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.

Sarah Neate, Publisher at Finder

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