Interac e-Transfer is Canada's ubiquitous money-sending system — used for splitting bills, paying rent, receiving freelance income, and dozens of other everyday transactions. Most online banks include unlimited free e-Transfers. Some Big 5 banks charge $1–$1.50 per transfer on basic plans. Here's a complete comparison.
| Institution | e-Transfer Fee | Monthly Fee | Notes |
|---|---|---|---|
| KOHO | Free | $0 | Send and receive free; use code 45ET55JSYA |
| EQ Bank | Free | $0 | Unlimited sends and receives |
| Tangerine | Free | $0 | Unlimited on all accounts |
| Simplii Financial | Free | $0 | Unlimited on all accounts |
| Wealthsimple Cash | Free | $0 | Unlimited sends and receives |
| Motusbank | Free | $0 | Unlimited on chequing |
| Neo Money | Free | $0 | Included on base account |
| Institution | e-Transfer Fee (Basic Plan) | Free on Premium? |
|---|---|---|
| RBC | $1.00–$1.50 per transfer | Yes, on Signature/VIP plans ($30+/mo) |
| TD | $1.00–$1.50 per transfer | Yes, on All-Inclusive ($29.95/mo) |
| BMO | $1.00–$1.50 per transfer | Yes, on Performance ($30.95/mo) |
| Scotiabank | $1.00–$1.50 per transfer | Yes, on Ultimate ($30.95/mo) |
| CIBC | $1.00–$1.50 per transfer | Yes, on Smart Plus ($29.95/mo) |
Interac e-Transfer lets you send money directly from your bank account to another person using their email address or phone number. The recipient gets a notification and deposits the money into their account. Transfers typically complete within a few minutes for accounts with Autodeposit enabled, or within 30 minutes to a few hours otherwise.
All major Canadian banks and online banks support Interac e-Transfer. The difference is simply whether it's free or if there's a per-transaction fee.
Autodeposit automatically deposits incoming e-Transfers into your account without requiring you to answer a security question. It's faster, more convenient, and eliminates the risk of transfers expiring. Enable it in the settings of any bank account that supports it — all major online banks support Autodeposit.
While e-Transfers are free at online banks, there are sending limits per transaction and per day/week. Typical limits:
For large transfers (rent payments, property deposits, large purchases), check your institution's current limits. EQ Bank and Tangerine generally have higher limits than some smaller fintechs.
KOHO — instant, free, and the app makes it easy to track spending alongside transfers. Use code 45ET55JSYA to open free.
EQ Bank and Tangerine — both offer high per-transaction and daily limits suitable for large payments like rent or business invoices.
Any account with Autodeposit enabled works equally well. Simplii and Tangerine are popular choices for freelancers as full-featured free chequing accounts.
KOHO includes free unlimited e-Transfers with no monthly fee and no minimum balance. Use code 45ET55JSYA for a bonus when you sign up.
Open KOHO Free — Use Code 45ET55JSYAEvery major Canadian online bank includes free unlimited Interac e-Transfers. If you're paying per-transfer fees at a Big 5 bank, switching to any online bank eliminates this cost entirely. The move takes minutes and costs nothing.