Yes, there is an Interac e-transfer limit in Canada. The minimum Interac e-Transfer transaction is $0.01 and the maximum is $3,000.
Interac is the online payment system that facilitates e-transfers, inter-bank ABM withdrawals, contactless payments, debit card payments, and more.
Interac e-transfer fees in Canada
It’s free to receive an e-transfer, but your financial institution may charge you to send one.
While the charges typically depend on the type of bank account you have, some accounts come with monthly packages that include e-transfers.
Check your bank account’s terms and conditions for more information, or call your financial institution to confirm the fees charged to send e-transfers.
Interac e-transfer limits in Canada
Most banks limit the amount of money you can send or receive each day, week and month.
Interac e-Transfer limits vary across banks and credit unions in Canada but are usually quite high.
Customers of the same bank may also have different e-Transfer limits depending on the type of account they have (personal or business) or whether they have requested an increase.
Not only that, but e-Transfer limits also vary depending on the type of transaction you are conducting i.e. sending, requesting, or receiving money.
For example, TD Canada Trust allows you to send up to $3,000 per transfer or within 24 hours, and up to $10,000 within seven days.
The hourly and daily limits are as follows:
- For any 24-hour period, you can send up to $3,000
- For any 7-day period, you can send up to $10,000
- For any 30-day period, you can send up to $30,000
With Interac e-Transfer for Business, transaction limits can be up to $25,000, depending on your financial institution.
So you can now accept payments via an Interac e-Transfer transaction even if your business sells bigger-ticket goods and services.
Can you increase your Interac e-transfer limit?
You may be able to increase how much you can send via Interac e-Transfer by increasing your daily debit limit.
Look for this option in your Online Banking account. You could also call your bank or visit a branch to see what’s available.