Banking, Finance, Personal

RBC e-Transfer Limit For 2023

Interac e-Transfer is a popular money transfer service offered by several Canadian banks to their customers. Let’s explore the RBC e-transfer functions, and know-all.

With e-Transfer, users can transfer money securely and conveniently to other individuals or businesses within Canada. 

However, certain limits apply to e-Transfers across each partner financial institution. 

The limit varies depending on several factors, such as the type of account and credit limit. For instance, the limit for personal accounts may differ from that of business accounts.

The Royal Bank of Canada (RBC) is one of the banks in Canada that offers access to Interac e-Transfer to Canadians.

Understanding the RBC e-Transfer limit is essential in knowing how much you can send or receive through the bank.

In this article, we will dig deeper into the RBC e-Transfer limit, exploring how it works, processing time, and how you can increase it.

Now let’s get into the details!

Overview of Interac e-Transfer 

Before we look at the RBC e-Transfer limit, let us first have an overview of Interac e-Transfer.

Interac e-Transfer is a popular electronic money transfer service that allows users to send and receive money from their bank accounts to other individuals or businesses in Canada. 

The service is offered by Interac, a Canadian payment network that connects financial institutions across the country.

To use Interac e-Transfer, you need to have a Canadian bank account with online banking access. 

You can then log in to your online banking portal or mobile app, and select the Interac e-Transfer option. 

To send money, you need to provide the recipient’s email address or mobile phone number and specify the amount you want to transfer. 

The recipient will receive a notification via email or text message that they have been sent money. 

Interac e-Transfer is very fast and convenient, as the funds are usually available to the recipient within minutes of the transfer. 

There may be fees associated with using Interac e-Transfer, depending on your bank and account type. 

Therefore, you need to check with your financial institution to understand any fees or limits associated with the service before using it.

What is the RBC e-Transfer Limit?

So what is the RBC e-Transfer limit? The minimum amount you can e-Transfer via RBC is $0.01. 

However, the maximum limit is determined by your card limit. The higher your card limit, the higher your e-Transfer limit.

To learn more about the RBC e-Transfer limit, you can contact the bank at 1-800-769-2555

Alternatively, you can email the bank through their online message center or visit their nearest branch.

How to Check e-Transfer Limit at RBC

As stated above, your card limit determines your maximum RBC e-Transfer limit.

Therefore, to check your limit at RBC, you will first have to know your card limit. 

So how can you locate your card limit? To check your RBC card limit, all you have to do is follow the steps below.

  • First, you have to log in to your RBC banking portal.
  • After you log in, click on “My Service”.
  • Once you click on “My Service”, you will see your credit card limit. You will also see your RBC e-Transfer limit.

How to Send e-Transfer at RBC

The process of sending an e-Transfer is very straightforward. To send do this, all you have to do is follow the steps below:

  • Log in to your RBC mobile or online banking portal
  • Next, enter the “Accounts Summary” section
  • After that, click the “Quick Payments & Transfers” option
  • Select the account you intend to make the e-Transfer from
  • Choose the Interac e-Transfer option
  • Put the amount you intend to send
  • After, putting the amount, click on “Submit”
  • Read the terms and conditions
  • Once you are done reading them, click on “Continue” and you’re done 

That’s all from your end. RBC will take it from there and process the transfer to your recipient typically within 30 minutes or immediately if the recipients enabled auto-deposit.

How to Receive e-Transfer at RBC

As a recipient of e-Transfer at RBC, you’ll receive an email or text notification within half an hour of the transfer being sent. 

To receive the funds, you’ll need to correctly answer a security question included in the notification.

However, if you set up an auto-deposit for your RBC account, the transfer will be deposited directly without the need for a security answer. While auto-deposit can save you time and stress, it cannot be reversed. 

Another option is to request money from an Interac contact and have the funds directly deposited into your RBC account without needing to provide a security answer.

Can I Increase RBC e-Transfer Limit?

The short answer is yes. Your limit is linked to your client card limit, which means you can raise the limit by increasing your RBC card limit. 

Here’s how to do it:

  • Log in to your RBC Online Banking account.
  • Go to the “Accounts Summary” section.
  • Click “Daily Transaction Limits” under My Services.
  • Select “Edit Limits” to increase your limit.

However, if you don’t want to raise your client card limit, you can contact RBC to request an increase in your e-Transfer limit. This option may be safer since you won’t have to increase your liabilities just to raise the transaction limit.

To request an increase, either call an RBC representative at 1-800-769-2555 or visit one of their nearby branches to submit your request.

RBC Interac e-Transfer Fees

RBC stands out among financial institutions for offering Interac e-Transfer services with affordable fees.

Personal chequing accounts with RBC are exempt from Interac e-Transfer fees, meaning that customers can send, receive, and cancel e-Transfers without incurring any additional charges.

However, RBC does impose a low fee of $1 for every e-Transfer sent from a personal savings account, and $1.50 for Interac transfers initiated from a business deposit account.

In the event that an e-Transfer remains unclaimed beyond the 15-day cancellation period, RBC reserves the right to charge a $5 reclaim fee to the sender.

How Long Does it Take to Process e-Transfer at RBC e-Transfer? 

RBC’s e-Transfer processing time is similar to most financial institutions that partner with Interac. 

However, the duration of processing varies depending on whether you’re sending or receiving an e-Transfer. 

If you initiate an e-Transfer from your RBC account, the funds are immediately debited from your account. 

On the other hand, it may take up to half an hour for your recipient to get an email or text notification of the transfer. The recipient must claim the transfer within 30 days; otherwise, it will expire. 

But if your recipient has set up an auto-deposit, the transfer will be credited to their account within a few minutes or instantly. 

Similarly, if you request money from your contacts, the funds will be deposited directly into your RBC account within a few minutes or instantly.

Interac e-Transfer Limits of Other Canadian Banks  

Most banks in Canada establish a standardized e-Transfer limit applicable to all customers. 

By disclosing this limit publicly, prospective clients can get an idea of how much they can transfer or receive through e-Transfer.

The following is a highlight of the Interac e-Transfer limits of other prominent banks in Canada. 

Bank 24-hour e-Transfer Limit 7-day e-Transfer Limit 30-day e-Transfer Limit 
TD $3,000$10,000$20,000
BMO $2,500 / $3,000$10,000$20,000
Scotiabank Depends on client’s cardDepends on client’s cardDepends on client’s card
CIBC $3,000$10,000$30,000
HSBC $7,000$10,000$40,000
Tangerine Bank$3,000$10,000$20,000
EQ Bank  $3,000$10,000$20,000
Simplii Financial $3,000$10,000$30,000

Before leaving, check out the following detailed explanation of each of the above banks’ e-Transfer services.

FAQs on RBC Interac e-Transfer Limit

How do I upgrade my RBC e-Transfer limit?

You can upgrade your RBC e-Transfer limit by following the steps below: 

  • Log in to your RBC Online Banking account.
  • Go to the “Accounts Summary” section.
  • Click “Daily Transaction Limits” under My Services.
  • Select “Edit Limits” to increase your limit.

You can also do so by calling an RBC representative at 1-800-769-2555 or visiting one of the nearest RBC branches.

How long does a large e-transfer take RBC?

It can take between 2 to 3 business days to process a large e-Transfer at RBC. The actual processing time depends on several factors. 

Why is my RBC e-Transfer taking so long?

It could be due to a poor internet connection, a large transfer amount, and your recipient (their email or SMS system). Usually, transfers between RBC accounts are faster compared to transfers between RBC and other banks. 

How do I check if my RBC e-Transfer was received?

Follow the steps below to confirm if your RBC e-Transfer was received:

  • Login to your RBC Online Banking account
  • Navigate to the “Pay Bills & Transfer Funds” page
  • Click on “Payment History”
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About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

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