Back in the day, if you wanted to send or receive money from someone, you’d have to rely on cheques via snail mail or wire transfers. But with Interac e-Transfers, just a couple of clicks on your computer or mobile device lets you transfer funds between accounts quickly and conveniently.
The question is, how long will an e-Transfer take once the sender clicks the “send” button?
Let’s discuss in more detail how Interac e-Transfers work and how long you can expect to wait to have funds deposited into your bank account.
Key Points
- Interac e-Transfers are usually near-instant as long as all appropriate steps are taken and no issues are involved.
- Delays in Interac e-Transfers vary and be caused due to poor internet connection, incorrect security answer provided by the recipient, and inaccurate recipient details, among others.
- Interac e-Transfers may expire if the recipient does not accept the funds.
How Long Does It Take To Receive An e-Transfer In Canada?
Interac e-Transfers are perhaps the fastest way to send and receive money in Canada. There is usually very little wait involved between the time a transfer is sent by the sender to the time it is received by the recipient. Most e-Transfers are nearly instant, but can also take up to a half hour (30 minutes) in some cases.
There are a couple of factors that influence the exact amount of time it takes to receive the funds through an e-Transfer including whether the recipient has an auto-deposit set up.
Regular e-Transfer With Security Question
An e-Transfer typically requires that you answer a security question to verify that you’re the rightful participant in a transaction. This extra step may add a little more time to the e-Transfer process.
e-Transfer Auto Deposit
If you’re looking to receive your electronic funds more quickly, setting up auto deposits with your financial institutions may work well. This involves adding your email to your account to receive e-Transfers automatically without the need for you to answer a security question.
The second the sender sends you an e-Transfer, the funds will be immediately deposited into your bank account.
Big Five Bank e-Transfer Timeframes
Canada’s Big Five banks offer Interac e-Transfers. The following chart outlines how long e-Transfers can take with each financial institution:
| Scotiabank | Scotiabank e-Transfer funds are available immediately once you receive the notification indicating your funds have been transferred. In general, you should receive the message within a from the time the funds are sent, though it could take up to 30 minutes. |
| TD | TD e-Transfer funds are also available once you receive a message indicating funds have been transferred. Recipients will typically receive the message within a minute of the e-Transfer being sent. |
| BMO | BMO e-Transfers can take as long as 30 minutes to reach the recipient. However, in most cases, the recipient will receive the funds immediately after the transaction. |
| RBC | RBC e-Transfer funds are processed in real-time. Funds are immediately deposited if the recipient has auto-deposit set up. Otherwise, they’re deposited once the recipient accepts the deposit. |
| CIBC | CIBC e-Transfer funds are transferred immediately from the sender’s account to the receiver’s. However, it can take up to 30 minutes for the recipient to receive the e-transfer notification. |
Delays in e-Transfers With Canada’s Big Banks
The time it takes for you to receive funds sent electronically via e-Transfer depends on your financial institution. Let’s take a look at each of the big banks in Canada and why you might be waiting a little longer for your funds to be deposited into your bank account.
Why Is My e-Transfer Taking So Long With TD?
While it typically only takes about a minute for a TD Bank e-Transfer to go through, TD Global Transfers can take a lot longer, as long as a few hours to days later:
- International Bank Transfers: 1 to 5 business days
- Western Union Money Transfers: 2 to 4 hours
Why Is My e-Transfer Taking So Long With Scotiabank?
Scotiabank e-Transfers take just a few minutes to receive. Any longer than that means there may be an issue involved, such as a bad internet connection or inaccurate transfer details. Otherwise, an unusually large amount of money being transferred could slow the process.
Why Is My e-Transfer Taking So Long With RBC?
RBC e-Transfers generally take no more than 60 seconds to complete. If the transfer does not come in after a minute, there might be a problem with the internet connection or with the transaction details.
If you’re not an RBC customer and don’t have an account with the bank, the transfer could take longer. Further, if you haven’t set up online banking, it could be 3 to 5 days before your transfer goes through.
Why Is My e-Transfer Taking So Long With CIBC?
With CIBC, the transfer amount will influence how long the transfer will take. The larger the transfer, the longer it could be before you see the funds in your account.
Anything under $500 should take no longer than 30 minutes to transfer. But there are limits on how much can be transferred within specific time frames, as follows:
- No more than $3,000 within 24 hours
- No more than $10,000 within 7 days
- No more than $30,000 within 30 days
Why Is My e-Transfer Taking So Long With BMO?
BMO e-Transfers can be immediate, while most others should take no more than a few minutes to complete, though it could take up to 30 minutes for transfers over $300.
Why Is My e-Transfer Taking So Long?
Under normal circumstances, your e-Transfer shouldn’t take any more than a few minutes to show up in your bank account. But there could be times when you’re waiting much longer for various reasons, such as the following:
Sender And Recipient Are With Different Banks
If the sender is sending an e-Transfer from a financial institution that the recipient does not have an account with, the transfer could take longer because the connection is indirect.
Bad Internet Connection
A poor internet connection can make anything take far longer than it should, including e-Transfers. If you notice your transaction has been pending for a long time, check on the status of your connection and move to a different area for better reception, if necessary.
Wrong Recipient Details
If the sender inputs inaccurate details about the transaction — such as the wrong recipient name or phone number/email address — the e-Transfer may never go through. In this case, the incorrect details will need to be updated to ensure accuracy.
If you send money to the wrong recipient who has auto deposit on, you’ll need to recover the funds via their bank first.
Large Transfers
Overly large transfer amounts could take longer to transfer than amounts no more than $300 to $500, depending on the bank.
Incorrect Answer To The Security Question
If the recipient doesn’t have auto deposit set up, the sender will have to create a security question and answer. The recipient must answer the question correctly to receive the funds. If the recipient enters the wrong answer, the e-Transfer will be pending until they do.
e-Transfer Status Meanings
What do the different statuses mean when you check on your e-Transfer?
- Invalid email address or mobile number — The recipient’s email address or mobile number is not valid or notification of the transfer wasn’t delivered.
- Security question failed — The recipient failed to answer the security question correctly.
- Auto deposit failed — The e-Transfer that was set up for auto deposit didn’t work. This could be due to the recipient’s bank account either being invalid or closed.
- Declined — The recipient did not accept the e-Transfer.
- Expired — The recipient didn’t collect the funds before the expiry date.
- Deposited — The recipient successfully answered the security question and the funds have been deposited into their account.
- Auto deposited — The recipient’s email address or mobile number is set up for auto deposit and the funds have been deposited to their bank account.
How Long Does it Take To Send An e-Transfer?
The process of sending an Interac e-Transfer is quick and should take just a couple of minutes to do, depending on your financial institution. Once you click the “send” button, the transfer should happen right away, though it may take up to a half-hour in some cases.
What Happens If Your e-Transfer Is Not Accepted?
If you send an e-Transfer and the recipient does not accept it, the transfer will simply expire, after which the funds will be returned to you. Generally speaking, the recipient has up to 15 to 30 days to accept the transfer before it expires, and will typically receive a reminder email prior to the 30-day mark.
Keep in mind that your bank may charge you a return fee for an unaccepted e-Transfer, which is usually around $5.
Can I Track My e-Transfer?
There’s no need to track an e-Transfer if your account is set up for auto deposits, since the funds will come through instantly. However, if your account is not set up to receive funds automatically, you may be able to find out the status of the transfer on the app depending on the bank.
If you’re unsure, you can always contact customer service for further assistance.
How Long Does An E-transfer Refund Take?
If you’re the sender and have had a change of heart about the e-Transfer, you may be able to reverse it. However, this is only possible if the recipient has not yet accepted the transfer.
If the recipient has already accepted the e-transfer, you will need to speak with them and request a refund. In this case, you’ll need to wait for the recipient to initiate the process of sending the money back to you.
Are There Fees Associated With Interac e-Transfers?
Fees charged for Interac e-Transfers generally vary by bank and account type. While basic bank accounts will have e-transfer fees ranging from $0.50 to $1.50 per transfer, more premium accounts won’t have any fees.
Interact e-Transfer Fees For Personal Chequing Accounts
| TD Bank | – Receiving: Free – Sending: 50¢ per transfer of up to $100; $1 per transfer of over $100 |
| RBC | – Receiving: Free – Sending $1 per transaction |
| Scotiabank | – Receiving: Free – Sending: $1.50 per transaction |
| CIBC | – Receiving: Free – Sending: $1.50 per transaction |
| BMO | – Receiving: Free – Sending: $1 per transaction |
Disclaimer: These fees apply to basic bank accounts. Premium bank accounts do not typically charge for e-Transfers.
Final Thoughts
Interac e-Transfers have become very popular among consumers who have mobile or online banking set up. Whether you’re the one sending or receiving money electronically, transferring funds through an e-Transfer makes the process very simple and secure. Generally, funds are transferred within seconds, though certain circumstances can delay the process.
