A way to send money via online banking, e-transfers are simple and secure. They use the safeguards of your banking system and the closed access of both phone and email when you send the money. The process is simple, regardless of your experience level with online banking.
Key Takeaways
| E-transfer cancellation policy | E-transfers can be cancelled (sometimes for a fee), so long as the money has not been deposited or accepted by the recipient. |
| Cost to cancel an e-transfer | 0 to $5 depending on the financial institution |
| E-transfer sending limits | Usually, you can send $3,000 every 24 hours, however, the exact amount varies by bank. |
| Time it takes to receive an e-transfer | Recipients will usually receive the e-transfer right away, however, it can take up to 30 minutes to show up. |
Can You Cancel An e-Transfer?
Whether you can cancel an e-transfer depends on whether or not the deposit has been accepted or deposited into the recipient’s bank account.
Can You Cancel An e-Transfer Before It’s Been Deposited?
Yes, you can cancel the e-Transfer through your banking portal, if the amount isn’t yet deposited. Keep in mind that there are different procedures for each financial institution. If you are in doubt, reach out to the help section of your bank or call them directly.
Can You Cancel An e-Transfer After It’s Been Deposited?
In short, no, you cannot cancel an e-Transfer after it’s been deposited, nor can you reverse the process. However, if you realize that you sent the deposit in error, you can cancel the transaction before it is accepted by the recipient. You can do this either through online banking or by contacting your financial institution directly.
If there is an issue, such as overpayment to a vendor, the best route is to contact the recipient directly. Note your mistake and request that they cancel the transfer on their end. When you’re dealing with a long-term client or vendor, there is usually no issue. The recipient can cancel it on their end and you can reissue the transfer in the correct amount.
Cancelling An e-Transfer And Auto-Deposits
If you transferred money by mistake, you may be able to cancel the transaction. However, there are a couple of situations in which a transfer of funds cannot be cancelled: if the e-Transfer has already been accepted, or if the recipient has auto-deposit.
As long as there is no auto deposit involved and the e-Transfer has not yet been accepted, you can cancel it.
How Much Does It Cost To Cancel An Interact e-Transfer?
| TD | $5 (unless it is cancelled within 45 minutes of sending) |
| RBC | $0 or $5 (a $5 fee will only be charged if do not cancel an unclaimed e-transfer within 15 days after being notified of its expiry) |
| Scotiabank | $0 |
| BMO | $5 (if you cancel before midnight on the day you sent it, you will not be charged a fee) |
| CIBC | $3.50 |
| National Bank | $3.50 |
Worried about bank fees? Here are some bank fees to look out for.
Steps On How To Stop An e-Transfer
Generally speaking, you should navigate to your online banking and go to your transaction history. Usually, the bank will combine your payments and transactions into the same section. From there, you simply click on the transfer you made. Once you click on the transaction, select cancel.
Though there may be a nominal administrative fee for cancelling an e-Transfer, depending on the situation, it can be well worth the investment. It is important to take these steps immediately upon becoming aware of the issue. This gives you the best likelihood of cancelling the transfer before it is received.
How To Cancel An e-Transfer With BMO
- Log into your online BMO account
- Click “Payment & Transfers”
- Click “Interac e-Transfers”
- Click “Cancel e-Transfer”
There is no fee for cancelling an e-Transfer on the same day it was sent. But if you cancel on a different day, a $5 fee will be charged.
How To Cancel An e-Transfer With RBC
- Log in to your RBC online banking account
- Go to the Accounts Summary page
- Click “Payment History”
- Choose the e-Transfer that you want to cancel
- Click “Cancel Payment”
- Follow the on-screen instructions
There is no fee for cancelling an e-Transfer with RBC.
How To Cancel An e-Transfer With TD
- Log in to your online TD bank account
- Go to the Interac e-Transfer History page
- Go to the Money Sent or Money Requested section
- Choose the e-Transfer you want to cancel
- Follow the on-screen instructions
Unless you cancel an e-Transfer within 45 minutes of sending it, you will be charged a $5 fee.
How To Cancel An e-Transfer With Scotiabank
- Log in to your Scotiabank online account
- Click “Transfers”
- Click “Interac e-Transfer”
- Click “History & Pending”
- Choose the e-Transfer you want to cancel
- Click “Stop Transfer”
There is no fee to cancel an Interac e-Transfer with Scotiabank.
How To Cancel An e-Transfer With CIBC
- Log in to your CIBC online banking account
- Click “Interac e-Transfer”
- Click “Status” to check the status of the e-Transfer
- Click “Stop this Interac e-Transfer”
- Click “Next”
- Agree to the terms and conditions
- Choose the account you want the money to be deposited
- Click “Stop Interac e-Transfer”
CIBC charges a $3.50 fee to stop a payment.
How To Cancel An e-Transfer With National Bank
- Log in to your online National Bank account
- Click “Overview”
- Click “Money sent”
- Click the status “Pending”
- Choose the transfer you want to stop
- Click “Cancel”
- Follow the on-screen instructions
You’ll be charged a fee of $3.50 to cancel an Interac e-Transfer with National Bank.
How Much Can You Send Through An E-Transfer?
Depending on the bank you’re banking with, the Interac e-Transfer limits will vary. Below is a list of the Interac e-Transfer limits by the financial institution:
Interac e-Transfer Sending Limits By Banks In Canada
| Interac e-Transfer Limit at TD | – $3,000 per e-Transfer every 24 hours – $10,000 per 7 days – $20,000 per 30 days |
| Interac e-Transfer Limit at RBC | Limits are based on the client’s card’s daily access limit. |
| Interac e-Transfer Limit at Scotiabank | $25,000 per transfer |
| Interac e-Transfer Limit at BMO | Limits depend on client’s credit customer profile |
| Interac e-Transfer Limit at CIBC | – $3,000 per 24 hours – $10,000 per 7 days – $30,000 per 30 days |
| Interac e-Transfer Limit at National Bank | – $3,000 per 24 hours |
Interac e-Transfer Limit By Online Banks In Canada
| Interac e-Transfer Limit at Simplii Financial | – $3,000 per 24 hours – $10,000 per 7 days – $30,000 per 30 days |
| Interac e-Transfer Limit at EQ Bank Financial | – $5,000 per 24 hours – $10,000 per 7 days – $20,000 per 30 days |
| Interac e-Transfer Limit at Tangerine | – $3,000 per day – $10,000 per week – $20,000 per month |
| Interac e-Transfer Limit at Neo | – $3, 000 per transaction – $10,000 per 24 hours – $10,000 per week – $20,000 per month |
How Do e-Transfers Work?
To send an e-Transfer, there are a few pieces of information you need beforehand. First, you need access to your bank account online. All major banks offer this service. You need to know the amount to send, and the contact details of the recipient (cell phone number or email).
Setting Up An e-Transfer
1. Navigate to the Interac e-Transfer section of your online banking.
2. Create a new recipient (the person you want to send money to). You can give them a nickname if you plan to send them money frequently.
3. Provide a mode of contact, either through phone or email.
4. Indicate how much money you want to send and choose the account the money should be withdrawn from.
5. Create a security question and answer. This adds a level of security since the recipient can’t deposit the money without the proper security answer.
Receiving The e-Transfer
After you send the money, the recipient will receive a notification, either via text message or email. Keep in mind that this can take up to 30 minutes to go through. They click on the notification and navigate to their preferred online banking platform. The recipient is prompted to answer the security question. Once they input the correct answer, the bank inquires which account to deposit it into and the opportunity to leave a message to the sender.
Depositing The e-Transfer
Once the money is deposited, the sender gets a notification that the funds have been received along with any message from the sender. The transfer is officially complete. Bear in mind that, while the communication goes through email or phone, the transfer itself does not. The email is a method of relaying the information, not the funds. E-Transfers are highly secure; and, so long as you communicate well and use reliable security questions, there is little concern.
Tips On Sending And Receiving Interac e-Transfers
There are a few basic steps you can take to prevent issues with e-Transfers including
Set-Up Autodeposits
Some recipients have Autodeposit set up. Enabling Autodeposit removes the need for a security question and deposits the funds right into their account. In these cases, you can’t cancel the transaction and must contact the recipient directly.
It does, however, make the payment process more secure. Autodeposit helps prevent e-Transfer fraud because it skips the email or text message step of an e-Transfer and directly sends the funds to the chosen account.
Use A Strong Password
If you are going to use a password, make it a strong one, not something that is easy to guess. Consider using something specific to the relationship between you and the recipient. For added protection, use a different question each time.
Only Send e-Transfer To People You Know
With the fast pace of technology, it is important to take pause and consider whether those with whom you’re financially dealing are trustworthy. Be sure you are dealing with someone you trust to be ethical in the event of an issue. This alone can prevent a lot of issues down the line.
Learn how to pay your bills by setting up automatic payments.
Final Notes
Though there is a bit of a learning curve to online transfers, convenience and efficiency are incomparable. So long as you are diligent, take your time, and research beforehand, it can make your financial transactions much smoother.
Interact e-Transfer FAQs
How long does it take to receive an e-Transfer?
What happens if you send an e-Transfer to the wrong person?
I sent an e-Transfer to an invalid email address, what do I do?
- Navigate to the Interact e-Transfer section of your online banking
- Find the transfer in question
- Edit the recipient information
- Navigate to pending transfers and select “resend”
- Confirm your request
