Interac e-Transfer is one of the fastest and most convenient ways available to Canadians to send and receive money. Unlike EFTs that take days to complete, Interac transfers can be received in minutes.
In this post, you’ll learn about interac e-transfer send limits across different banks and credit unions, and how they work.
Are there Limits on Interac e-Transfers?
Yes, there are daily send limits on Interac e-transfers. The limit is $3,000 for many of the banks and credit unions.
What about limits on how much you can receive?
A few banks disclose their limits and they are usually pretty high compared to the send limits. For example, EQ Bank’s monthly send limit is just $20,000 but it lets you receive up to $300,000 in a month.
According to Interac, each financial institution sets their own limits – depending on their risk limit.
The limits may feel inconvenient especially when you need to move large sums of money quickly. But remember they are in place to protect your funds.
And you may be able to temporarily increase your daily send limits in some instances. More on this below.
How Interac e-Transfers Send Limits Work
Each Interac e-Transfer you send is usually capped up to an amount. In many instances, this limit is the same as the 24-hour transfer limit.
Once you make the transfer, you’ll need to wait till the next day (or 24-hours) to initiate another transfer.
That is, the limit is reset at the beginning of the next period.
But a few banks have a maximum transfer amount that is different from the daily limit.
For example, Vancity’s daily limit is $10,000 but each transfer is capped at $3,000. So you’ll need to make 4 different transfers (3 transfers of $3,000 each and a balance of $1,000).
It’s extra effort but worth it if there are no transfer charges.
Learn more: Newcomers to Canada Series: How Interac e-Transfer Works
Can I Increase My e-Transfer Limit?
It depends on your bank or credit union. Some of them will let you increase it temporarily.
How do you increase your Interac e-transfer Limit?
The process will vary depending on your bank. You can increase your daily limit from your internet banking profile at RBC for example – up to a certain limit.
For higher increases to your Interac e-transfer send limit, you will have to visit a branch or call the customer service phone numbers.
Dealing With Interac e-Transfer Limit
There are times when you need to transfer a substantial amount that is higher than your bank’s e-transfer limit.
For example, you want to fund your investment account or move your money to another bank to earn more on your savings.
Here are some ways to work around the limits:
- Split the transfer across multiple days
- Write a cheque
- Use Electronic Funds Transfer (EFT)
The last 2 options allow you to move larger sums of money at a go. For example, EQ Bank let’s you withdraw up to $30,000 and deposit up to $100,000 per transaction using EFT.
Unfortunately, you may need to wait for a few days for the transaction to be completed. And this makes more sense in certain situations.
Here’s an illustration:
You have an emergency fund of $15,000 in a savings account earning 0.05% at one of the big banks. You looked around for a better savings rate and decided to move your money to EQ Bank to start earning 2.50% instead.
But there’s a problem. Your bank’s daily Interac e-transfer send limit is just $3,000 and the 7-day limit is $10,000.
Assuming you’ve not done any other transfers in the week, you’ll only be able to move $10,000 in the first week spread over 4 days.
That is, $3,000 daily for 3 days, then $1,000 on the 4th day. Then make the balance of $5,000 the following week.
Alternatively, you can link your bank account to EQ Bank and initiate an EFT. It’ll take 2-3 to complete but it’ll save you a lot of stress.
Read More: EQ Bank Review: Best Savings Account in Canada
Interac e-Transfer Limits at Different Banks in Canada
These are the current transfer limit at some of the popular banks in Canada.
Interac e-Transfer Limit at RBC
The Interac e-transfer send limit at RBC varies across customers. It depends on the daily access limit for your client card.
For example: If the daily limit on your client card is $2,000, the maximum you can send per day will also be $2,000.
You can confirm your limit and temporarily increase it by logging into your online banking. Alternatively, you can call their customer service or visit a branch.
It is free to send, receive or cancel Interac transfers for most of their account. Where a fee applies, it is $1 for personal accounts and $1.50 for business accounts.
Interac e-Transfer Limit at ScotiaBank
Like RBC, your daily send limit depends on the limit set on your client card. So it may be different for each client.
Login to your account online or via the mobile app to check your limit.
Interac e-Transfer Limit at BMO
The following are the current Interac e-Transfer limit at BMO:
- 24-hour period: $2,500 or $3,000 (depending on your account limit)
- 7-day period: $10,000
- 30-day period: $20,000
Cancelling an e-transfer at BMO will cost $5 unless you cancel before 12 a.m. on the same day.
CIBC e-Transfer Limit
The following are the current Interac e-Transfer limit at CIBC.
- 24-hour period: $3,000
- 7-day period: $10,000
- 30-day period: $30,000
Receiving money is free but it costs $1.50 to send money and $3.50 to stop a transaction.
Interac e-Transfer Limit at TD Bank
The following are the current Interac e-Transfer limit at TD Bank:
- Limit Per transfer: $3,000
- 24-hour period: $3,000
- 7-day period: $10,000
- 30-day period: $20,000
You may be able to send a transfer for free depending on your account type.
For example, it is free for TD Unlimited Chequing Account, TD Student Chequing Account, TD Every Day Chequing Account and so on.
Non-qualifying accounts have a fee of $0.50 for amounts up to $100 and $1 for amounts above. You can cancel a transaction for free within 45 minutes of sending or $5 afterwards.
Interac e-Transfer Limit at Tangerine
The following are the current Interac e-Transfer limit at Tangerine Bank:
- 24-hour period: $3,000
- 7-day period: $10,000
- 30-day period: $20,000
Sending and receiving an Interac e-transfer is free at Tangerine.
Interac e-Transfer Limit at Simplii Financial
The following are the current Interac e-Transfer limit at Simplii Financial:
- 24-hour period: $3,000
- 7-day period: $10,000
- 30-day period: $30,000
It is free to send or receive Interac e-transfer at Simplii. But you’ll be charged $3.50 to stop a transfer.
Learn more: Simplii Financial Review
Interac e-Transfer Limit at EQ Bank
The following are the current Interac e-Transfer limit at EQ Bank:
- Daily limit: $3,000
- 7-day period: $10,000
- 30-day period: $20,000
It is free to send or receive Interac e-transfers at EQ Bank and you can receive up to $300,000 in a month.
HSBC Interac e-Transfer Limit
The following are the current Interac e-Transfer limit at HSBC:
- Daily limit: $7,000
- 7-day period: $10,000
- 30-day period: $40,000
HSBC generally waives fees on Interac e-transfers, but note that a transaction limit of $7,000 applies.
Interac Transfer Limit at Laurentian Bank and LBC Digital Bank
The following are the current Interac e-Transfer limit at Laurentian Bank and LBC Digital Bank:
- Daily limit: $3,000
- 7-day period: $10,000
- 30-day period: $20,000
Receiving Interac e-transfers is free at both banks. Sending is free at LBC Digital Bank but it costs $1 at Laurentian Bank.
Learn more: LBC Digital Bank Review
Interac e-Transfer Limit at Motive Financial
The following are the current Interac e-Transfer limit at Motive Financial:
- Maximum per transfer: $3,000
- 7-day period: $10,000
- 30-day period: $20,000
It is free to receive Interac e-transfers at Motive Financials but it costs $1.50 to send. You can also cancel a transfer for free, however the sending fee of $1.50 will not be refunded.
Learn more: Motive Financial Review
Interac e-Transfer Limit at Vancity
The following are the current Interac e-Transfer limit at Vancity:
Sending e-transfers:
- Maximum per transfer: $3,000
- 24-hour period: $10,000
- 7-day period: $10,000
- 30-day period: $20,000
Receiving e-transfers:
- Maximum per transfer: $10,000
- 24-hour period: $10,000
- 7-day period: $70,000
- 30-day period: $300,000
Learn more: Vancity Credit Union Review
Interac e-Transfer Fees
Receiving Interac e-Transfers is always free irrespective of the amount or the number of times. However, some banks charge a fee for each Interac e-transfer you send or after you send more than a set threshold depending on your account features.
Below are the features for some of the popular banks in Canada:
| Banks | Interac Transfer Fees | Interac Cancellation Fee |
|---|---|---|
| EQ Bank | Free | Free |
| Tangerine | Free | Free |
| Simplii | Free | $3.50 |
| RBC | Free | Free |
| Scotiabank | $1.00 | Free |
| TD | Up to $1 | $5 |
| CIBC | $1.50 | $3.50 |
Some on Interac e-Transfer Limit FAQs
Yes, some banks lets you temporarily increase your limit – permanently in some instances. It’s best to contact your bank to confirm.
It depends on your bank. Most banks allow up to $3,000 at once but yours may be lower depending on the limit on your client card.
Ask your bank to increase your limit – you may need to talk to them on the phone or visit a branch. Alternatively, write a cheque or use an Electronic Funds Transfer (EFT)
Thanks! Hard info to find. I love the new daily $10k. Still nothing compared to what one can move in cryptocurrency.
Wich bank is offering 10k per day?
Thank you
HSBC daily $7,000
weekly $10,000
monthly $40,000