{"id":1068062,"date":"2025-11-25T17:56:05","date_gmt":"2025-11-25T22:56:05","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1068062"},"modified":"2025-11-25T20:09:15","modified_gmt":"2025-11-26T01:09:15","slug":"etransfers","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/digital-banking\/etransfers","title":{"rendered":"Interac e-Transfer: How does e-Transfer work?"},"content":{"rendered":"

Interac is an interbank network that offers payment solutions for Canadians. Its e-Transfer service makes it easy to send and receive fast electronic payments across Canada. But how do e-Transfers work, how long do they take, and are they safe? Keep reading to find out.<\/p>

How does e-Transfer work?<\/h3>

An e-Transfer allows you to move money between bank accounts. But unlike a traditional bank transfer, where you need to provide bank account numbers and details, all you need to send an e-Transfer is your recipient\u2019s email address or phone number.<\/p>

It\u2019s easy to send an e-Transfer from your bank\u2019s online or mobile banking platform<\/a>. Just log in to your account, select e-Transfers, provide your recipient\u2019s name and email address\/phone number, then enter the amount of money you want to send.<\/p>

Your recipient needs to have a bank account with a participating financial institution. They will then receive a notification about the e-Transfer, and the funds can be deposited into their account almost instantly.<\/p>

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\nRelated: <\/span>Guide to the best banks in Canada<\/a>\n<\/div>\n<\/article>

Canadian bank e-Transfer limits<\/h3>

The amount you can send per e-Transfer and other transaction limits vary depending on your bank and your account. Check out the table below for e-Transfer limits and fees across a selection of popular Canadian bank chequing accounts<\/a>.<\/p>
Bank account<\/th>e-Transfer limit<\/th>Interac e-Transfer fee<\/th>Monthly fee<\/th>Get started<\/th><\/tr><\/thead>
BMO Performance Chequing Account<\/strong><\/td>
  • 24 hours: $3,000<\/li>
  • 7 days: $10,000<\/li>
  • 30 days: $20,000<\/li><\/ul><\/td>
$0<\/td>$17.95 (possible fee waiver)<\/td>