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Learn how to transfer money between banks

Within the same bank or to another bank, here's how to transfer money to another bank account.

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Banks are a great option for stashing cash and depositing your pay, but to transfer money from account to account or between banks, you need to consider account access, transaction fees and transfer limits. The good news is that most bank accounts offer easy access to Interac e-Transfers and mobile apps.

To help you choose the best option for your needs, here are the best ways to transfer money between banks in Canada, the best options for moving money between accounts and low-fee options for sending money internationally.

How to transfer money between banks in Canada (domestic transfers)

  • Estimated time: Immediately – 2 business days
  • Fee: None or usually a small fee

There are plenty of reasons why you might need to transfer money to another Canadian bank account. These include transferring money to someone else, buying something, paying bills, paying rent, paying off your credit cards and transferring funds from your chequing account into your savings account at another institution.

It’s easy to send money anywhere in the country – and in many cases, it’s free to transfer money between banks. However, a bank-to-bank transfer in Canada uses a different process than an account-to-account transfer of money.

Steps for how to transfer money from one bank to another bank?

It’s easy to transfer money from one bank to another bank via online or mobile banking. You’ll need to:

  1. Log into your account and select “Send money” (or similar)
  2. Enter your recipient’s name and bank account or personal details
  3. Enter the amount of money you want to send
  4. Review the details of the transaction
  5. Complete the transfer

Options for how to transfer money between banks:

  • Interac e-transfer (through email or text message)
  • Online banking portal (using your bank’s bill pay feature)
  • Bank or wire transfer in person, by phone or online
  • Mobile banking app
  • Direct deposit
  • Cheques

Information you might need:

  • Recipient’s name
  • Recipient’s account number
  • Institution, routing and branch number of recipient’s bank
  • Transfer amount
  • Memo or message identifying what the funds are for

How does transferring money between banks in Canada work?

In Canada, each bank must communicate with each other using the CDX network, an external network that allows for private, encrypted data to pass from one secure site to another.

As a result, the process is actually far more complicated than transferring money from one account to another within the same bank and, as a result, it can take a bit longer.

How to transfer money to another account within the same bank

  • Estimated time: Immediate or less than 1 business day
  • Fee: None

Whether you’re transferring money between your own accounts or sending money to someone else with the same bank, it’s easy – and usually free – to make transfers to other accounts within the same bank. The transaction is made on the bank’s internal network and servers.

Since transfers within the same bank don’t require much by way of external resources, they’re usually free (or low cost) and quick. Transactions are usually completed immediately or overnight — but in the meantime, your account will be debited for the amount you send and the recipient will be credited for that amount.

Options for how to transfer between accounts within the same bank:

  • Interac e-Transfer (through email or text message)
  • Mobile banking app
  • Online banking portal (using your bank’s bill pay feature)
  • Cheque
  • Bank or wire transfer in person or by phone

Information you might need:

  • Recipient’s name
  • Recipient’s email address (for Interac e-transfer)
  • Recipient’s bank account number (for bill pays or wire transfer)
  • Transfer amount
  • Memo or message identifying what the funds are for

Best chequing accounts with free e-Transfers

Simplii No Fee Chequing Account

Earn $400
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
The fully digital Simplii No Fee Chequing Account comes with no monthly account fee, no transaction fees, no e-Transfer fees, no minimum deposit requirements and a chance to earn interest on your account balance, and a debit card. Plus, pair Simplii No Fee Chequing Account with a no-fee Simplii High Interest Savings Account and you can earn more on your savings.
  • Earn a welcome bonus of up to the $400
  • Enjoy unlimited free transactions and e-Transfers
  • $0 monthly account fee
  • Earn 0.01% to 0.1% interest on your balance
  • $0 minimum deposit requirements
  • Possible referral bonus
  • Simplii is an online only provider
  • You can only earn the welcome bonus if you're a new Simplii customer
  • Residents of Quebec cannot open a Simplii account
Min. Age 18
Min. Age Teen Account 12
Account Fee $0
Overdraft Fee $4.97
ATM Out-of-Network Fee $1.50
International ATM Fee $3

BMO Performance Chequing Account

Earn $600
Bonus Offer
$16.95
Monthly Account Fee
unlimited
Free Transactions
The BMO Performance Chequing Account is one of BMO's most popular chequing accounts. It offers unlimited free transactions and e-Transfers, and a generous welcome bonus (if you meet certain criteria).
  • Unlimited transactions
  • Access to a vast network of ATMs and bank branches
  • BMO offers a full suite of other banking products
  • The monthly account fee will be waived if you maintain a minimum monthly balance of at least $4,000.
  • Option to sign up through the BMO NewStart Program for additional perks
  • $16.95 monthly fee (unless fee-waive conditions are met)
  • International transfer fees
  • Fee for overdraft protection
Min. Age 18
Min. Age Teen Account 13
Account Fee $16.95
Youth Account Fee $0
# of Accounts Included 20
Overdraft Fee $5
ATM Out-of-Network Fee $2
U.S. ATM Fee $5
International ATM Fee $5

Scotiabank Preferred Package

Earn $400
Bonus Offer
$16.95
Monthly Account Fee
unlimited
Free Transactions
The Scotiabank Preferred Package comes with $0 transactions, $0 Interac e-Transfers and a generous welcome bonus. The monthly account fee is $16.95, but this is waived with a minimum balance of $4,000+. Earn up to 6.05% interest for 3 months on your MomentumPLUS Savings Account.
  • Earn a welcome bonus of up to $400. Earn $350 when you complete two banking steps, earn $50 when you open a new RRSP or TFSA and set up and maintain a recurring pre-authorized contribution of at least $50 for a minimum of 3 months. Valid until July 31, 2024.
  • Get unlimited transactions
  • $0 e-Transfers
  • The monthly account fee will be waived if you have at least $4,000 in your account at all times.
  • Monthly fee of $16.95
Min. Age 16
Account Fee $16.95
Overdraft Fee $5
ATM Out-of-Network Fee $2
U.S. ATM Fee $3
International ATM Fee $5

RBC Signature No Limit Banking Account

Get Apple Watch Series 9
Bonus Offer
$16.95
Monthly Account Fee
unlimited
Free Transactions
The RBC Signature No Limit Banking Account is one of RBC's most popular chequing accounts. It comes with unlimited transactions and a host of other perks for a monthly fee. Notable benefits include free bank drafts, personalized cheques, rebates on basic credit card fees and no monthly overdraft fees. You'll also get free Interac e-Transfers and reimbursements for non-RBC ATM fees, up to a monthly limit.
  • Get unlimited debit transactions
  • Non-RBC ATM rebates
  • $0 Interac e-Transfers
  • Credit card fee waivers
  • Earn RBC Avion points
  • Overdraft protection.
  • Monthly fee of $16.95
  • Caps on certain perks
Min. Age N/A
Account Fee $16.95
ATM Out-of-Network Fee $2

Other chequing account options:

Best savings accounts with free e-Transfers

Simplii High Interest Savings Account

6%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The Simplii High Interest Savings Account earns a high promo rate of 6% interest for 5 months (and 0.4% thereafter). With a $0 account fee and $0 transactions, you can look forward to saving more of your hard-earned money.
  • $0 account fee
  • $0 transactions
  • High promo interest rate of 6% interest for 5 months (and 0.4% thereafter)
  • $125 refer a friend bonus
  • Well-developed online platform and mobile app
  • No option for face-to-face service
  • Low ongoing interest rate after the promo ends
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $45

EQ Bank Personal Account

4%
Interest Rate
$0
Account Fee
$0
Transaction Fee
Earn 2.50% - 4.00% interest with an EQ Bank Personal Account. Enjoy zero everyday banking fees, free transactions and no minimum balance. Plus, you can also apply for a Joint account if you're looking to save with your partner or family.
  • $0 account fee
  • $0 transactions
  • $0 Interac eTransfers
  • Earn 2.50% - 4.00% interest on your balance
  • No physical branches for in-person service
  • Some standard banking features not available such as overdraft protection and the option to have paper statements
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0

Neo Money Account

4%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The highly-rated Neo Money account and mobile app from Neo Financial makes it easy to manage your account anytime, anywhere. With a high interest rate of 4%, the Neo Money Account provides solid returns on your savings. Enjoy a $5 bonus, $0 annual fees, no minimum balance requirement and free transactions.
  • Comes with free Neo Money Card for transactions
  • $0 account fee
  • $0 transactions
  • No minimum balance
  • No physical branches for in-person service
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0
International ATM Fee $0

KOHO Earn Interest

Up to 5.0%
Interest Rate
$0
Account Fee
$0
Transaction Fee
KOHO Earn Interest is not only a savings account – you can also get a prepaid card and earn cashback on your purchases. Opt into earning interest and earn up to 5.00% on your balance.
  • $0 account fee
  • $0 transactions
  • $0 Interac eTransfers
  • Earn cashback on purchases
  • Earn up to 5% interest
  • Must opt-in to a monthly plan to earn higher interest
  • KOHO doesn't offer many other standard banking products
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0
Dive deeper KOHO Save review

Scotiabank MomentumPLUS Savings Account

6.05%
Interest Rate
$0
Account Fee
$5.00
Transaction Fee
The Scotiabank MomentumPLUS Savings Account offers a high interest rate - especially if you take advantage of the promo rate. Earn a savings rate of up to 6.05% for 3 months. Plus, enjoy free unlimited transfers between Scotiabank accounts.
  • $0 account fee
  • Earn 6.05% for 3 months, 1.3% thereafter interest on your deposits
  • $0 Interac eTransfers
  • You’ll get an additional load of interest at regular intervals within your first year.
  • $1.50 out-of-network ATM withdrawal fee
  • It takes some time to earn a higher interest rate with this tiered interest rate account
Min. Age 18
Account Fee $0
Transaction Fee $5.00
Interac e-Transfer Fee $0

Mydoh Smart Cash Card

$0
Monthly Fee
$0
Transaction Cost
N/A
Rewards
The Mydoh spending app is not a traditional bank account, but the Mydoh app and Visa Debit card offers an instantaneous and interactive way for teens to learn about cashless transactions and the importance of budgeting. With Mydoh, teens get a spending account attached to a Visa Debit card. Parents can assign their teenagers tasks to complete or simply fund their teen's Mydoh spending account. Teenagers can then use the debit card to make online or point-of-sale digital purchases. Instantaneous account feedback helps teenagers learn the importance of budgeting and smart money management. The family app allows parents and up to five teens or kids to share one account at a low monthly fee of $0.
  • Parents set up and monitor the account
  • Helps keep track of tasks and chores
  • Dedicated Visa Debit card for your kid
  • Backed by RBC, a major Canadian bank
  • 30-day free trial (for new subscribers)
  • Kids cannot deposit cheques or cash into their Mydoh account
  • Kids cannot withdraw or deposit using ATMs
  • Additional monthly fee of $0 (but includes up to five youth or kids' accounts under one plan)
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 2.5%
Monthly Fee $0
Minimum Age 18
Minimum Age Teen Account 4
# Included Account 5
Rewards N/A

The methods for transferring money in Canada are relatively the same, whether it’s from account to account or bank to bank. To help you decide what transfer method is best, here’s a breakdown of how some of these most popular money transfer methods work.

Bank or wire transfer

Before e-transfers bank or wire transfers were one of the most common ways of sending money, domestically. Wire transfers can be done at a branch, by phone or online and will generally require the recipient’s name and address as well as the person’s bank account number, financial institution number and branch transit number.

Sending money with this method is easy and often takes less than 24 hours to complete but often comes with hefty fees. To learn more, read the Finder guide on bank wire transfer fees.

Mobile banking app

You can make transfers through your mobile banking app. In most cases, you’ll open the app on your phone and select the “transfers” or “pay bill” option. From there, you’ll select the type of payment you’d like to make and enter all the necessary information. Depending on the method you use, here’s what you might need for the initial setup: recipient’s name, bank account number, financial institution number and branch transit number.

Interac e-Transfer

A popular, super quick and easy way of transferring money is through email money transfer, known as an e-Transfer. Almost all banks and credit unions in Canada partner with Interac to offer Interac e-Transfers, which allows customers from the same or different banks within Canada to send money to each other’s accounts, usually within 12 hours or less. Currently, there are over 250 financial institutions in Canada that offer Interac e-Transfers, including:

  • TD Canada Trust
  • Scotiabank
  • CIBC
  • RBC
  • BMO
  • Simplii
  • National Bank
  • Tangerine
  • First Nations Bank
  • WealthOne Bank
  • Coast Capital Savings
  • Meridian Credit Union
  • Servus Credit Union Ltd.
  • Assiniboine Credit Union
  • Steinbach Credit Union
  • Vancity Credit Union
To send an Interac e-transfer simply:

1. Login to your online banking service or mobile banking app

2. Navigate to the link for transferring money

3. Select Interac e-Transfer from the options listed

4. Fill in the fields and select “send”

Unlike a regular transfer or bill pay, you’ll only need the following information handy: recipient’s name, email address or phone number. Recipients can set up Auto-deposit so that funds will be deposited immediately without needing to be manually accepted as per usual. In addition to sending funds with Interac e-Transfer, you can also request funds. Once the request is fulfilled and the sender has the funds, he or she will receive a notification to go ahead and initiate the transfer.

How to transfer money between banks internationally: International money transfers

International money transfers are a bit more complicated than sending money within the country, but you still have a number of different methods to set up international money transfers. Most of these methods will charge a fee to either the sender or recipient — sometimes both. The time frame for international money transfers can also vary depending on which method you use — anywhere from a day up to 14 business days.

International wire transfer

International wire transfers are not much different than domestic transfers, but they may require a bit more information. To get started, visit your local bank branch and ask for a wire transfer request form. In order to fill it out, you’ll most likely need:

  • Your bank account and contact information
  • Amount to be transferred
  • The recipient’s contact information
  • Swift code or IBAN number of their bank
  • Recipient’s bank account, institution and routing or transit numbers

Once the form is complete, you can return it to your bank, pay the fee and your money will be on its way.

International bank draft

International bank drafts are essentially more secure cheques that are accepted in most countries around the globe. With a standard cheque, there’s no guarantee that there’s enough money in the sender’s account to complete the transaction, as the funds aren’t withdrawn until the cheque clears.

With bank drafts, the sender pays for the transfer up front and the funds are withdrawn from the bank’s account, making it a much more secure way to send money. While it’s easy to send an international bank draft, there’s almost always a fee and it can take weeks to complete the transaction.

You can get started by visiting your local branch and asking to send an international bank draft. All you’ll need is the amount to be sent and a way to fund the transfer, along with the recipient’s name and address.

International money transfer service

There is a slew of international money transfer services out there that are specifically designed to help you send money across the globe. These services can take anywhere from a few seconds to a few days for your recipient to get the funds. The transfer speed usually depends on how you’re funding the transaction, your recipient’s location and how they plan on receiving the money.

Depending on the service you choose, transfers can usually be funded by:

  • Bank transfer
  • Cash
  • Debit card
  • Credit card

And then there are multiple ways for the recipient to access the money you send, including:

  • Directly to their bank account
  • Directly to their mobile wallet
  • For pickup at an agent location

Fees will vary by the money transfer specialist you choose and usually depend on where the money is being sent, the currency you’re sending, how the transfer is funded and how the recipient will receive the money.

Compare international money transfer services

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$100 1 - 2 days CAD 0.00 0.719 USD
1,437
Send money without fees and at competitive exchange rates to 130+ countries. Go to site Show details
CAD 10 Within an hour CAD 1.99 0.721 USD
1,440
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
CAD 50 Within an hour CAD 15.00 0.723 USD
1,436
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
CAD 1 1 - 2 days CAD 18.00 0.727 USD
1,441
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
CAD 10 Within an hour CAD 0.00 0.727 USD
1,454
Send money in CAD to Africa on this blockchain and P2P powered provider. Go to site Show details

Bottom line

Thanks to new technology and innovative services, you can easily transfer money between banks in Canada. Whether you need to reimburse a friend or pay bills, transferring from one bank to another takes just a few simple steps

How to transfer money between banks in Canada FAQs

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