There is no denying that the Interac e-Transfer service makes it very easy to move money around in Canada.
It is probably the only payment network right now that offers the lowest transaction costs, superfast payment and 24/7 free access in Canada.
As of today, more than 80 Canadian banks and financial institutions offer the Interac e-Transfer service on all their platforms.
I’m talking about all the online and domestic (Schedule I) banks in Canada. I think it is quite obvious that any Canadian resident not yet using e-Transfer is missing out on a whole lot.
With all that said, I wouldn’t shy away from the slight confusion that now comes with understanding the e-Transfer limits of each Canadian bank.
In this article, I will specifically explain all that you should know about the EQ Bank e-Transfer limit on transactions.
Also, I will give you a brief comparison between EQ Bank’s e-Transfer limit and that of other popular Canadian banks.
If this is something of interest to you, read on to find out!
Table of Contents
What is Interac e-Transfer?
Interac e-Transfer is an electronic payment network that is currently accessible only in Canada.
This payment network is widely used by Canadians because it is secure, fast and available on so many banking platforms.
There is hardly any bank or financial institution in Canada today that doesn’t support Interac e-Transfer.
It might even surprise you to know that Interac e-Transfer has a history that dates back to 1984. Yes, it is more structured and secure than most people might think.
One thing that makes Interac e-Transfer stand apart from other payment networks is the relatively lower transaction costs.
As a matter of fact, the majority of Canadian banks give customers the liberty of enjoying FREE and unlimited Interac e-Transfers every month.
However, each bank in Canada still has slightly different charges and transaction limits attached to their Interac e-Transfer service.
In the section below, I will give you a full overview of the EQ Bank e-Transfer limit on daily, weekly and monthly transactions.
What is the EQ Bank e-Transfer Limit?
EQ Bank does not specify the minimum amount you can send via e-Transfer. However, there are specified maximum EQ Bank e-Transfer limits.
For every fixed period, here are the amounts you can send via e-Transfer with EQ Bank:
- Maximum of $3,000 within a 24-hour period
- Maximum of $10,000 within a 7-day period
- Maximum of $20,000 within a 30-day period
Also, EQ Bank only allows you to receive a maximum of $25,000 per Interac e-Transfer transaction. This means that you can receive big amounts in chunks up to the limit of $25k per transaction.
If you have any issue with these figures, I will advise that you call EQ Bank at 1-844-437-2265 (Toll-free within North America).
How to Send e-Transfer with EQ Bank
There are two ways you can send Interac e-Transfers with EQ Bank. You can send an Interac e-Transfer with EQ Bank through the EQ Bank online banking portal or mobile app.
Follow the steps below to send an Interac e-Transfer with EQ bank on EQ Bank’s online banking portal:
- Visit EQ Bank’s official website – eqbank.ca
- Sign in to your account
- Check the top navigation menu and Select “Transfers”
- Click on Interac e-Transfer
- Fill in all the required information (including the recipient details)
- Click on “Review” and double-check all the information you have entered
- When you are satisfied, click on “Send money”
To send Interac e-Transfers through your EQ Bank mobile app, follow these steps below to do so:
- Open your EQ Bank mobile app
- Sign in to your account
- Tap on “Transfer” from the navigation menu at the bottom of your screen
- Select “Send Interac e-Transfer”
- Fill in the required information (including the recipient details)
- Tap on “Review”
- Review the details you entered and Tap on “Send Money”
How to Receive e-Transfer With EQ Bank?
First, you will receive a text or email notification whenever someone sends an Interac e-Transfer to you.
If you have the Autodeposit feature activated on your EQ Bank account, then the e-Transfer funds will be deposited automatically.
However, if you do not have the Autodeposit feature enabled, follow the steps below to receive your e-Transfer fund.
- Click the link in the notification mail or text that you received
- Select EQ Bank as your preferred financial Institution for receiving the funds
- Sign in to your EQ Bank account and you will be automatically taken to a “Receive Money” screen
- Ensure that the “Deposit” toggle is selected on the screen
- Provide an answer to the security question
- Click on “Deposit Money” and that’s it
How Long Does an EQ Bank e-Transfer Take?
EQ Bank Interac e-Transfers can vary between a few seconds and sometimes up to 30 minutes.
EQ Bank says that Interac e-Transfers that are under $250 will be sent instantly.
Also, the transaction will be instant if you have sent at least one e-Transfer to a recipient in the past. Meaning that your e-Transfers to a known recipient will be sent instantly.
But if none of the above conditions are met, there is a possibility of your e-Transfer taking up to 30 minutes before the recipient gets notified.
Sometimes, EQ Bank e-Transfer delays can be caused by spelling errors, incorrect email addresses, or phone numbers entered.
How to Set up Autodeposit on EQ Bank
The process of setting Autodeposit on EQ Bank may seem difficult but it is actually very straightforward.
You can set up Autodeposit on EQ Bank in two simple ways. You can either set up Autodeposit on the EQ Bank mobile banking portal or mobile banking app.
Let’s look at the first option. Follow these steps below and you can easily set up Autodeposit on EQ Bank from your phone or computer:
- Visit the EQ Bank website and sign in to your account
- Look at the top navigation menu and select “Transfers”
- Then select “Interac e-Transfer”
- Check the side menu and click on “Register Autodeposit”
- Enter your Canadian mobile number or valid email address
- Select the EQ Bank account that you want e-Transfer funds to be automatically deposited into
- You will get a text message or email notification from Interac
- If its email, select the option that says “Complete registration”
- If it is a text message, click the link inside to access the “Complete registration” option
- Verify and complete the Autodeposit setup process
- Immediately after completion, you should notice that your Autodeposit status will change from “Pending” mode to “Active”
If you want to set up Autodeposit via EQ Bank mobile app, follow the steps below:
- Open your EQ Bank app and Sign in to your account
- Check the bottom navigation menu to select “Transfer”
- Then select “Send Interac e-Transfer”
- Check the bottom of your screen to see a floating button
- Tap on “Register Autodeposit”
- Enter a valid email address or your Canadian mobile number
- Select the EQ Bank account that you want e-Transfer funds to be automatically deposited into
- You will get a text message or email notification from Interac
- If its email, select the option that says “Complete registration”
- If it is a text message, click the link inside to access the “Complete registration” option
- Complete the Autodeposit setup process
- Your Autodeposit status should change from “Pending” to “Active”
Please bear in mind that EQ Bank allows you to unregister the Autodepost feature at any time you desire in the future.
EQ Bank Autodeposit Registration Statuses
There are four different registration statuses that EQ Bank usually shows for Autodeposit registration.
Let’s look at the explanation for each registration status below.
- Active: This means your Interac e-Transfer Autodeposit feature is set up and ready for use.
- Pending: This status appears whenever you need to verify a current registration within the next 24 hours. You will mostly see this status when an email or text has already been sent to you by Interac for the completion of your Autodeposit registration.
- Under review: This is the status that appears when your Autodeposit registration details are under review. You can check back after some time to see an updated status.
- Expired: You will only see this status if you haven’t used your phone number or email to receive an Interac e-Transfer in the last 12 months. Simply delete the existing Autodeposit registration and register again to correct this status.
How Do I Cancel an EQ Bank e-Transfer?
You can easily cancel an EQ Bank e-Transfer from the bank’s online banking portal or the mobile app.
To cancel an EQ Bank e-Transfer from the banks banking portal, all you have to do is follow the steps below:
- Open your web browser and visit the EQ Bank website
- Sign in to your account
- Check the top navigation menu and select “Transfers”
- Choose “Interac-Transfers”
- Look at the side menu and select “Transfer activity”
- View all of your Interac e-Transfer activity
- Check for the transfer transaction that you want to cancel
- When you see it, click the arrow on the right side of the transfer amount
- Click “Cancel transfer”
- Follow the prompts
To cancel an Interac e-Transfer on your mobile app, follow the steps highlighted below:
- Open the EQ Bank mobile app and sign in to your account
- Check the bottom navigation menu and select “Transfer”
- Choose “Send Interac e-Transfer”
- Check the bottom of your screen for a floating button
- Tap on “Transfer activity” and you will see your Interac e-Transfer activity
- Tap on the transfer row and select the specific transfer transaction that you want to cancel
- Tap on “Cancel transfer”
- Follow the prompts
You should note however that you cannot cancel an Interac e-Transfer after a recipient has accepted it at their end.
EQ Bank e-Transfer Fees
Similar to other Canadian banks, EQ Bank currently offers FREE Interac e-Transfers to its customers.
This means you can send and receive as many e-Transfers as you want without paying any fees.
Apart from Interac e-Transfer, EQ Bank also offers free EFTs which simply means Electronic Funds Transfers.
The free EFTs can be used for moving money between EQ Bank accounts. It can also be used to transfer money from an EQ Bank account to any other linked account.
These FREE electronic money transfer options are probably the best way to move money around with EQ Bank.
EQ Bank e-Transfer Limits vs Other Canadian Bank’s Limits
Earlier in this article, I promised to compare the e-Transfer limits of EQ Bank with other popular Canadian banks.
Now that we are done discussing everything you need to know about the EQ e-Transfer limit, it is time to compare it with other Canadian banks.
The table below is a brief comparison of the EQ e-Transfer limit and that of other banks in Canada.
| Bank | 24-hour | 7-day | 30-day |
| EQ Bank e-Transfer limit | $3,000 | $10,000 | $20,000 |
| RBC e-Transfer Limit | Varies per client’s card | Varies per client’s card | Varies per client’s card |
| Tangerine e-Transfer limit | $3,000 | $10,000 | $20,000 |
| HSBC e-Transfer | $7,000 | $10,000 | $40,000 |
| Scotiabank e-Transfer limit | Varies per client’s card | Varies per client’s card | Varies per client’s card |
| BMO e-Transfer limit | $2,500 / $3,000 | $10,000 | $20,000 |
| CIBC e-Transfer limit | $3,000 | $10,000 | $30,000 |
| Simplii e-Transfer Limit | $3,000 | $10,000 | $30,000 |
| TD e-Transfer limit | $3,000 | $10,000 | $20,000 |
RELATED: TD e-Transfer limit
EQ Bank e-Transfer Limit: My Thoughts
It is obvious from the above table that the EQ Bank e-Transfer limit is more like an “industry” standard.
The limits set by EQ Bank on Interac e-Transfer seem to be fairly the same as that of other reputable Canadian banks.
For low-income earners, the e-Transfer limits will probably be okay. However, I would expect high-net-worth individuals to be uncomfortable with the limits.
FAQs on EQ Bank e-Transfer Limit
Does EQ Bank accept e-Transfers?
Yes, EQ Bank allows account holders to send and receive Interac e-Transfers for FREE.
Also, EQ Bank offers free EFTs or Electronic Funds Transfers for sending and receiving money.
How much can I e-Transfer with EQ Bank?
As mentioned above, you can send as much as $20,000 within a 30-day period via EQ Bank’s e-Transfer service.
Does EQ Bank have a minimum balance?
No, there are no minimum balance requirements with EQ Bank. This means you can open an account with EQ Bank without worrying about maintaining a minimum balance before your monthly fees will be waived.
Can I schedule recurring e-Transfer with EQ Bank?
Not at all. At the moment. EQ Bank does not offer any option of setting recurring E-Transfers on your account.
Who is EQ Bank backed by?
EQ Bank is the online-only subsidiary of the popular Equitable Bank. This means all the products and services provided by EQ Bank are backed by Equitable Bank which is one of the nine Schedule I banks in Canada.
