Learn how to transfer money between banks

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 to another bank 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.

Need a bank account to transfer money?

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:

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. 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 the CDX network makes bank transfers in Canada work

  Most banks in Canada use the CDX, which is owned by CDS Clearing and Depository Services Inc. and has been clearing electronic bank transfers since 2003. The CDSX provides a quick and secure way to transfer money. Here’s how it works:

  1. Initiation.
     The sender initiates a direct deposit or direct payment transaction with their bank and the bank enters the transaction by transmitting a file to CDSX or by directly accessing CDSX.
  2. Notifying parties of their payment obligations.
     The CDSX then communicates the sending and receiving bank’s obligations to each bank respectively. Bank personnel settle these obligations at the end of the day by transferring payments to the CDS via a Large-Value Transfer System (LVTS). Part of the CDSX process is that the CDS holds onto securities owned by banks in restricted-access accounts while transfers are being made and will use these securities as collateral to ensure that banks transmit payments as promised.
  3. Settlement and release of funds.
     Once the CDS has received payment from the sending bank, it settles the transaction and releases the securities being held as collateral. The receiving bank can then accept the transferred funds.
  4. Completion.
     Receiving institutions complete the transaction and credit the recipient’s account.

Best chequing accounts with free e-Transfers

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Simplii No Fee Chequing Account

Earn $400
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

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 The 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 $400
• Enjoy unlimited free transactions and e-Transfers
• No monthly account fee
• Earn 0.01% to 0.1% interest on your balance
• No minimum deposit requirements
• Earn a 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

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BMO Performance Chequing Account

Earn $450
Bonus Offer

$16.95
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

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 monthly transactions
• Interac e-Transfers
• $40 fee rebate on the BMO Mastercard annual fee
• BMO will reverse the first accidental fee charged to this account
• Up to 20 accounts can be included in the BMO Family Bundle
• Earn $350 with a Performance Chequing Account. Plus, get an additional $100 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2023. You can also earn a 5.25% bonus interest rate when you add a Savings Amplifier Account.

• Monthly fee of $16.95
• You won't earn any interest on the money in your account.

Min. Age	18
Min. Age Teen Account	12
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

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National Bank Modest Chequing Account

N/A
Bonus Offer

$10.95
Monthly Account Fee

30/month
Free Transactions

• Info
• Pros + Cons
• More Details

For kids that want a grown-up account without the monthly fees, check out National Bank's Modest Chequing account. It comes with 30 free digital transactions and kids pay no fees until they reach their 25th birthday.

• No fees (until 25th birthday)
• Unlimited transactions, including e-transfers
• Completely online process.

• Limited transactions
• Fees for branch transactions
• Maintaining minimum balance to avoid fees (only if you're aged 25&ndash
• 59)
• Limited range of benefits and features.

Min. Age	N/A
Account Fee	$10.95
Overdraft Fee	$5
ATM Out-of-Network Fee	$2

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RBC Signature No Limit Banking Account

Get iPad Pro
Bonus Offer

$16.95
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

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 (up to $39) 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.

• Unlimited debit transactions
• Non-RBC ATM rebates
• Free Interac e-Transfers
• Credit card fee waivers
• Earn RBC Avion points
• Overdraft protection.

• Monthly fee
• Caps on certain perks.

Min. Age	N/A
Account Fee	$16.95
Overdraft Fee
ATM Out-of-Network Fee	$2

Other chequing account options:

Best savings accounts with free e-Transfers

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Simplii High Interest Savings Account

6%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

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
• Earn 6% interest for 5 months

• No physical branches for in-person 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

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EQ Bank Savings Plus Account

3%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

Earn 2.50% - 3.00% interest with an EQ Bank Savings Plus 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% - 3.00% interest on your balance

• No physical branches for in-person service
• Some standard banking features not available such as overdraft protection, use of ATMs and the option to have paper statements

Min. Age	18
Account Fee	$0
Transaction Fee	$0
Interac e-Transfer Fee	$0
NSF Fee	$0

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Mydoh Smart Cash Card

$2.99
Monthly Fee

$0
Transaction Cost

1-month free trial + $15
Rewards

• Info
• Pros + Cons
• More Details

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 $2.99.

• Parents set up and monitor the account
• Helps keep track of tasks and chores
• Dedicated Visa Debit card for your teen
• Backed by RBC, a major Canadian bank
• 30-day free trial (for new subscribers)
• Create talking points for parents (about money and spending)

• Teens cannot deposit cheques or cash into their Mydoh account
• Teens cannot withdraw or deposit using ATMs
• Additional monthly fee of $2.99 (but includes up to five youth or kids' accounts under one plan)

Monthly Fee	$2.99
Transaction Cost	$0
Foreign Transaction Fee	2.5%
Monthly Fee	$2.99
Minimum Age	18
Minimum Age Teen Account	4
# Included Account	5
Rewards	1-month free trial + $15

Go to site Read review

Neo Money Account

2.25%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

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 2.25%, 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

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KOHO Earn Interest

Up to 4.50%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

KOHO Earn Interest is not only a savings account – you can also get a prepaid card and earn cashback on your purchases. Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days. Opt into earning interest and earn up to 4.50% on your balance.

• $0 account fee
• $0 transactions
• $0 Interac eTransfers
• Earn cashback on purchases
• Earn up to 4.5% interest

• Must opt-in to a monthly plan to earn higher interest

Min. Age	18
Account Fee	$0
Transaction Fee	$0
Interac e-Transfer Fee	$0
NSF Fee	$0

Go to site Read review

National Bank High Interest Savings Account

1.70%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

It's quick and easy to apply for a National Bank High-Interest Savings Account — you can apply online within minutes. The account also offers an interest rate of 1.50% and has no monthly fees, and there's no minimum balance requirement to worry about. You can also easily manage your account via online and mobile banking.

• No monthly fee
• Earn interests
• Free transactions
• Free in-network ATM access

• Withdrawal fee
• e-Transfer fee
• Higher interest rates elsewhere.

Min. Age	N/A
Account Fee	$0
Transaction Fee	$0
Interac e-Transfer Fee	$1.25

How to transfer money: Breakdown of the most popular transfer methods

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:

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

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AUD - AustraliaCAD - CanadaMXN - MexicoNZD - New ZealandGBP - United KingdomUSD - United StatesEUR - EuroXCD - East Caribbean DollarXOF - CFA Franc BCEAOXPF - CFP FrancXAF - CFA Franc BEACAFA - AfghanistanALL - AlbaniaDZD - AlgeriaAOA - AngolaXCD - AnguillaXCD - Antigua And BarbudaARS - ArgentinaAMD - ArmeniaAWG - ArubaEUR - AustriaAZN - AzerbaijanBSD - BahamasBHD - BahrainBDT - BangladeshBBD - BarbadosBYN - BelarusEUR - BelgiumBZD - BelizeXOF - BeninBMD - BermudaINR - BhutanBTN - BhutanBOB - BoliviaBAM - Bosnia And HerzegovinaBWP - BotswanaBRL - BrazilBND - Brunei DarussalamBGN - BulgariaXOF - Burkina FasoBIF - BurundiKHR - CambodiaXAF - CameroonKYD - Cayman IslandsXAF - Central African RepublicXAF - ChadCLP - ChileCNY - ChinaAUD - Cocos (Keeling) IslandsCOP - ColombiaXAF - CongoNZD - Cook IslandsCRC - Costa RicaHRK - CroatiaCUP - CubaEUR - CyprusCZK - Czech RepublicDKK - DenmarkDJF - DjiboutiXCD - DominicaDOP - Dominican RepublicUSD - EcuadorEGP - EgyptUSD - El SalvadorXAF - Equatorial GuineaERN - EritreaEUR - EstoniaETB - EthiopiaFJD - FijiEUR - FinlandEUR - FranceEUR - French GuianaXPF - French PolynesiaEUR - French Southern TerritoriesXAF - GabonGMD - GambiaGEL - GeorgiaEUR - GermanyGHS - GhanaGIP - GibraltarEUR - GreeceDKK - GreenlandXCD - GrenadaEUR - GuadeloupeUSD - GuamGTQ - GuatemalaGNF - GuineaXOF - Guinea-BissauGYD - GuyanaHTG - HaitiUSD - HaitiHNL - HondurasHKD - Hong KongHUF - HungaryISK - IcelandINR - IndiaIDR - IndonesiaEUR - IrelandILS - IsraelEUR - ItalyJMD - JamaicaJPY - JapanJOD - JordanKZT - KazakhstanKES - KenyaAUD - KiribatiKWD - KuwaitKGS - KyrgyzstanLAK - LaosEUR - LatviaLBP - LebanonLRD - LiberiaLYD - LibyaCHF - LiechtensteinEUR - LithuaniaEUR - LuxembourgMOP - MacaoMKD - MacedoniaMGA - MadagascarMWK - MalawiMYR - MalaysiaMVR - MaldivesXOF - MaliEUR - MaltaUSD - Marshall IslandsEUR - MartiniqueMRU - MauritaniaMUR - MauritiusMMK - MyanmarEUR - MayotteMDL - MoldovaEUR - MonacoMNT - MongoliaEUR - MontenegroXCD - MontserratMAD - MoroccoMZN - MozambiqueNAD - NamibiaZAR - NamibiaAUD - NauruNPR - NepalEUR - NetherlandsXPF - New CaledoniaNIO - NicaraguaXOF - NigerNGN - NigeriaNZD - NiueAUD - Norfolk IslandUSD - Northern Mariana IslandsNOK - NorwayOMR - OmanPKR - PakistanUSD - PalauPAB - PanamaUSD - PanamaPGK - Papua New GuineaPYG - ParaguayPEN - PeruPHP - PhilippinesNZD - PitcairnPLN - PolandEUR - PortugalUSD - Puerto RicoQAR - QatarRON - RomaniaRUB - Russian FederationRWF - RwandaXCD - Saint Kitts And NevisXCD - Saint LuciaEUR - Saint Pierre And MiquelonXCD - Saint Vincent And The GrenadinesWST - SamoaSTN - Sao Tome And PrincipeSAR - Saudi ArabiaXOF - SenegalRSD - SerbiaSCR - SeychellesSLL - Sierra LeoneSGD - SingaporeEUR - SlovakiaEUR - SloveniaSBD - Solomon IslandsSOS - SomaliaZAR - South AfricaKRW - South KoreaSSP - South SudanEUR - SpainLKR - Sri LankaSRD - SurinameNOK - Svalbard And Jan MayenSZL - SwazilandSEK - SwedenCHF - SwitzerlandSYP - SyriaTWD - TaiwanTJS - TajikistanTHB - ThailandUSD - Timor-LesteXOF - TogoNZD - TokelauTOP - TongaTTD - Trinidad And TobagoTND - TunisiaTRY - TurkeyTMT - TurkmenistanUSD - Turks And Caicos IslandsAUD - TuvaluUGX - UgandaUAH - UkraineAED - United Arab EmiratesTZS - United Republic Of TanzaniaUYU - UruguayUZS - UzbekistanVUV - VanuatuVES - VenezuelaVND - Viet NamUSD - Virgin Islands (British)USD - Virgin Islands (U.S.)YER - YemenZMW - ZambiaBTC - bitcoinBTS - BitSharesDASH - DashDOGE - DogeCoinEAC - EarthCoinEMC - EmercoinETH - EthereumFCT - FactomFTC - FeathercoinLD - Linden DollarLTC - LiteCoinNMC - NamecoinNVC - NovaCoinNXT - NxtPPC - PeercoinSTR - StellarVTC - VertCoinXMR - MoneroXPM - PrimecoinXRP - Ripple

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	Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
	USD 10,000	1 - 2 days	N/A	N/A	N/A	Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.	Go to site	Compare	Show details	Details Minimum transfer amount USD 10,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat, Email Available currencies AED, AFN, ALL, AMD, ARS, AUD, AZN, BAM, BDT, BGN, BHD, BIF, BMD, BOB, BRL, BWP, BYR, CAD, CHF, CNY, COP, CRC, CZK, DKK, DOP, DZD, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GTQ, HKD, HNL, HRK, HUF, IDR, ILS, INR, IQD, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, LAK, LBP, LKR, LRD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MUR, MVR, MXN, MYR, MZN, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, THB, TJS, TND, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, VND, VUV, WST, XOF, XPF, YER, ZAR, ZMW, ZWD, BYN Go to site Read the full review
	USD 150	1 - 2 days	-	-		Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount USD 150.00 Transfer methods Online, Phone, Agent Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, ARS, AUD, AZN, BGN, BHD, BND, BRL, CAD, CHF, CLP, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XAF, XOF, XPF, ZAR Go to site Read the full review
	GBP 100	Same day	-	-		TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site	Compare	Show details	Details Minimum transfer amount GBP 100.00 Transfer methods Online, Phone, Agent Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
	GBP 5,000	1 - 2 days	N/A	N/A	N/A	CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.	Go to site	Compare	Show details	Details Minimum transfer amount GBP 5,000.00 Transfer methods Online, Phone, Bank Account to Bank Account, International Money Order Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, BGN, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MUR, MXN, NOK, NZD, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
	$100	1 - 2 days	CAD 0.00	0.732	USD 1,464	Send money without fees and at competitive exchange rates to 130+ countries.	Go to site	Compare	Show details	Details Minimum transfer amount 100.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments Customer service Phone, Chat, Email Available currencies AED, ALL, AMD, ARS, AUD, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BOB, BRL, BWP, BZD, CAD, CHF, CLP, CNY, COP, CRC, CZK, DJF, DKK, DOP, DZD, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, JPY, KES, KGS, KHR, KRW, KWD, LAK, LBP, LKR, LRD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MUR, MVR, MXN, MYR, MZN, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, THB, TJS, TND, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, VND, VUV, WST, XAF, XCD, XOF, XPF, YER, ZAR, ZMW, BYN Go to site Read the full review
	CAD 10	Within an hour	CAD 1.99	0.734	USD 1,466	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	Compare	Show details	Details Minimum transfer amount CAD 10.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ARS, BDT, BGN, BOB, BRL, CAD, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, GHS, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, INR, JMD, KES, KMF, KRW, LKR, MAD, MXN, MYR, NIO, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, THB, TND, TRY, TZS, UGX, USD, UYU, VND, XAF, XOF, ZAR Go to site Read the full review
	CAD 50	Within an hour	CAD 15.00	0.737	USD 1,462	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	Compare	Show details	Details Minimum transfer amount CAD 50.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, BDT, BGN, CAD, CNY, CZK, DKK, EUR, GBP, GHS, HKD, HRK, HUF, IDR, INR, KRW, LKR, MXN, MYR, NGN, NOK, NPR, PHP, PLN, RON, SEK, SGD, THB, TZS, UGX, USD, VND Go to site Read the full review
	CAD 1	1 - 2 days	CAD 18.00	0.74	USD 1,467	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount CAD 1.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, ERN, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review
	CAD 10	Within an hour	CAD 0.00	0.74	USD 1,481	Send money in CAD to Africa on this blockchain and P2P powered provider.	Go to site	Compare	Show details	Details Minimum transfer amount CAD 10.00 Transfer methods Online, Phone, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies CAD, GHS, KES, MXN, NGN, USD Go to site Read the full review

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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

• How can I 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 log into your account and select "Send money" (or similar), then enter your recipient's name and bank account details. Enter the amount of money you want to send, then review the details of the transaction before completing the transfer.

• Does it cost to transfer money from one bank to another?

  No, it typically will not cost you anything to transfer money from one bank to another. However, keep in mind that your bank account may have a limit on the amount of transactions you can perform per month, so a transaction fee may apply if you've already exceeded your monthly limit.

• How long do transfers take?

  Transfer times vary depending on the service, destination, currency, funding method and many other factors. For example, Wise (formerly TransferWise) money transfers can be instant if you pay with a debit or credit card, but can take around 3 days if you fund the transaction through a bank transfer.

• Can I set up a recurring transfer?

  Sometimes. Some services will allow you to set up recurring transfers, whereas others will require you to make a new transaction each time you want to send money.

• Can I transfer money between my own accounts as well as to accounts with other banks?

  Yes. You can use the "payments and transfers" feature of your online banking account to transfer funds between your chequing and savings accounts or pay off your credit card, among other options.

• Is there a maximum limit on the amount I can transfer?

  Yes. However, limits vary depending on which service you use. Sometimes, you may send a larger amount, but a hold will be placed on the funds for several days, a week or even longer before the recipient can access the money. This is done for security purposes. In order to avoid such delays, talk to a representative from your bank to find out what limits are enforced as well as when and why a hold may be placed on transferred funds.

• Can I cancel or change a transfer request?

  In most cases, you won't be able to cancel or change a transfer once it has been sent. In fact, according to the detailed rules of the CDS, Canada's clearinghouse for electronic money transfers, once your bank has effectively transferred funds to the CDS via the Large-Value Transfer System, the money cannot be revoked. This allows the CDS to settle the transfer without interference so that the receiving bank can accept it and pass it on to the recipient.
  Some transfer service providers and banks may have a small window of time before funds have actually been claimed by the CDS to settle the transfer, during which you can cancel or change your request. It's important to check the policy before you make your transfer. Be sure to hang on to any receipts or confirmation documents/emails you receive for the transfer in case you need to reference this information while attempting to cancel.

• What fees and charges apply to domestic transfers?

  In most cases, you won't need to pay any fees when you send a domestic transfer, as many banks have accounts that allow you to send free e-transfers (either an unlimited number of times or up to a certain number of transactions). In other cases, the per-transfer fee is fairly small – typically less than several dollars. Be sure to check with your bank for confirmation before submitting a transfer request to avoid being surprised by unexpected fees.

• How do I transfer money from RBC to CIBC?

  You can transfer money from RBC to CIBC using RBC Online Banking or RBC Mobile Banking. In Online Banking, go to the "Quick Payments & Transfers" section and select the account you want to send money from. You can then add an Interac e-Transfer recipient in the "To:" field, enter the amount you want to transfer and click "Submit."
  In the app, tap "Move Money" and then "Send an Interac e-Transfer." You'll then be able to select the account you want to send from, enter your recipient's details and the amount you want to transfer.

• Can I transfer money from TD to another bank?

  Yes, you can transfer money from your TD account to an account at another bank through online or mobile banking. Simply log into your account, select "Send Money" and enter the details of the recipient you want to transfer money to. Then enter the amount you want to send and submit your transaction.