Interac e-Transfer®

Interac e-Transfer is a quick and convenient way to transfer money for almost anything, such as:

  • Repaying money you borrowed from a friend
  • Sending cash to children at college or university
  • Transferring your share of rent
  • Sending money in place of a gift
  • Paying the invoices of suppliers (on single and dual-signature business accounts)

No more writing cheques, running to the ATM or paying fees for bank drafts. Interac e-Transfer is the secure, quick and free way to send money.

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*Interac e-Transfer is a registered trade-mark of Interac Inc. Used under license.

Need further information? Read our FAQs below:

What is an Interac® e-Transfer?

It is an easy, secure, quick and convenient way to send or receive money. Recipients are notified by email and/or text message and must login to their online banking to accept the transfer.

Who can use Interac e-Transfer?

Any individual or small business owner with an account at a Canadian financial institution that offers the service can initiate an e-Transfer, while anyone with an account at a Canadian financial institution can receive one.

Is it safe to transfer money by email or text message?

There is no money is attached to emails or text messages. Instead, financial institutions use standard practices for safe money transfers.

Is there a charge for sending an Interac e-Transfer?

Sending money with Interac e-Transfer is free of charge for Moya Financial members.

Are there limits on how much can be sent or received?

While there are no minimums – you can send any amount above $0 – there are maximums for both sending and receiving Interac e-Transfers. All limits are rolling. 

Deposit

  • Deposit single transaction limit: $3,000.00
  • Deposit daily limit (24h): $10,000.00
  • Deposit weekly limit (7 days): $10,000.00
  • Deposit monthly limit (30 days): $20,000.00

Withdrawal

  • Withdrawal single transaction limit: $3,000.00
  • Withdrawal daily limit (24 h): $10,000.00
  • Withdrawal weekly limit (7 days): $10,000.00
  • Withdrawal monthly limit (30 days): $20,000.00

Is there a fee to cancel an Interac e-Transfer?

There are no cancellation fees. If you cancel an e-Transfer, your account will be credited with the dollar amount of the transfer.

Is there a fee to receive an Interac e-Transfer?

As long as your financial institution offers the service and you use online banking, it’s free to receive an Interac e-Transfer.

What happens when a recipient’s financial institution doesn’t offer this service?

Recipients can still receive the money by registering with Interac and providing their banking information. The deposit usually takes four to six business days and Interac charges a $4.00 administration fee, which is deducted from the total amount of the transfer.

What if I don’t bank online, can I still deposit an Interac e-Transfer?

Yes, provided you have an account at a Canadian financial institution. However, you’ll have to register with Interac and provide your banking information. The deposit usually takes four to six business days and Interac charges a $4.00 administration fee, which is deducted from the total amount of the transfer.

Can I send an Interac e-Transfer to anyone?

No. In order to send and/or receive Interac e-Transfers, both the sender and the recipient must have accounts at a Canadian financial institution. The transfer must also be in Canadian dollars.

How long does it take to receive the money?

For recipients, it takes approximately 30 minutes for notifications to be received. As soon as the notification is received, the recipient can deposit the money. As a sender, the money is debited from your account immediately after finalizing the transfer.

Can I cancel an Interac e-Transfer?

You can cancel the transfer any time until the recipient accepts it. Generally, it takes 30 minutes for notifications to be sent to recipients. To cancel a transfer, click on the ‘Cancel’ link beside the list of pending transfers.

If a transfer hasn’t been accepted within 30 days, it will automatically expire and the sender will be notified. The sender can either click on the ‘Cancel’ link beside the list of pending transfers or let Interac cancel the transaction. Money will be returned to the sender within seven days of cancelling the transaction. Note however that fees charged at the time of sending the transfer are not reimbursable.

You can also send reminders to recipients who have yet to accept transfers by clicking on the ‘Resend Notice’ link beside the list of pending transfers.

What happens if the recipient rejects the transfer?

In that case, you’ll be notified and prompted to log in to your online banking to cancel the pending transfer.