Can e-Transfers be reversed?

No, e-Transfers can't be reversed once the recipient has deposited the funds in their bank account. If the recipient has registered for Autodeposit, this will happen straight away. But if the recipient has not set up Autodeposit and has not yet accepted the e-Transfer, you can cancel it through your bank's online or mobile banking platform.

Does an Interac e-Transfer automatically get returned to the sender if the recipient doesn't deposit it?

If the recipient does not deposit the e-Transfer in their bank account within 30 days, the sender will receive a notification informing them that the transfer has been declined. This notification will also provide the sender with the steps they need to take to reclaim the money.

Can you send an Interac e-Transfer internationally?

No, e-Transfers can be sent within Canada only. Interac does offer international transfer options through partnerships with participating financial institutions—National Bank customers can send money to over 20 countries with International Transfer by Mastercard and Interac, while customers at BMO and a small selection of credit unions can send Western Union money transfers via Interac e-Transfer. However, these payment options work differently to regular e-Transfers. If you want to send money to the USA or another international destination, you can send a bank transfer directly from your account. But if you want to get a better exchange rate and lower fees, it's worth checking out an online international money transfer service like Wise, Xe or Remitly.

How much does it cost to send an e-Transfer?

It depends on your bank and the type of account you have. Many chequing accounts now offer free e-Transfers, but not all do. Some accounts will charge a fee of around $1 - $1.50 for each e-Transfer you send, while others will only support a limited number of free e-Transfers per month.

What do I need to use e-Transfer?

To use e-Transfer you will need a Canadian bank account at a participating financial institution, access to online and mobile banking, and an email address and Canadian mobile phone number. You will also need the name, mobile phone number and/or email address of anyone you want to send money to.

Helen Champion, Writer at Finder

Helen Champion

Writer

Helen Champion was an associate editor at Finder. She has worked in communications for over 16 years and currently writes on a range of topics including insurance and money transfers in the hope of empowering people to make better financial decisions. During her broadcast career, she helped to produce hundreds of news and breaking news reports for Associated Press TV and ITV News. And in public relations, she managed several high-profile public relations campaigns for Macmillan Cancer Support, the General Medical Council and overseas for Qatar Foundation on behalf of BLJ Worldwide. Helen has a Bachelor of Arts in Journalism from the University of Lincoln, a passion for practising karate in the dojo and a deep love of making mischief with her sons.

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