.
How to send an Interac e-Transfer
To send an Interac e-Transfer, all you need is your recipient’s email or mobile number:
- Log into your online banking portal
- Select Interac e-Transfer from the menu
- Select the recipient from your contacts or add them if not already listed
- Choose the account you want to send money from
- Enter the amount you want to send
- Compose a short message to the recipient if desired
- Choose and type a security question and answer (if needed)
- Review the details and send the transfer
Remember to tell your recipient the answer to your security question if it’s not something already obvious to them.
Security questions are skipped automatically if the recipient has Autodeposit enabled.
How to send an Interac e-Transfer to an email
Sending an Interac e-Transfer to an email is just as easy as sending it to a phone number:
- Log into your online banking portal
- Select Interac e-Transfer from the menu
- Select the recipient from your contacts or add them if not already listed
- Ensure the contact's email address is correct
- Choose and type a security question and answer (if needed)
- Review the details and send the transfer
How to receive an Interac e-Transfer
When you're sent an Interac e-Transfer, you'll receive notification sent via email or text and should respond accordingly:
- Tap the link in the notification
- Log into your online banking portal
- Answer the security question (if needed)
- Accept the funds
The funds should be deposited auotmatically into your account, but it's wise to confirm that this has processed properly.
If you're unsure about the security answer, contact the sender and double check before putting in the answer. You'll have 3 chances to get the security answer correct before the money is returned to the sender.
How to set up auto-deposit (and receive Interac e-Transfers more easily)
You can easily enable Autodeposit, which means you’ll receive Interac e-Transfers faster by automatically depositing the payments into your account:
- Log into your online banking portal
- Select Interac e-Transfer from the menu
- Find the settings menu and select Autodeposit
- Link your email and/or mobile phone number for Autodeposit
- Wait for an email or text message asking you so confirm your registration
- Click the email or text within 24 hours to confirm registration
- Receive funds instantly without having to answer security questions
How to cancel an Interac e-Transfer
As long as it hasn’t been accepted yet, you can cancel an e-Transfer through your online banking portal
- Log into your online banking portal
- Find the pending transfer and select it
- Click "Cancel" to reverse the transfer
- Follow any further prompts
- Check your balance to ensure the funds have been re-deposited
Note that some banks do charge fees to cancel Interac e-Transfers. RBC and Scotiabank don't, but these 3 big banks have their own policies:
- BMO will charge $5 unless you cancel by the end of the day (EST) on the same day you sent the e-Transfer
- TD will charge $5 unless you cancel within 45 minutes
- CIBC will charge $3.50
How to decline an Interac e-Transfer
If you don't wish to accept the funds, you can decline an Interac e-Transfer with these steps:
- Open the email or text notification
- Select "Decline" and confirm your decision
- Wait for the funds to be returned to the sender
Note that if you have Autodeposit set up, you cannot decline the money. You can, however, send it back to the sender.
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$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.How to request an Interac e-Transfer
Requesting an Interac e-Transfer can be done directly through your online banking account. You'll need the recipient’s email address or phone number.
- Log into your online banking portal
- Select Interac e-Transfer from the menu
- Select "Request Money"
- Enter the payer's email and the amount
- Send the request and wait for the transfer
Interac requests are valid for 30 days before they expire.
How much do e-Transfers cost?
Many bank accounts offer free e-Transfers, although there are often limits as to how many you can send for free per month.
The cost of using Interac e-Transfer depends on your account type and bank:
- Premium accounts often offer unlimited free e-Transfers
- Basic accounts may offer a handful of e-Transfers for free, then will charge fees between $1 to $1.50 per transfer
- Receiving e-Transfers is usually free, but check with your bank for exact details
Remember, there may be fees for canceling an Interac e-Transfers, too. These are usually capped at $5.
Bank accounts that offer unlimited Interac e-Transfers
The Scotiabank Preferred Package includes unlimited e-Transfers at no cost to go along with a bunch of other perks. The CIBC Everyday Chequing Account, however, is a more basic account and only provides 12 free transactions per month, including Interac e-Transfers.
No fee chequing accounts can come with unlimited e-Transfers too. The Simplii No Fee Chequing Account, for example, may have fewer perks and benefits than a premium bank account, but you won't have to worry about hitting a ceiling of e-Transfers and getting unexpectedly charged.
You can learn more about these accounts here:
There's not much better than unlimited free transactions, but the Scotiabank Preferred Package comes packed with even more perks to seal the deal. These include a bonus interest rate on the top Scotiabank savings account, a first year annual fee waiver on select cards, and points on every day purchases with the Scene+™ program.
- Kickstart your account with a $50 GeniusCash bonus
- Get a welcome bonus worth up to $700 (ends October 30, 2025)
- Unlimited debit transactions and Interac e-Transfers
- Ability to waive monthly fee with a minimum balance of $4,000
- Earn Scene+ points on your debit transactions
- First year annual fee waiver on select Scotiabank credit cards
- Age of majority
- Canadian citizen
$50 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases.- First year annual fee waiver (up to $150) on select credit cards
- Earn Scene+ points on debit transactions
- Earn an additional 0.05% on your Momentum Plus Savings Account
$50 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases.
The TD Minimum Chequing Account is very well suited for people with minimal banking needs. Notably, seniors over 60 years old who are collecting the Guaranteed Income Supplement (GIS) and Registered Disability Savings Plan (RDSP) beneficiaries can use this account without paying the $3.95 monthly fee.
- Free for seniors collecting GIS
- Free for RDSP beneficiaries
- Low monthly fee
- Earn extra Starbucks rewards
- Limited amount of transactions
- Additional transaction and ATM fees
- No free e-Transfers
- Age of majority
- 50% more Stars at participating Starbucks stores
- Free for RDSP beneficiaries and seniors receiving GIS
Monthly fees on your chequing account can get as high as $30 per month, but thankfully the CIBC-owned digital bank Simplii has a solution for you. With the Simplii No-Fee Chequing account, you'll get unlimited access to your money, plus you can even use CIBC ATMs for free.
- No monthly fee or minimum balance requirement
- Free and unlimited transactions
- Earn interest on your balance
- Free international money transfers
- Free access to over 3,400 CIBC ATMs
- Get up to $125 in friend referrals
- Going into overdraft can be costly
- Extra fees on non-affiliated and international ATMs
- No extra bells and whistles
- Not available in Quebec
- Resident of Canada
- Age of majority
- Free access to CIBC ATMs
- Send money internationally for free
- Valuable referral bonuses
Interac e-Transfer limits
Interac e-Transfer limits vary by bank and account type. These limits will also vary by account type within each bank.
In general, though, you can expect your Interac e-Transfer limits to be somewhere around around these numbers:
- Daily or per-transfer limits: Usually range from $3,000 to $10,000.
- Weekly limits: Often between $10,000 and $30,000.
- Monthly limits: Can range from $20,000 to $70,000.
Check with your bank to confirm the limits specific to your account.
You can always request that your e-Transfer limits be adjusted, and most banks have no problem doing this for trusted, reliable clients. Either give your bank a call or visit a nearby branch to request this change.
How to avoid Interac e-Transfer scams
These are some of the most common Interac e-Transfer fraud tactics to be wary of:
- Fake prize or lottery scams: Ignore suspicious notifications claiming you've won money, especially if you’re asked to pay a fee via Interac e-Transfer to claim your prize.
- Overpayment scams: A fraudster may claim they overpaid for an item you’re selling online and ask you to send the overpayment back via e-Transfer. Always verify that the initial funds have cleared before sending any refunds.
- Phishing emails or texts: Avoid clicking on links from unknown sources. Some links may appear to be Interac but they’re false and will steal your log-in information. Only click links from official, verified sources.
- Fake charities or emergencies: Scammers may pose as charities requesting donations via Interac e-Transfer. They often exploit natural disasters or tragedies to appeal to your emotions. Verify the legitimacy of charities before sending any money.
Avoid Interac and other scams by practicing safe and secure control of your information:
- Don't share your personal banking details
- Verify the recipient’s information before you send any money
- Enable 2FA (two-factor authentication) and use strong passwords
- Set up Autodeposit for automatic transfers
FAQ
What is the difference between e-Transfer and Interac e-Transfer?
There is no difference. The term "e-Transfer" is often used as a shorthand for Interac e-Transfer, a service allowing Canadians to send money electronically using email or mobile banking. Interac is the name of the Canadian interbank network.
What do I do if an Interac e-Transfer wasn't received?
If an Interac e-Transfer wasn't received after some time has passed, the intended recipient should check their junk mail folder, just in case. Otherwise, verify that the correct email address was used, and/or contact the sender's bank.
Why is my Interac e-Transfer not working?
If you're having problems receiving an Interac e-Transfer, be sure that you're inputting the correct password – confirm this with the sender if possible. If you're having trouble sending one, it could be due to insufficient funds.
How do I electronically transfer money to someone else’s account?
To electronically transfer money, use Interac e-Transfer through your bank's online platform. Set up your account and then add the recipient as a contact inside your Interac. Choose the recipient’s email or phone number, specify the amount, and send.
Can I send Interac e-Transfers internationally?
No, other countries don't use the Interac e-Transfer system, so these transfers can only be sent within Canada. For international transfers, you'll need to use other services like wire transfers or specialized solutions and apps.
Can I send an e-Transfer to myself from one bank to another?
Technically, yes, you can send an Interac e-Transfer to yourself using different emails or phone numbers for each bank. EFTs are another option to move money between external accounts, but the money is usually on hold temporarily.
How do I know if I got a fake Interac e-Transfer text message?
Always ensure that any request for money is from a trusted source and contact them if you're concerned it's not a legitimate request. If you don't know the sender or can't verify the purpose of the request, don't send anything.
Can someone get into your bank account through e-Transfer?
No, since Interac e-Transfers don't ever require sharing your bank details, this isn't a possibility. Still, for extra security, you should always protect your login credentials, enable two-factor authentication, set up Autodeposit, and verify your recipient's info before sending funds.
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