Interac e-Transfer is a popular electronic money transfer service in Canada that allows users to send and receive funds through email or mobile phone.
While this service offers convenience and security, there are limits on the amount of money you can transfer and receive.
The Interac Corporation allows partner institutions to set their own limits, leading to the variation of e-Transfer limits.
Not only does the Interac limit vary per financial institution, but it also varies per user. As such, it’s essential to know the e-Transfer limit that applies to you at your financial institution.
This article will explore the Interac e-Transfer limits of the major banks in Canada.
Photo credit: Interac
Table of Contents
Overview of Interac e-Transfer
In 2023, Interac launched e-Transfer to allow Canadians to send and receive money through online banking and mobile phones.
Since its inception, Interac e-Transfer has become a preferred method of payment for many Canadians due to its convenience, low cost, security, and speed in processing transfers.
Here’s a summary of how Interac e-Transfer work:
- To use Interac e-Transfer, the sender needs to log in to their Canadian online bank account and select Interac e-Transfer.
- They will then need to enter the recipient’s email address or mobile phone number, specify the amount they want to send, and include a personalized message if they wish.
- The sender will then be prompted to set up a security question and answer that the recipient must answer correctly before they can access the funds.
- The recipient will receive an email or text message notification that the transfer has been initiated, and they will need to log in to their online banking account to accept the transfer and enter the correct answer to the security question. If the recipient has set up Interac e-Transfer Auto-deposit, they will receive the transfer directly into their bank account without providing a security answer.
- Once the transfer has been accepted, the funds will be deposited directly into the recipient’s bank account, usually within a few minutes.
Note that Interac e-Transfer is only available to Canadians with a Canadian bank account and an email address or mobile phone number.
Currently, over 250 Canadian institutions partner with Interac to provide their clients access to e-Transfer.
And because Interac Corporation allows partner institutions to set their own limits, there’s a great deal of variation in Interac e-Transfer limits.
Keep reading to learn about the Interac e-Transfer limits of the top banks in Canada.
Key Things to Know About Interac e-Transfer Limit
- The limits are set for daily, weekly, and monthly transfers.
- The limits vary depending on your financial institution and card limit
- Interac limits are set to reduce your risk in case of account compromise.
- Interac e-Transfer limits are lower compared to the limits of several transfer networks.
- The sending and receiving limits vary. In most cases, the receiving limit is higher than the sending limit.
- You can request up to $10,000 in a day from your contact via Interac e-Transfer.
- You can request a limit increase depending on your credit limit.
Interac e-Transfer Limits of Canadian Banks
The following is a highlight of the e-Transfer sending limits of some of the leading Canadian banks.
| Bank | Daily Limit | Weekly Limit | Monthly Limit |
| RBC | Depends on client’s card | Depends on client’s card | Depends on client’s card |
| BMO | $2,500 / $3,000 | $10,000 | $20,000 |
| TD | $3,000 | $10,000 | $20,000 |
| Scotiabank | Depends on client’s card | Depends on client’s card | Depends on client’s card |
| CIBC | $3,000 | $10,000 | $30,000 |
| HSBC | $7,000 | $10,000 | $40,000 |
| Desjardins | $5,000 | – | – |
| EQ Bank | $3,000 | $10,000 | $20,000 |
| Tangerine | $3,000 | $10,000 | $20,000 |
| Simplii | $3,000 | $10,000 | $30,000 |
Let’s now go into the details!
RBC e-Transfer Limit
RBC e-Transfer limit varies depending on the type of RBC account and the customer’s profile. So your exact RBC e-Transfer limit will depend on your card limit.
As with most financial institutions, you can initiate an e-Transfer through RBC Online Banking or the RBC Mobile app.
Call RBC at 1-800-769-2555 to learn about the e-Transfer limit that applies to you.
TD e-Transfer Limit
The following are the maximum e-Transfer send and receive limits at TD Canada Trust.
- 24 hours = $3,000
- 7 days = $10,000
- 30 days = $20,000
For a single transaction, the maximum limit is $3,000 at TD.
Learn more: TD e-Transfer Limit
BMO e-Transfer Limit
The following are the maximum e-Transfer send and receive limits at BMO.
- 24 hours = $2,500 / $3,000
- 7 days = $10,000
- 30 days = $20,000
Bear in mind that the above limit applies when you don’t exceed the limit of your BMO card. In other words, your BMO e-Transfer Limit depends on your card limit
So you can have lower than the above limits if you exceed your card limit.
Learn more: BMO e-Transfer Limit
Scotiabank e-Transfer Limit
Like RBC, Scotiabank e-Transfer limits are also tiered. The limits are determined by the limit of a Scotiabank client card.
As with other financial institutions, your Scotiabank e-Transfer limit will be lower if you exceed your card limit
That being said, Scotiabank allows you to send $25,000 at a time through e-Transfer. This is higher than the limits of most banks.
To know your exact e-Transfer limit at Scotiabank, you should request the ScotiaCard Banking Access Maintenance form or go to settings under “Managing your ScotiaCard” on your Scotia OnLine Banking account.
CIBC e-Transfer Limit
CIBC has a minimum e-Transfer limit of $0.01 per day. The maximum limits are highlighted below.
- 24 hours = $3,000
- 7 days = $10,000
- 30 days = $30,000
It is important to note that these limits apply to both incoming and outgoing Interac e-Transfer at CIBC.
Besides the above limit, you can also request $10,000 from your contacts in a day through CIBC.
Learn more: CIBC e-Transfer Limit
HSBC e-Transfer Limit
The award of the best e-Transfer limit in Canada usually goes to HSBC. This is because the bank allows its customers to send the following amount through e-Transfers:
- 24 hours = $7,000
- 7 days = $10,000
- 30 days = $40,000
Unlike other financial institutions, you can e-Transfer up to $7,000 at a time through HSBC.
That being said, HSBC has a maximum incoming e-Transfer limit of $25,000 per transfer.
Learn more: HSBC Interac e-Transfer Limit
Desjardins e-Transfer Limit
Next to HSBC is Desjardins. This bank has one of the highest daily e-Transfer limits at $5,000. This limit also applies per transfer.
Although Desjardins didn’t disclose its weekly and monthly e-Transfer limits. The daily limit shows that the bank has one of the highest limits.
To know your Desjardins e-Transfer limit, call them at 1-800-CAISSES (1-800-224-7737). If you reside in Montreal, call 514-CAISSES (514-224-7737).
That being said, you can receive a maximum of $25,000 per transfer at Desjardins.
Learn more: Desjardins Interac e-Transfer Limit
EQ Bank e-Transfer Limit
EQ Bank, one of the leading online banks in Canada also offers access to e-Transfer to its clients. The following are the maximum e-Transfer send limits at EQ Bank:
- 24 hours = $3,000
- 7 days = $10,000
- 30 days = $20,000
Like the above banks, EQ Bank also allows you to receive a maximum of $25,000 per e-Transfer.
Learn more: EQ Bank e-Transfer Limit
Tangerine e-Transfer Limit
Tangerine, another top online bank also has the same e-Transfer send limit as EQ Bank. The limits are highlighted below:
- 24 hours = $3,000
- 7 days = $10,000
- 30 days = $20,000
Unlike other financial institutions, Tangerine has disclosed its maximum e-Transfer incoming limit across different periods: The receiving limits are:
- 24 hours = $10,000
- 7 days = $70,000
- 30 days = $300,000
Learn more: Tangerine e-Transfer Limit
Simplii e-Transfer Limit
Simplii Financial, the online banking arm of CIBC, has the following e-Transfer outgoing limits:
- 24 hours = $3,000
- 7 days = $10,000
- 30 days = $30,000
As you can see, the Simplii e-Transfer limits are the same as those of its parent company (CIBC).
But one thing that sets Simplii apart from CIBC and other banks is that it doesn’t have an incoming limit. In other words, you can receive as much as you want through the Simplii e-Transfer service.
Learn more: Simplii e-Transfer Limit
FAQs on Interac e-Transfer Limit in Canada
Is there a limit on Interac e-Transfer?
Yes. There are outgoing and incoming Interac e-Transfer limits that are set by each partner financial institution.
How do I increase my Interac e-Transfer limit?
You can easily increase your Interac e-Transfer limit by increasing your card limit through your online or mobile banking app. However, you can also contact your bank to request a limit increase.
Can I increase my e-transfer limit to 10000?
It depends on your financial institution and credit limit. But your bank may allow you to request up to $10,000 in a day through your contacts.
How do I remove Interac limit?
You can’t remove the Interac limit. The limit is set to protect you and your financial institution against account compromise.
What is the 7-day limit for e-Transfer?
The 7-day e-Transfer limit varies per financial institution. But most banks allow you to send up to $10,000 within 7 days via e-Transfer.
