It’s easy to transfer money from one bank to another in Canada. So easy, in fact, that there are 10 different ways to do it.
But the best way to transfer money between banks depends on whether you’re looking to send a fast transfer, a cheap transfer, a large transfer or even pay a bill. Keep reading for step-by-step instructions on the 10 ways you can transfer money from one bank to another, and to compare the fees, limits and processing times that apply.
e-Transfers offer a quick and secure way to transfer money to another bank account in Canada. But rather than providing your recipient’s bank account details to send a transfer, all you need is their name as well as their email address or phone number. If they have a bank account with a financial institution that also supports e-Transfers, you can get the money to them almost instantly.
No, not all financial institutions in Canada let you send and receive Interac e-Transfers, but most do. Over 250 financial institutions support e-Transfers, including all major banks and most credit unions. Check with your bank to find out if e-Transfers are available, or check the list of supported financial institutions on the Interac website.
| Account name | Free Interact e-Transfers | Account fee | Get started |
|---|---|---|---|
| BMO Performance Chequing Account | ✅ | $17.95 per month (can be waived) | |
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| Scotiabank Preferred Package | ✅ | $16.95 per month (can be waived) | |
|
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+ Get a $100 digital Visa Card when you open a Scotiabank Preferred Package online through Finder. Become a Finder Member in seconds for free to claim your reward. Offer ends November 30, 2026. T&Cs apply. | |||
| EQ Bank Personal Account | ✅ | $0 | |
| Coast Capital Unlimited Chequing Account | ✅ | $8.50 per month (can be waived) | |
| Tangerine No-Fee Daily Chequing Account | ✅ | $0 | |
| Simplii No Fee Chequing Account | ✅ | $0 | |
| RBC Signature No Limit Banking Account | ✅ | $16.95 per month (can be waived) | |
| TD Unlimited Chequing Account | ✅ | $17.95 per month (can be waived) | |
| National Bank The Connected Chequing Account | ✅ | $15.95 per month (can be waived) | |
Bill payments provide a secure, electronic way to pay utility bills and other essential costs. It’s easy to add a new payee to your account via online and mobile banking, so their account details are ready to go every time you need to make a payment.
Please note that this method is only valid if you’re transferring money to a bank to pay a credit card or lending product, such as a personal loan, line of credit or mortgage. You can’t set up an individual person’s chequing account as a bill payee recipient, so you will need to consider other payment options if you want to send money to a friend or family member.
Wire transfers offer a safe and fast electronic payment method. Designed for large payments, wire transfers are overseen by Payments Canada and sent via the Lynx system. You can initiate a transfer by providing your recipient’s bank account details, and the recipient’s financial institution will receive the wire payment message and deposit the relevant amount in their account.
You will need to provide the following details about your recipient to initiate a transfer to another bank account in Canada:
You will also need to enter the amount to be sent and specify who will be paying the transfer fees.
EFTs offer a simple online transfer method for sending money between bank accounts. It’s simple to transfer money via online or mobile banking, and you can choose a one-off payment or set up a recurring transfer.
Apps like PayPal and Wise offer an easy way to transfer money to friends and family across Canada. You can fund your transfer app directly from your bank account, then send a CAD transfer to your recipient.
Please note that your recipient will need to have an account with the same money transfer app to be able to receive the funds. Fees may also apply if you use different payment methods to pay for your transfer.
The exact process you need to follow will depend on which transfer app you choose. However, you will generally need to complete these steps.
If you owe money to someone, sometimes the simplest option for paying off your debt is to do it the old-fashioned way. Just use your debit card to make an ATM withdrawal from your chequing account, then give them the cash in hand for a fast and easy payment.
Cheques are another payment method that might seem slightly old-fashioned, but they are simple and effective. A cheque is basically a signed instruction you give to your bank that tells them to send a specific amount of money from your account to your recipient’s account. Your recipient can deposit the cheque at their nearest bank branch, at an ATM, or through their mobile banking app.
Canadian financial institutions must make the first $100 of a cheque you deposit available to you straight away. If your recipient deposits the cheque with a teller or at a bank’s branch, the first $100 must be available immediately. If they deposit it at an ATM or via their bank’s mobile app, the first $100 must be available the next business day.
Your recipient will then have to wait for a certain period before they can access the money. This is known as the hold period. The maximum hold period for cheques deposited at federally regulated financial institutions (like banks and federal credit unions) is 4 – 5 business days for cheques of $1,500 or less, or 7 – 8 business days for cheques of more than $1,500.
A bank draft is a payment method guaranteed by your financial institution. It’s a secure way to transfer money from one bank to another, so it’s well-suited to large payments such as buying a home. Once you buy a bank draft, the funds are immediately withdrawn from your account and held in reserve by your bank until the recipient deposits the bank draft.
A money order is a guaranteed payment document that can be used to send secure payments across Canada. Available at Canada Post branches as well as from banks and credit unions, money orders are prepaid documents you can use to pay bills and send money to other people. They’re seen as a safer alternative to sending cash in the mail.
Pre-authorized debits make it quick and easy to pay recurring bills like your mortgage payment or utilities. This convenient payment option allows you to sign an agreement with a company that outlines how much you will pay them and how often. The money will then be withdrawn from your account at the frequency specified in the agreement.
If you don’t have enough funds in your account to cover a PAD transaction, most financial institutions will charge an NSF fee. This fee could be as much as $50.
That’s why, before setting up a pre-authorized debit, you need to be certain that you will always have enough funds in your account to cover future payments.
Providers like Western Union and MoneyGram offer an alternative transfer method when you need to send money in Canada. While they’re best known for international transfers, you can also use these services to send domestic transfers.
The main benefit Western Union and MoneyGram offer is flexibility. You can:
If you send cash, the money will be available for your recipient to collect in a matter of minutes. But the main downside to watch out for is fees, which vary depending on factors such as your payment and payout method.
If you want to send an international transfer, it’s easy to do so directly from your bank account. Unfortunately, it’s often also quite expensive. Major banks and credit unions support international wire transfers, but these come with two costs you need to be aware of.
Traditionally, banks charged wire transfer fees of around $30 – $80 per transaction. Some have started offering online transfer services with low or no fees, but that brings us to the second cost you need to worry about—banks add an exchange rate markup of anywhere from 2% – 5%.
So if you need to send money to an international bank, you’re often better off using a specialist international money transfer service.
These providers, such as Wise and OFX, offer low or no fees and much better exchange rates, so they’re a cheaper option. You can pay by bank transfer, submit your transfer request online or via an app, and send the money directly to your recipient’s bank account.
For fast, fee-free payments, Interac e-Transfers are the best way to transfer money from one bank to another in Canada. But if you need to send a larger amount of money or send funds overseas, you’ll need to consider other payment options.
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