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.<\/p>
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.<\/p>
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.<\/p>
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<\/a> on the Interac website.<\/p>Accounts with free Interac e-Transfers<\/h4>
| Account name<\/th>\n | Free Interact e-Transfers<\/th>\n | Account fee<\/th>\n | Get started<\/th>\n<\/tr>\n<\/thead>\n |
|---|---|---|---|
| BMO Performance Chequing Account<\/td>\n | \u2705<\/td>\n | $17.95 per month (can be waived)<\/td>\n | <\/td>\n<\/tr>\n |
| \n\n \n Exclusive<\/span>\n <\/div>\n \n \n + Get a $175 digital Visa Card<\/strong> when you open a BMO Performance Chequing Account<\/strong> through Finder\u2014stack with BMO's offer for a total $975 bonus<\/strong>. Become a Finder Member in seconds for free to claim your reward. Offer ends June 30, 2026. T&Cs apply.<\/div><\/p>\n <\/div>\n \n |