Whether you are an existing Simplii client or want to open an account with the bank, knowing its e-Transfer limits it’s essential.
As the cost of money transfers varies across different networks, you want to use a low-cost transaction network. For many Canadians, the solution is Interac e-Transfer.
Since the emergence of Interac e-Transfer in 2003, Canadians started enjoying an alternative money transfer service that’s not only cheap but fast and convenient.
The challenge is that not all financial institutions that support Interac e-Transfer have the same limits, fees and terms.
As such, choosing a bank with favourable Interac e-Transfer service is the right thing to do. Even if you’re an existing Simplii client, the Interac e-Transfer terms alone could turn you off.
What are the Simplii e-Transfer limits? Can you increase the limits? What does it cost to use e-Transfer at Simplii Financial?
These are some of the critical questions that this article seeks to answer. The article will take a step further to compare Simplii e-Transfer service with other financial institutions in Canada.
There we go!
Table of Contents
About Interac e-Transfer
Launched in 2003, Interac e-Transfer is a money transfer network that is available at about 300 financial institutions in Canada.
What makes Interac e-Transfer special is that it allows Canadians to transfer money within Canada electronically using just the email address or mobile number of a recipient.
The recipients will receive the transfer notification within 30 minutes and claim it upon providing an accurate security answer that was set by the sender.
If a recipient activated autodeposit, the e-Transfer will land in their account automatically within 30 minutes of sending.
The money transfer network serves as an alternative transaction tool for many Canadians due to its unique features. Some of the unique features of Interac e-Transfer include:
- Low/zero fees
- Fast processing
However, your experience with the Interac e-Transfer network depends on the financial institution you operate with.
While some financial institutions eliminate fees for using e-Transfer, other institutions charge varying fees for sending, receiving and cancelling e-Transfers.
Another major difference lies in the Interac e-Transfer limits of the financial institutions offering the e-Transfer service.
The daily, weekly, and monthly limits of these institutions vary considerably on both personal and business accounts.
In the following section, we shall examine the Simplii Interac e-Transfer limits for outgoing and incoming transfers.
Simplii e-Transfer Limit: The Outgoing and Incoming Limits
Like other financial institutions, Simplii Financial has a minimum and maximum limits per daily, weekly and monthly outgoing e-Transfers.
While the minimum limit is $0.01 for daily, weekly and monthly e-Transfers at Simplii, the maximum limits vary per time frame.
Below are the maximum Interac e-Transfer limits at Simplii Financial
- $3,000 within 24 hours
- $10,000 within 7 days
- $30,000 within 30 days
The above limits are common among several financial institutions in Canada. Notwithstanding, some financial institutions have lower limits while others have higher limits than Simplii.
On the other hand, Simplii doesn’t have a limit on incoming e-Transfers. This is commendable because some financial institutions have both outgoing and incoming e-Transfer limits.
Besides the above limits, Simplii also allows you to request up to $10,000 at a time through e-Transfer. You can make up to 200 requests at a time.
How to Check Your Simplii Interac e-Transfer Limit
The Interac e-Transfer limits are fixed and are applicable to all Simplii Financial accounts.
What this means is that all Simplii Financial clients have the same e-Transfer limit. This is unlike other financial institutions that set the limit based on clients’ cards.
Since Simplii Financial has a fixed Interac limit, it has disclosed the limit for all to see under this page.
How to Increase Simplii e-Transfer Limit
Even though the Simplii e-Transfer limits are common to the limits of most financial institutions in Canada, the limits may fall short of your needs.
If you make frequent transactions or want to transfer large amounts, you may find the e-Transfer limits of Simplii to be limited.
But the thing is, all financial institutions under the Interac e-Transfer network seek to limit their risks and clients’ risks by offering a sizable limit.
So since Simplii e-Transfer limits are fixed and not based on your credit card limit, increasing the limit could require a great deal of negotiation.
To negotiate for your Simplii, you can email their representative at [email protected] or call them using this phone number 1-888-723-8881
How to Send e-Transfer at Simplii Financial
As with other financial institutions, you can send e-Transfer at Simplii through your mobile or mobile banking account. The process is straightforward as highlighted below:
- Login to your Simplii online or mobile banking account
- Click on “Interac e-Transfer” under the menu
- Click on “Send Money”
- Choose a contact from your existing contact or add a new one
- If you have more than one Simplii account, choose the account you want the money to be deducted from
- Enter the amount you want to transfer
- Indicate whether you want the transaction to be recurring or a one-time
- Choose a notification type (email or text)
- Create a message or note (optional)
- Click on “Continue”
- Create a security question and answer that your recipient must respond to claim the transfer (provided they didn’t activate autodeposit)
- Review your details and click the “Continue” button
To ensure your recipient claims the fund, you need to inform them about the security answer. If your recipient has set up Interac e-Transfer Autodeposit, you don’t have to worry about the security answer as the funds will arrive in their account automatically.
How to Receive e-Transfer at Simplii Financial
If you’re the recipient of e-Transfer at Simplii Financial, you need to check your email or mobile SMS app within 30 minutes for notification.
When the notification arrives, it will contain information such as the sender name, transfer amount and security question.
You’re to respond to the security question correctly to claim the fund. You will have three attempts to do so. If you fail to provide the correct answer after three attempts, the transfer will cancel automatically.
Consequently, your sender will be notified to cancel the e-Transfer. The fortunate thing is that Simplii doesn’t charge cancellation fees, unlike other institutions.
That being said, there’s no process involved in receiving an e-Transfer if you activate autodeposit. The funds will automatically land in your account within 30 minutes or less.
How to Activate Autodeposit For Simplii e-Transfer
To save the stress of providing a security answer when receiving e-Transfer, all you need is to set up Interac e-Transfer Autodeposit.
With this, you will receive the e-Transfer automatically in your Simplii account. Another benefit of the autodeposit feature is that it helps you access e-Transfer faster.
That being said, below is the step-by-step process on how to set up Interac e-Transfer Autodeposit at Simplii Financial:
- Log in to your Simplii online banking or mobile banking account
- Navigate to the “Interac e-Transfer” section
- Click on “Autodeposit e-Transfer Settings”
- Type the email address or Canadian the mobile number you want to set up the autodeposit with
- If you have more than one Simplii account, choose the account you want deposits to be automatically sent to
- Verify the information you entered
- Click on “Confirm”
- A verification message will be sent to your email or text, click “Complete registration” to activate the autodeposit
How Long Does it Take to Process e-Transfers at Simplii?
Simplii doesn’t have a different processing time for e-Transfers. The processing time is the same as those of other financial institutions.
How long it takes to send or receive e-Transfer at Simplii depends on whether you or your recipient activates autodeposit.
If you do, then you will receive the e-Transfer instantly or within 30 minutes without any action from you.
But if you or your recipient didn’t activate autodeposit, it will take up to 30 minutes to receive an email or text notification about the transfer. You or your recipient can then provide the required security answer to claim the fund.
In some cases, it can take more than 30 minutes to receive the e-Transfer notification. This could be probably due to Internet speed, transfer size, or you/your recipient’s email system.
Simplii Interac e-Transfer Fees
As noted earlier, each financial institution that offers Interac e-Transfer services charges varying fees.
Simplii falls under the category of institutions that offer free access to e-Transfer services.
The bank doesn’t charge fees for sending, receiving or cancelling e-Transfers with it.
However, it charges a $3.50 fee for stopping e-Transfers. Of course, this fee is avoidable and it doesn’t exist on autodeposit e-Transfers.
How Simplii e-Transfer Limits Compare
Simplii Financial shares several similarities with most financial institutions in terms of Interac e-Transfers.
Notwithstanding, the bank differs in some respect from other financial institutions in terms of limits and fees.
Let’s take a brief look at the personal account Interac e-Transfer limits of other top financial institutions in Canada.
CIBC e-Transfer Limits
The Canadian Imperial Bank of Commerce (CIBC) has the same Interac e-Transfer limits as Simplii Financial.
This is not surprising since Simplii is the digital banking subsidiary of CIBC.
With CIBC, you can send $3,000 within 24 hours, $10,000 within 7 days and $30,000 within 30 days.
The above limits apply to both outgoing and incoming e-Transfers at CIBC.
Like Simplii, CIBC also allows you to request up to $10,000 at a time from your contacts.
However, Simplii has lower e-Transfers fees than CIBC. This is understandable given that Simplii operates entirely online while CIBC has physical branches. So their operational costs vary.
While Simplii doesn’t charge for sending, receiving, cancelling or requesting e-Transfers, CIBC charges fees for sending, cancelling and requesting e-Transfers.
Although CIBC doesn’t charge outgoing e-Transfer fees on the following accounts:
- CIBC Smart Plus Accounts
- CIBC Smart Accounts
- CIBC Advantage for Youth
- CIBC Smart for Seniors
- CIBC Smart for Students
- CIBC Advantage for Students
Learn more: CIBC e-Transfer Limit
BMO Interac e-Transfer Limits
The Bank Of Montreal (BMO) allow individuals to send e-Transfers within the following limits:
- $2,500 or $3,000 within 24 hours
- $10,000 within 7 days
- $20,000 within 30 days
Unlike Simplii, the BM Interac e-Transfer limits are set according to the credit/debit card of each client.
While BMO charges a cancellation fee of $5, it offers unlimited free Interac e-Transfer service through BMO Everyday Bank Plans.
Learn more: BMO e-Transfer Limit
TD Interac e-Transfer Limits
The Toronto Dominion Bank (TD) of Canada has the same Interac e-Transfer limits as Simplii on daily and weekly transactions.
That’s $3,000 within 24 hours and $10,000 within 10 days. However, Simplii allows you to send up to $30,000 within $30 days. This is relatively higher compared to TD’s $20,000 limit within the same duration.
Unlike Simplii, TD charges between $0.50 to $1 for sending e-Transfers and a $3.50 fee for cancelling e-Transfers.
Although TD waives e-Transfer fees on selected accounts such as:
- TD Every Day Chequing Account
- TD Unlimited Chequing Account
- TD All-Inclusive Banking plan
- TD Wealth Private Banking Account
- TD Student Chequing Account
Learn more: TD e-Transfer Limit
Scotiabank Interac e-Transfer Limits
The Interac e-Transfer limits and fees of Scotiabank differ considerably from those of Simplii Financial.
One thing to note is that Interac e-Transfer limits are not fixed on Scotiabank, they are determined by the cards of clients.
That being said, Scotiabank clients can send up to $25,000 via e-Transfer. Remember the maximum outgoing e-Transfer limit is $30,000 at Simplii.
When it comes to fees, Simplii also outshines Scotiabank as it doesn’t charge any fee except fees for stopping transfers.
On the other hand, Scotiabank charges a $1 fee for every Interac e-Transfer. It’s worth noting that Scotiabank doesn’t also charge cancellation fees.
RBC Interac e-Transfer Limits
The Interac e-Transfer limits at the Royal Bank of Canada are also determined by the credit cards of clients.
This is unlike Simplii Financial which sets fixed limits for all bank account holders.
When it comes to Interac e-Transfer fees, RBC doesn’t charge any on most of its bank accounts.
EQ Bank Interac e-Transfer Limits
EQ Bank and Simplii Financial are both online banks that operate at different speeds.
While both banks have the same daily and weekly limits, their monthly limits vary. Simplii has a $30,000 limit per 30 days while EQ Bank has a $20,000 limit within the same duration.
But like Simplii, EQ Bank doesn’t charge its clients fees for sending and receiving Interac e-Transfers.
Learn more: EQ Bank e-Transfer Limit
The Interac e-Transfer service of Simplii Financial underscores the benefits of digital banks over traditional banks.
As shown above, most of the traditional banks charge varying e-Transfer fees while Simplii only charges an avoidable stoppage fee of $3.50.
Given that the Simplii e-Transfer limits fall among the common limits out there, you can’t go wrong with them.
But if you’re looking for higher limits, then you have to explore other financial institutions such as Desjardins that allow you to send up to $5,000 within 24 hours via e-Transfer.
Hopefully, now you’re more informed about the Simplii Financial e-Transfer limits and can take a smart step from here.
Before leaving, kindly check out our blog section for more information about the Canadian financial industry.