Interac e-Transfer review: Fees, setup, and business limits
Key takeaways
In 2025, Canadians sent about 1.6 billion Interac e-Transfers worth roughly $620 billion across Canada.1
Interac e-Transfer is a digital money transfer service that enables Canadians to send and receive CAD directly between bank accounts using an email address or phone number.
Airwallex works alongside Interac e-Transfer to help businesses collect Canadian dollars via autodeposit within minutes, convert them if needed, and send payouts on local rails in 120+ countries.
Interac e-Transfer is the primary payment rail that Canadians use for both personal and business, from splitting a dinner bill to settling invoices. But the fees, limits, and security rules vary significantly by use case, and neither supports international payments. This article explores how e-Transfer works, how much it costs, and how using Airwallex alongside e-Transfer can help you move money globally.
What is an Interac e-Transfer and how does it work?
Interac e-Transfer moves CAD from one Canadian bank account to another, using a network of more than 250 banks, credit unions, and fintechs. Both sides of the transaction need an account at a regulated Canadian institution, preventing transfers to recipients with foreign bank accounts.
How e-Transfer moves money
Money doesn't actually travel by email or text, despite how it looks. Instead, Interac runs a messaging registry that passes settlement instructions between banks. The sender's bank debits the funding account immediately and holds the funds on a central settlement ledger. Next, Interac sends the recipient an encrypted notification. Once the recipient accepts, their bank credits the funds, and Payments Canada settles everything behind the scenes.
Why sending an e-Transfer doesn’t require bank account numbers
Under the hood, an alias like an email address or phone number stands in for the recipient's bank details. Upon Autodeposit registration, Interac links that alias to the user's transit, institution, and account numbers. Because neither party views the other's banking details, this process minimizes unauthorized debits and account fraud.
Who is Interac e-Transfer best for?
Individuals making peer-to-peer or household payments
Individuals can use e-Transfers to reimburse friends, pay bills, or send a family member cash in minutes. Nearly every Canadian bank supports it through its mobile app, which is why it has replaced cash and cheques for most everyday personal payments.
Small business owners and sole proprietors
Sole proprietors and small businesses lean on it to collect client or customer payments and pay local vendors when they need payments settled nearly instantly.
Mid-market and enterprise finance teams
Larger finance teams get a robust version built for scale. Interac e-Transfer for Business raises the single payment cap to $25,000, adds batch file processing, and includes ISO 20022 remittance data, enabling automated contractor payouts and vendor settlements.
Interac e-Transfer pros and cons
Pros:
Most payments clear in real time, usually within seconds to a few minutes.
The network reaches over 250 Canadian financial institutions, so almost anyone with a Canadian bank account can receive a transfer.
Fees are low: Incoming transfers are usually free and outgoing fees are rarely more than a few dollars.
With ISO 20022 messaging, businesses can attach invoice data to a transfer.
Cons:
The system operates domestically only, preventing direct international money transfers through e-Transfer.
Per-transfer and daily limits can get in the way of larger corporate payments.
Once a recipient deposits a transfer, particularly via Autodeposit, the sender cannot recall or cancel the transaction.
How to send and receive Interac e-Transfers
How to send an Interac e-Transfer
In the online or mobile banking portal, users navigate to the e-Transfer section and select an existing contact or enter a new contact's email or phone number. Next, the user specifies the transfer amount, selects the funding account, and includes a memo. If the recipient lacks Autodeposit setup, the sender creates a security question.
How to receive an Interac e-Transfer
After someone sends an e-Transfer, the user will be notified by email or text. The recipient selects the link, chooses their financial institution, logs into online banking, and answers the security question. Following verification, the bank deposits the funds immediately.
How to set up Autodeposit
Within online banking e-Transfer settings, users designate an email address and target account, then confirm the verification email from Interac. Subsequently, the system automatically deposits incoming transfers sent to that address without requiring a security question.
How to request money with Interac e-Transfer
Request Money works a bit like a digital invoice. Select the contact, enter the amount requested and the account it should be sent to. Then add a reference number if one is needed. The recipient will receive a link to complete the payment instantly.
How to cancel or decline an Interac e-Transfer
How to cancel an e-Transfer sent by mistake
Senders can only cancel an e-Transfer if the recipient has not deposited the funds and lacks active Autodeposit. The sender logs into online banking, locates the pending transaction in their history, and selects cancel. The bank returns the principal funds, though many institutions retain the original transaction fee and apply a cancellation charge.
How to decline an incoming e-Transfer
To decline an incoming e-Transfer, open the link from the notification and hit decline. That kills the deposit link and sends the money straight back to whoever sent it. An unclaimed transfer sits active for 30 calendar days, but if you don’t accept it, the link expires and the sender has to go back into online banking to reclaim the funds.
Interac e-Transfer fees at a glance
Pricing depends on whether the transaction involves a personal or business account. Personal accounts typically bundle unlimited outgoing transfers into monthly plans, whereas business accounts incur per-transfer fees or tiered monthly rates. Financial institutions rarely charge fees to receive transfers; outgoing business transfers represent the primary expense.
Financial institution | Personal outgoing fee | Business outgoing fee | Incoming transfer fee |
|---|---|---|---|
RBC Royal Bank | $0 (Standard plans) / $1 (Savings) | $1.50 per send (10 free on Digital Choice) | $0 |
TD Canada Trust | $0 (Standard plans) / $0.50–$1 (Pay-per-use) | $1.50 per send (waived on Unlimited plan) | $0 |
CIBC | $0 (Smart/Everyday accounts) / $1.50 (Pay-per-use) | $1.50 per send | $0 |
BMO | $0 (Standard plans) | $1.50 per send | $0 |
Scotiabank | $0 (Preferred/Ultimate) / $1 (Basic) | $0–$1.50 per send (first 20 free on Scotia OnLine) | $0 |
National Bank | $0 | $1.25 per send | $0 |
Desjardins | $0 | $0 if within included plan amount, $1.25 per send after limit | $0 |
Interac e-Transfer limits by bank
Banks set daily, weekly, and monthly e-Transfer limits to balance speed and fraud risk. Personal accounts usually have an allowance between $3,000 and $5,000 a day, while Interac e-Transfer for Business allows outgoing transfers of up to $25,000 in a single transaction.3
Financial institution | Standard personal daily limit | Personal rolling limits | Standard business single cap |
|---|---|---|---|
RBC Royal Bank | $3,000-$10,000 | Not published / Card access limit | Up to $25,000 per transaction |
TD Canada Trust | $3,000 | $10,000 (7-day) / $20,000 (30-day) | Varies by account tier ($3,000-$25,000) |
CIBC | $3,000 | $10,000 (7-day) / $30,000 (30-day) | Up to $25,000 per transaction |
BMO | $2,500–$3,000 | $10,000 (7-day) / $20,000 (30-day) | Package dependent (up to $25,000) |
Scotiabank | $3,000 | $10,000 (7-day) / $20,000 (30-day) | Up to $25,000 depending on plan |
Desjardins | $5,000 | Not published for personal accounts | Up to $25,000 per transaction |
National Bank | $4,000 (25-hour window) | $14,000 (7-day) / Not published (30-day) | Package dependent (up to $25,000) |
Interac e-Transfer for business
Bulk payables and receivables
Sending transfers one at a time isn’t scalable once volume picks up. That's where Interac e-Transfer for Business steps in, handling batch files of up to 10,000 payments at once, with individual transactions still capped at $25,000.2
Business adoption has taken off, too, with over 350 million commercial e-Transfer transactions going through in 2025 alone.1 The batch files include ISO 20022 remittance data so purchase order numbers and invoice details land directly in your ERP for reconciliation, with no manual entry required.
Cross-border payments and multi-currency needs
However, e-Transfer only moves Canadian dollars between Canadian institutions. When paying overseas suppliers, businesses can collect CAD via e-Transfer, but require an Airwallex Multi-Currency Account to manage currency conversions and international disbursements.
API integrations for your ERP
Finance teams increasingly connect their software directly to payment rails through REST APIs to entirely eliminate manual entry. This helps automate contractor payments, refunds, and general ledger updates in real time via webhooks.
How Interac e-Transfer compares to other Canadian payment methods
When finance teams weigh their domestic payment options, they usually compare speed, cost, limits, and how much admin work each one creates. According to Payments Canada, EFT moved $7.2 trillion across 3.2 billion transactions in 2024, compared to $568.6 billion across 1.5 billion transactions for online transfers like e-Transfer.4
Payment method | Settlement speed | Cost structure | Typical limits | Reversibility | Optimal business use case |
|---|---|---|---|---|---|
Interac e-Transfer | Near-instant (seconds to minutes) | Low ($0–$1.50 per send) | Personal: $3,000–$5,000 daily Business: Up to $25,000 per send | Irreversible once deposited | Urgent ad-hoc payments, contractor payouts, instant receivables |
EFT (direct deposit) | 1-2 business days | Very low ($0.10–$0.50 per transaction) | Virtually unlimited (based on bank approval) | Restricted recall window (subject to ACSS rules) | Batch corporate payroll, recurring scheduled supplier payables |
Wire transfer (Lynx) | Same day / real-time | High ($30–$50 domestic send; $50–$80+ international) | Unlimited network limit | Irreversible once settled | High-value M&A, commercial real estate, large cross-border payouts |
Credit cards | Immediate authorization (1–3 business days payout) | High interchange / MDR (1.4%–3.5%) | Credit card limit | Reversible via chargebacks | Point-of-sale retail, corporate travel, and expense management |
e-Transfer vs. EFT for recurring business payments
EFT is still the norm for high-volume, recurring payments like payroll or scheduled vendor runs. It's cheaper per item and doesn't come with daily transaction caps. e-Transfer makes more sense when timing matters, releasing goods, fulfilling an order, or quickly paying a gig worker.
Is Interac e-Transfer safe to use?
Security and fraud risks of e-Transfers
Interac uses bank-level encryption, multi-factor authentication, and fraud monitoring behind the scenes. But social engineering scams and business email compromise are still risks, with the primary weak point being non-Autodeposit transfers with a security question that's too easy to guess. If someone gets into that email account, they can intercept the funds.
Setting up Autodeposit eliminates that risk because the money lands directly in a verified account and skips the security question altogether.
Dispute and scam resolution
Interac e-Transfer does not offer a chargeback mechanism comparable to credit cards. Once a deposit completes manually or via Autodeposit, financial institutions treat e-Transfers as cash equivalents, preventing forced reversals or clawbacks.
Who's liable if you're scammed
Account holders who authorize payments themselves bear liability for losses, even when deceived by scams, under standard Canadian banking agreements. Financial institutions generally provide reimbursement only if system breaches occur on their end or if unauthorized access occurs despite strict user security adherence.
Is Interac e-Transfer worth it for businesses?
It's hard to argue against using Interac e-Transfer for businesses operating in Canada. It replaces paper cheques, avoids credit card interchange fees, and settles in real time. The Business version adds $25,000 transfer caps, ISO 20022 remittance data, and batch processing, cutting out a lot of manual admin work.
The system presents limitations regarding scale and currency options. Transaction limits constrain transfer sizes, and the network lacks support for foreign currency settlement. Consequently, treasury teams frequently pair e-Transfer with EFT or Airwallex for transactions beyond domestic CAD payouts.
How Airwallex works alongside Interac e-Transfer
An Airwallex Multi-Currency Account enables businesses to get paid in CAD locally while paying suppliers abroad without SWIFT. They can collect funds domestically through e-Transfer Autodeposit, convert them at interbank exchange rates, and send payouts to 200+ countries (with 120+ supported on local rails) from the same place. This cuts down FX and SWIFT costs and keeps global payments in one dashboard.
Airwallex accounts receive e-Transfers exclusively through Autodeposit because the platform doesn’t support manual security questions. Incoming funds will display the legal entity recipient name "Airwallex (Canada) International.”
Note: Airwallex is a fintech company, not a bank. Under Canada's Retail Payments Activities Act (RPAA), Airwallex safeguards customer funds in segregated RPAA Trust Accounts.
Explore other ways to transfer money
It can be helpful for organizations to compare business accounts and multi-currency treasury tools when building or improving their business banking strategy as it relates to money transfers
Reviewing these resources helps determine which account structures best align with organizational transfer requirements.
Frequently asked questions about Interac e-Transfer
Is there a standalone Interac e-Transfer app?
No, there's no standalone Interac e-Transfer app. It's built directly into the online banking and mobile apps of participating Canadian banks.
What fees are associated with sending and receiving an Interac e-Transfer?
Sending Interac e-Transfers is often free on a personal account, and costs $0.50 to $1.50 per transfer on a business account. Receiving a transfer costs nothing either way.
What are the standard personal and business Interac e-Transfer limits?
Personal accounts usually cap daily sends between $3,000 and $5,000, with $10,000 weekly and $20,000 monthly. Business accounts can send up to $25,000 in a single transfer.
Can Interac e-Transfer be used to send money to the US or internationally?
No, e-Transfer can’t be used to send money to the US or internationally; it only moves CAD within Canada. For anything cross-border, businesses need Airwallex Multi-Currency Accounts.
What happens if the recipient never accepts an e-Transfer?
If a recipient leaves an e-Transfer unaccepted for 30 days, the deposit link expires automatically. The sender must then log into online banking to cancel the transaction and reclaim the principal funds.
Do Interac e-Transfers go through on weekends and holidays?
Yes, e-Transfer runs around the clock, seven days a week, including weekends and holidays. Transfers, Autodeposits, and payment requests all process in real time no matter what day it is.
Sources
https://www.clearlypayments.com/blog/interac-statistics-canada-2025/
https://www.interac.ca/en/how-to-use/interac-e-transfer/how-to-get-started-with-interac-e-transfer-for-business/
https://www.remitbee.com/blog/money-transfer/remittance/a-breakdown-of-interac-e-transfer-limits-in-canada-2025
https://www.payments.ca/insights/research/canadian-payment-data-2024
View this article in another region:Canada - English
Taylor Whitfield
Business Finance Writer - AMER
Taylor is a business finance writer at Airwallex, where she writes educational content that helps companies solve operational and financial challenges on a global scale. She has over 13 years of writing experience in B2B technology, fintech, and nonprofits.
Publié dans :
VirementsShare
- What is an Interac e-Transfer and how does it work?
- Who is Interac e-Transfer best for?
- Interac e-Transfer pros and cons
- How to send and receive Interac e-Transfers
- How to cancel or decline an Interac e-Transfer
- Interac e-Transfer fees at a glance
- Interac e-Transfer limits by bank
- Interac e-Transfer for business
- How Interac e-Transfer compares to other Canadian payment methods
- Is Interac e-Transfer safe to use?
- Is Interac e-Transfer worth it for businesses?
- How Airwallex works alongside Interac e-Transfer
- Explore other ways to transfer money
