The significance of Interac e-Transfer in the financial life of Canadians can’t be overemphasized.
Inter e-Transfer serves as a revolutionary transaction network that changed the way Canadians used to transfer money to one another.
Besides being cheap, the processing speed of Interac e-Transfer is not comparable to the speed of several transaction networks in Canada.
Over 250 financial institutions in Canada offer access to Interac e-Transfer. But the e-Transfer limits of these institutions differ from one another.
CIBC, being one of five big banks in Canada, also offers access to Interac e-Transfer through its web portal and mobile banking app.
In this article, I cover the outgoing and incoming e-Transfer limits at CIBC. You will also learn about the various applicable e-Transfers at CIBC.
The article ends with an in-depth comparison of the CIBC e-Transfer limits with those of other big banks in Canada.
Table of Contents
What is Interac e-Transfer?
By now, an average Canadian should tell what Interac e-Transfer stands for. This is because e-Transfer has been in existence since 2003, about two decades old.
But for the sake of younger generations and of course, newcomers to Canada, it’s essential to start by clarifying what e-Transfer entails.
Interac e-Transfer is a money transfer service that allows individuals and businesses in Canada to send and receive money within Canada electronically.
Senders can transfer money on the Interac e-Transfer network through their online or mobile bank account.
The fun part is that Interac e-Transfer users can send money by just using the recipient’s email or mobile number. To receive the transfer, a recipient will be required to provide a security answer set by the sender.
It could take up to 30 minutes for the recipients to receive the transaction notification and claim the funds.
But if the recipient sets up autodeposit, they will receive the e-Transfer automatically in a few minutes without providing a security answer.
Compared to other transaction networks, sending and receiving payment through Interac e-Transfer is low-cost, fast and highly convenient.
That being said, Interac allows institutions to set their e-Transfer limits and fees. This explains why we have different e-Transfer limits and fees among Canadian financial institutions today.
As such, you want to use a financial institution whose Interac e-Transfer limits and fees are more favourable to your needs. Could it be CIBC?
Let’s find out.
CIBC e-Transfer Limit: The Outgoing and Incoming Limits
The Canadian Imperial Bank of Commerce (CIBC) Interac e-Transfer limits fall among the popular limits in Canada.
While some financial institutions have varying outgoing and incoming Interac e-Transfer limits, CIBC has the same limit for sending and receiving e-Transfers.
As of the time of writing, the following are the maximum outgoing and incoming e-Transfer limits of CIBC.
- $3,000 within 24 hours
- $10,000 within 7 days
- $30,000 within days
The above limits are common with those of several financial institutions in Canada.
But CIBC takes it a step further to allow its clients to receive up to $10,000 from their contacts at a time.
With this, CIBC makes it possible for individuals to receive up to $10,000 e-Transfer in a day.
That’s not to say that you can continue requesting money from your contacts unlimitedly. The maximum request limit is 200 at a time.
Bear in mind that the above limits only apply to personal accounts. CIBC has varying Interac e-Transfer limits for businesses which is common among other financial institutions.
With Interac e-Transfer for Business, companies can send up to $25,000 per Interac e-Transfer through CIBC.
CIBC e-Transfer Limit for Students
The following are the CIBC e-Transfer limits for students:
- $3,000 within 24 hours
- $10,000 within 7 days
- $30,000 within 30 days
You don’t have to take a second look to realize that CIBC e-Transfer limits are the same as the above limits for CIBC personal accounts.
One interesting thing about CIBC is that it offers a tailored account for students that eliminates e-Transfer fees until students reach 25 years of age.
The name of the account is known as “CIBC Smart for Students Account”. Other notable features of this account include:
- $150 sign-up bonus
- Zero monthly fees
- Unlimited transactions
- Unlimited everyday banking benefits
- Free SPC+ membership
CIBC e-Transfer Limit: How to Increase It
Given that the Interac e-Transfer limits are considerably low compared to the limits of other transaction networks, most financial institutions in Canada support e-Transfer limits increase.
But before you request CIBC to increase your Interac e-Transfer limit, it’s essential to understand the reason behind the low e-Transfer limit.
The main reason is to protect you against account compromise. The psychological trauma of losing $3,000 is not the same as the trauma of losing $50,000
In addition, financial institutions also set the e-Transfer limit to protect themselves against uncertainties.
This explains why most financial institutions set e-Transfer limits based on the limits of clients’ credit/debit cards.
That being said, most financial institutions don’t disclose the process of requesting for the Interac e-Transfer limit increase with them. The same applies to CIBC.
So if you’re looking to increase your CIBC Interac e-Transfer limit, you need to contact their representative at any of their nearest branches or call them at 1-800-465-2422.
How to Send Interac e-Transfer With CIBC
The process of sending Interac e-Transfer with CIBC is almost the same as those of other financial institutions.
First of all, you need to be an active account holder of CIBC and have access to CIBC mobile or online banking portal to initiate an e-Transfer with the bank.
Whether online or through the CIBC mobile app, the following are the processes of sending an Interac e-Transfer with CIBC:
- Login to your CIBC account
- Click “Interac e-Transfer” under the menu
- Click “Send Money”
- Type the amount you’re sending
- If you have more than one CIBC account, choose the account you want the money to be deducted from
- Choose the person you want to send the money to from your contacts
- Choose notification
- If your recipient didn’t set up “autodeposit”, set a security question and answer for the recipient to respond before claiming the fund.
- Indicate whether you want the transaction to be recurring or a one-time
- Review your details
- Complete the transaction by clicking on “Send Money” or “Yes’
The funds will be deducted from your account immediately after completing the transaction. Your recipient will receive the funds within a few minutes if they set up an autodeposit.
If not, it could take up to 30 minutes to receive a notification about the transfer. They will be required to provide a security answer to claim the transfer.
How Long Does CIBC e-Transfer Take to Deliver?
It depends on how your recipients want the money sent. If your recipient has autodeposit set up, they will receive the transfer automatically within a few minutes of sending it
On the other hand, it could take up to 30 minutes for your recipient to receive the e-Transfer if they didn’t set up an autodeposit.
This is because it could take up to 30 minutes for your recipient to receive an email notification about the transfer. To claim the fund, your recipient must provide the correct security answer.
When it takes more than 30 minutes to receive the transaction notification, the reason could be due to the transfer size, Internet speed or the email system of the recipient.
CIBC e-Transfer Fees
As noted earlier, each financial institution that supports Interac e-Transfer has the right to set its own fees as well.
Consequently, some financial institutions are more low-cost than others when it comes to sending, receiving or cancelling e-Transfers.
CIBC is one of those financial institutions that are expensive to execute e-Transfers.
This is because the bank only waives outgoing e-Transfer fees on the following accounts:
- CIBC Smart Plus Accounts
- CIBC Smart Accounts
- CIBC Smart for Seniors
- CIBC Advantage for Youth
- CIBC Advantage for Students
- CIBC Smart for Students
Besides the above accounts, CIBC charges $1.50 per outgoing e-Transfer on other accounts.
Several financial institutions waive outgoing and incoming e-Transfers completely on all their accounts.
While receiving e-Transfer is free on all CIBC accounts, the bank charges a $3.50 fee for cancelling e-Transfers and $1.50 for requesting money.
How CIBC e-Transfer Limits Compare
To understand the value of CIBC e-Transfer, we need to compare it with the e-Transfer service of other financial institutions.
Below we shall be looking at the Interac e-Transfer limits and fees of other big banks in Canada.
RBC Interac e-Transfer Limits
Unlike CIBC, RBC Interac e-Transfer limits vary depending on the credit card of its clients.
This goes without saying that the higher your credit card limit, the higher your e-Transfer limit with RBC. Several other financial institutions also have the same structure.
That being said, most RBC bank accounts don’t charge fees for sending, receiving and stopping e-Transfers.
BMO Interac e-Transfer Limits
BMO has lower Interac e-Transfer limits compared to CIBC. The BMO outgoing limits are highlighted below:
- $2,500 or $3,000 within 24 hours
- $10,000 within 7 days
- $20,000 within 30 days
That being said, BMO Interac e-Transfer limits vary from one individual to the other. This is because the actual limit is determined by a client’s card.
As per fees, BMO offers free unlimited Interac e-Transfer access under BMO Everyday Bank Plans. Although the bank charges a $5 cancellation fee.
Learn more: BMO e-Transfer Limit
Scotiabank Interac e-Transfer Limits
Unlike CIBC, Scotiabank sets e-Transfer limits per client’s card.
Although Scotiabank allows clients to send up to $25,000 through e-Transfer. This is slightly lower than the $30,000 outgoing limit at CIBC.
While Scotiabank doesn’t charge an e-Transfer cancellation fee, it charges a $1 fee per Interac e-Transfer.
TD Interac e-Transfer Limits
The Toronto Dominion Bank (TD) of Canada has the same daily and weekly outgoing Interac e-Transfer limit as CIBC.
However, the two banks have different monthly limits as shown below:
- $3,000 within 7 days
- $10,000 within 7 days
- $20,000 within 30 days
Like CIBC, TD waves Interac e-Transfer fees on selected accounts. These accounts include:
- TD Every Day Chequing Account
- TD Student Chequing Account
- TD Unlimited Chequing Account
- TD All-Inclusive Banking plan
- TD Wealth Private Banking Account
As per other accounts, TD has a relatively low e-Transfer fee of $0.50 – $1 compared to the $1.50 fee of CIBC
When it comes to cancelling e-Transfers, CIBC charges $3.50 while TD doesn’t charge a cancellation fee on selected accounts. These accounts include:
- TD Wealth Private Banking Account
- TD Unlimited Business Plan
- Line of Credit
Learn more: TD e-Transfer Limit
EQ Bank Interac e-Transfer Limits
Like TD, EQ Bank also has the same daily and weekly outgoing e-Transfer limit as CIBC. However, their monthly limits vary as shown below:
- $3,000 within 7 days
- $10,000 within 7 days
- $20,000 within 30 days
With EQ Bank, you can receive up to $25,000 through Interac e-Transfer.
Unlike CIBC, EQ Bank doesn’t charge a fee for outgoing incoming Interac e-Transfers. This is common among several online banks.
Learn more: EQ Bank e-Transfer Limit
Tangerine Interac e-Transfer Limits
Finally, we have Tangerine Bank. This bank also has the same daily and weekly outgoing Interac e-Transfer limits as CIBC with varying monthly limits.
The Tangerine Interac e-Transfer limits are highlighted below.
- $3,000 within 7 days
- $10,000 within 7 days
- $20,000 within 30 days
When it comes to receiving Interac e-Transfers, Tangerine has the following limits:
- $10,000 within 24 hours
- $70,000 within 7 days
- $300,000 within 30 days
One interesting aspect of Tangerine is that it doesn’t charge its chequing account users any Interac e-Transfer fee.
Summary
The CIBC e-Transfer limits are common among several financial institutions in Canada.
From the above comparison, you can see how the CIBC e-Transfer limits outshine the limits of other financial institutions.
The main drawback of CIBC e-Transfer service lies in the applicable fees on non-selected accounts
Hopefully, now you’re more informed about the CIBC Interac e-Transfer limits.
If you need more clarification or have any questions, kindly comment below.
Ensure you check out our blog section before leaving to learn more about other relevant financial products in Canada.
