Among the payment networks in Canada today, the HSBC Interac e-Transfer service stands out in terms of fast payment speed and relatively low cost.
For more than a decade now, many Canadians have been using Interac e-Transfers to move money around because of the convenience.
At the moment, Interac e-Transfer services can be accessed on the platforms of 250+ Canadian financial institutions.
One such financial institution is the HSBC Bank Canada.
This article covers everything you need to know about the HSBC Interac e-Transfer limit for sending and receiving money.
Read on for the details!
Photo credit: The Globe and Mail
Table of Contents
What is Interac e-Transfer?
It is one of the best electronic money transfer services currently available to Canadian residents.
Interac e-Transfer service was officially launched in 2003 to cater to the money transfer needs of individuals and businesses all over Canada.
In April 2022, more than 1 billion Interac e-Transfer transactions were recorded after tracking the last 12 months prior to that time.
Currently, the e-Transfer service is owned by Interac Corp but it is only accessible on the platforms of 250+ Canadian banks and financial institutions.
Each participating financial institution in Canada has different Interac e-Transfer limits and fees attached to each transaction on its platform.
To know the HSBC Interac e-Transfer limit for sending and receiving money, move on to the next heading below.
HSBC Interac e-Transfer Limit
There is a limit to how much you can send or receive via Interac e-Transfer with HSBC Bank Canada.
Like other traditional banks, HSBC Canada has different e-Transfer limits for the maximum amount you can send in a day, week or month.
Below is a table showing the maximum limits that apply when sending money via e-Transfers with HSBC Canada:
|HSBC e-Transfer Send Limit
Currently, HSBC Canada does not have a specified minimum amount for sending or receiving Interac e-Transfer.
Bear in mind that HSBC only allows customers to send a maximum of $7,000 per e-Transfer transaction at once.
Similarly, you can only receive a maximum of $25,000 per incoming e-Transfer transaction at a time.
How to Send Interac e-Transfer at HSBC
To send money from an HSBC account with Interac e-Transfer, you need to have one of the following:
- Access to the HSBC online banking platform with your security device
- Access to the HSBC Canada mobile banking app using your fingerprint/face ID or your digital security device password
Once you have any of the above, you can then proceed to send the e-Transfer to an existing contact by following these steps:
- Log on to your HSBC account using any of the above-mentioned access means
- Navigate to “INTERAC e-Transfer”
- Under the “Send Money” section, select the specific HSBC account to be debited for the transfer
- Select the Contact (i.e. the person) you are sending money to
- Enter the amount you wish to send
- Click on “Continue”
- Review the information you have entered and confirm the transaction
If you are sending money to a new person who is not on your list, follow the steps below to add the person to your contacts:
- Log on to your HSBC account online or via the mobile app
- Navigate to the “INTERAC e-Transfer” section
- Select “Contacts” on the online platform or Tap the three dots option “…” or “⋮” on the mobile app
- Click on “Add contact” on the online platform or tap the plus “+” sign on the mobile app
- Enter your new contact’s details
- Review the information you entered and save the contact
After adding a new person to your contact, you can send them money right away with the HSBC Interac e-Transfer service.
How to Receive e-Transfers with HSBC
If you have the Autodeposit feature enabled, money sent to you via Interac e-Transfers will be deposited automatically into your HSBC account.
In a situation whereby you do not have the Autodeposit feature activated, you have to answer a security question each time money is sent to you via e-Transfer.
Follow the steps below to receive e-Transfer funds into an HSBC account with no Autodeposit feature activated:
- Open the text message or email you received from Interac
- Click the link inside the text message or email
- Choose HSBC Canada as your bank and log on to your account
- Carefully follow the instructions and answer the security question attached to the transfer
How to Set up Autodeposit on an HSBC Canada Account
As mentioned earlier, the Autodeposit feature enables you to receive e-Transfer funds automatically without answering any security questions.
Here is a step-by-step process you can follow to activate the Autodeposit feature on your HSBC Canada account:
- Log on to your account via the HSBC mobile app or online banking platform
- Navigate to “INTERAC e-Transfer” and select “Autodeposit”
- Click “Register your details” on the online platform or click the “+” on your mobile app
- Enter your details in the appropriate boxes
- Read the “Important Information” text and accept by checking the box next to it
- Click “Confirm”
After clicking on “Confirm”, your Autodeposit activation request will be sent to INTERAC and you will be notified later.
Once INTERAC gets your request, you should be notified via text message or email to complete your Autodeposit registration in 24 hours. Follow the instructions in the email or text message.
HSBC e-Transfer Fee
HSBC is one of the few traditional banks in Canada that allows its customers to enjoy free Interac e-Transfer on certain accounts.
All HSBC chequing and savings accounts domiciled in Canadian dollars do not pay any Interac e-Transfer fee.
However, some HSBC accounts with a limited number of free transactions might be charged a fee for e-Transfers after the free transaction limit is exceeded.
HSBC e-Transfer Time of Processing
Money sent via Interac e-Transfer from an HSBC account should be delivered to the recipient within 30 minutes.
In a situation whereby the recipient has the Autodeposit feature enabled, the e-Transfer sent from your HSBC account should be deposited automatically into the recipient’s account.
If the recipient does not have Autodeposit enabled, he or she will have to wait for a text message or email notification from Interac to receive the incoming funds.
Upon getting the text or email, the recipient will then follow the instructions inside and also provide an answer to the security question you attached to the e-Transfer.
Sometimes, a short delay could happen in the process of waiting to get the email or text message notification at the recipient’s end.
Also, typo errors could cause you to send an e-Transfer from your HSBC account to an incorrect or misspelt email address.
If you are experiencing a delayed HSBC e-Transfer, please log on to your account again and check if you didn’t make a mistake in the information you entered.
How to Cancel HSBC e-Transfer
To cancel an Interac e-Transfer sent from an HSBC account, follow these steps:
- Log on to your account via the online banking platform or mobile app
- Navigate to “Interac e-Transfer”
- Select “Pending Interac e-Transfer” and search for the specific transaction you want to cancel
- Check under the available options to click “Cancel”
Bear in mind that you cannot cancel or retrieve money sent via HSBC e-Transfer to a recipient who has Autodeposit feature enabled.
Also, you can only cancel an e-Transfer that has not been received and deposited into a recipient’s account.
How to Request Money with HSBC e-Transfer
To request money via Interac e-Transfer on an HSBC account, follow these steps:
- Log on to your HSBC account
- Navigate to “Interac e-Transfer” and click on “Request Money”
- Select the contact you want to request money from
- Enter the amount of money and date
- Select which of your HSBC account to be credited when the funds come in
- Click on “Continue”
- Review the information you have entered
- Accept the “Important Information” by checking the box next to it
- Confirm your request
Immediately after the recipient fulfills your e-Transfer money request, your HSBC account will be credited with the funds.
You should also be notified about your e-Transfer request that was fulfilled.
Final thoughts on HSBC Interac e-Transfer Limit
At the moment, the HSBC Interac e-Transfer limit for sending money daily is relatively higher than that of many popular banks in Canada.
The same thing can also be said about the HSBC monthly e-Transfer limit for sending money.
It is even more interesting to know that customers can send and receive Interac e-Transfers for free with HSBC chequing and savings accounts.
Considering all these factors, the HSBC Interac e-Transfer service seems to be appropriate for Canadians looking to do multiple payments of up to $7,000 per day and $40,000 per month.
Does HSBC do Interac e-Transfer?
Yes, HSBC Canada offers a simple and well-secured Interac e-Transfer service. You can send and receive money or request funds via Interac e-Transfer by using the HSBC Canada mobile banking app or the online platform.
How much can you send with HSBC Canada e-Transfer in a day?
You can only send up to $7,000 CAD in a day or at once with the HSBC e-Transfer service. The bank currently has one of the highest daily e-Transfer send limits in Canada right now.
Is HSBC Interac e-Transfer for Canada only?
Yes, you can only send and receive Interac e-Transfers between HSBC Bank Canada and any other bank or financial institution within Canada. Interac e-Transfers cannot be used to send or receive money internationally.