How Does INTERAC e-Transfer Work In Canada?

Key Features About Interac e-transfer®

• Interac® was introduced in 1984 to establish Canada’s first electronic payment network.
• In 1998, Interac® Direct Payments launched, allowing Canadians to make purchases from money in their bank account at point-of-sale.
• In 2003, Acxsys Corporation announced a new money solution, Interac e-Transfer®, that helps Canadians transfer money electronically from one bank account to another.
• According to Interac® independent survey, approximately 88% of Canadians use Interac® e-Transfer for their day-to-day transactions.

What is Interac e-Transfer® in Canada

Interac e-Transfer® or Email Money Transfer (EMT) is the fastest, most secure Canada-owned money transfer facility. It enables Canadians to send and receive money directly from their bank account to another. It is similar to regular bank transfers but in an easier way.

Unlike bank transfer, where you need the recipient’s bank details, with Interac e-Transfer®, you need the fund receiver’s registered email address or phone. It is also a super-fast way to send and receive money without timing or day restrictions.

Is there an Interac e-Transfer fee?

Usually, Interac e-transfers are free of cost in Canada, but your financial institution might charge you a service fee. It depended upon your bank and account. The Interac e-Transfer fee from a personal account commonly charges $0.50 for each transfer up to $100 and $1-1.50 per transfer over $100.

Is there a limit on Interac e-transfers in Canada?

Yes, there are limits on how little or how much you can transfer the money through Interac e-transfer under a given period. Most of the banks in Canada allow a daily limit of up to $3,000, a weekly limit of up to $10,000, and a monthly limit of up to $20,000.

How do I increase my Interac e-Transfer limit?

In most cases, the banks allow the Interac e-Transfer limit up to $3,000 per day, but you can increase it by increasing your daily debit limit. Visit or speak with your bank about the options for increasing your transfer limits.

Can you send an e-transfer outside of Canada?

No, it is not possible to send an e-transfer outside of Canada. Interac e-Transfer only allows Canadians to send and receive money through their email or mobile phone number. You cannot send the money via e-transfer to someone who does not have a Canadian bank account and active online banking.

However, Interac® collaborates with Mastercard® and Western Union® to enable international money transfers, including United States (US), through some eligible banks. But remember that you might need to pay fees and require the recipient’s banking details to transfer funds.

How long does an e-transfer take to go through?

While Interac e-Transfer® is the fastest and most secure way of sending and receiving money, the timing of receiving from e-transfer depends upon the sender’s and receiver’s response. When the sender confirms the transfer and the receiver answers the security question, the funds are directly deposited into their bank account. Usually, e-transfers take 10-30 minutes to get the funds into the recipient’s account.

Can I get payday loans with e-Transfer in Canada?

Yes, it is possible to get e-transfer payday loans in Canada. CashCorner is one of the leading websites that can match you with hundreds of potential payday lenders that allow e-transfers. You need to follow the online process mentioned below:

Remember, CashCorner only deals with licensed and direct lenders who provide payday loans online with e-transfer funding. Ensure you have an online Canadian banking account with an active Interac e-Transfer facility to avoid any hassles.