Interac e-Transfer Canada: The Complete Guide for 2025

Everything Canadians need to know about Interac e-Transfer — how it works, limits, fees, Autodeposit, and how to stay safe.

What Is Interac e-Transfer?

Interac e-Transfer is Canada's national digital money transfer service, operated by Interac Corp. It allows Canadians to send and receive money directly between bank accounts using only an email address or phone number. No account numbers or transit numbers are required, and transfers are typically received within minutes — though some can take up to 30 minutes during peak periods.

Interac e-Transfer processed over 270 million transactions annually and is supported by more than 100 Canadian financial institutions, including all major banks, credit unions, and digital banking apps like KOHO, EQ Bank, and Neo Financial.

How Interac e-Transfer Works

Step	What Happens
1. Sender initiates transfer	Logs into banking app, enters recipient email/phone, amount, and optional security question
2. Recipient notified	Recipient gets an email or text with a link to accept the transfer
3. Recipient accepts	Clicks link, answers security question (if set), selects destination account
4. Money deposited	Funds appear in recipient's account — usually within minutes

Interac Autodeposit

Autodeposit is a feature that automatically deposits incoming e-Transfers to your account without needing to accept each one or answer a security question. Once set up, any e-Transfer sent to your registered email is deposited instantly — no action required. This is the most convenient way to receive e-Transfers and eliminates the risk of missing a transfer notification.

To set up Autodeposit, go to your banking app's e-Transfer settings and register your email address. Most Canadian banking apps and all major banks support Autodeposit.

Interac e-Transfer Limits

Institution	Send Limit (per transaction)	Send Limit (daily)	Send Limit (weekly)
RBC	$3,000	$3,000	$100
TD	$3,000	$3,000	$100
Scotiabank	$3,000	$3,000	$100
KOHO	$3,000	$3,000	$100
EQ Bank	$3,000	$3,000	$100
Tangerine	$3,000	$3,000	$100

Limits vary by institution. Some banks offer higher limits for verified business accounts or clients with premium banking packages.

e-Transfer Fees

Many Canadian banks charge $1–$1.50 per e-Transfer on basic chequing plans. However, accounts with unlimited transactions (like Tangerine, Simplii, KOHO, and EQ Bank) include free unlimited e-Transfers. If you're paying per-transfer fees, switching to a no-fee account can save meaningful money — particularly for small businesses and landlords who send transfers frequently.

Interac e-Transfer Security Tips

• Use a security question and answer that the recipient already knows — never send the answer in the same message as the transfer notification
• Enable Autodeposit to avoid phishing attacks on the acceptance link
• Verify the recipient's email address before sending — e-Transfers sent to the wrong address are difficult to recover
• Be skeptical of anyone asking you to e-Transfer money as payment for an online marketplace purchase — this is a common fraud vector
• Cancelled e-Transfers take 30 minutes to expire before you can cancel; plan accordingly

e-Transfer vs. Wire Transfer in Canada

Feature	Interac e-Transfer	Wire Transfer
Speed	Minutes	1–3 business days
Typical Fee	$0–$1.50	$15–$45
Maximum Amount	$3,000–$100	No limit (bank-dependent)
International	No (Canada only)	Yes
Required Info	Email or phone number	Account + routing numbers

For everyday Canadian money transfers, Interac e-Transfer is the best option. Banking apps like KOHO include free unlimited e-Transfers with no monthly fee. Use code 45ET55JSYA to get a $20 bonus when you open a KOHO account.