Money Transfers in Canada
Whether you are sending $200 to a friend via e-Transfer, wiring $50,000 internationally for a property purchase, or setting up direct deposit for your paycheque, understanding the rules, limits, fees, and timelines for each payment method saves time, money, and frustration.
Canada’s payment landscape is built around Interac for domestic transfers and SWIFT-based wire transfers for international payments. Each method serves a different purpose and carries different costs and speeds.
Interac e-Transfer — Canada’s Domestic Payment Standard
Interac e-Transfer is the dominant peer-to-peer and business payment method in Canada, used for everything from splitting bills to paying rent to receiving government benefits. In 2026, Canadians send over one billion e-Transfers annually.
How e-Transfers Work
- Log into your online banking or mobile app
- Select “Send e-Transfer” and enter the recipient’s email or phone number
- Enter the amount and an optional security question
- The recipient gets a notification and deposits to their account
Most e-Transfers arrive within 30 minutes for recipients at the same bank or within 30 minutes to 3 hours for different banks. Autodeposit (where the recipient has registered their email/phone) eliminates the security question step and speeds up receipt.
e-Transfer Limits by Bank (2026)
Limits vary significantly between institutions:
| Bank | Daily Limit | Weekly Limit | Monthly Limit |
|---|---|---|---|
| TD | $3,000 | $10,000 | $20,000 |
| RBC | $3,000 | $10,000 | $20,000 |
| BMO | $3,000 | $10,000 | $20,000 |
| Scotiabank | $3,000 | $10,000 | $20,000 |
| CIBC | $3,000 | $10,000 | $20,000 |
| EQ Bank | $10,000 | $20,000 | $40,000 |
| Tangerine | $3,000 | $10,000 | $20,000 |
Some accounts have higher limits upon request. Business accounts typically have higher limits than personal accounts.
e-Transfer Fees
Most banks include unlimited e-Transfers with their account plans or charge $0.50–$1.50 per transfer on basic accounts. Online banks (Simplii, Tangerine, EQ Bank) include free e-Transfers in all plans.
Wire Transfers — Large and International Payments
Wire transfers (also called telegraphic transfers or TTs) are used for large domestic transfers and international payments where e-Transfer is not available. They process through the SWIFT network and require the recipient’s banking details.
Key Details for Wire Transfers in Canada
| Feature | Domestic Wire | International Wire |
|---|---|---|
| Processing time | Same day to 1 business day | 1–5 business days |
| Sending fee | $15–$40 | $20–$50 |
| Receiving fee | $15–$25 | $15–$25 |
| Exchange rate markup | N/A | 1.5–3% above mid-market |
| Minimum amount | Usually $1 | Usually $1 |
Alternative for international transfers: Services like Wise (formerly TransferWise), Remitly, and Western Union transfer money internationally at a much lower cost than bank wire transfers — typically 0.4–1.5% versus 1.5–3% at banks, plus lower fixed fees. For amounts over $2,000 internationally, using a specialist service instead of a bank wire almost always saves money.
Sending Money Internationally
For Canadians sending money to another country — supporting family abroad, paying overseas suppliers, or managing foreign property — the choice of method significantly affects the exchange rate and fees received by the recipient.
Key Considerations
Exchange rate: Banks apply a markup of 1.5–3% above the mid-market rate (the “real” exchange rate). On $5,000 CAD, a 2% markup costs $100. Wise, Remitly, and similar services charge 0.4–1.5%.
Speed: Wire transfers take 1–5 days. Some specialist services offer same-day or next-day delivery.
Recipient requirements: International wires require IBAN (Europe) or routing/account number (USA), SWIFT/BIC code, and recipient name and address. Mistakes in banking details can cause delays and fees.
Norbert’s Gambit: For large CAD-to-USD conversions, Norbert’s Gambit through a brokerage account is one of the cheapest methods — especially for amounts over $10,000.
Direct Deposit
Direct deposit sends funds electronically to a specific bank account without the delay or risk of a paper cheque. In Canada, it is the standard method for:
- Employment income — most employers pay via direct deposit
- Government benefits — CPP, OAS, EI, CCB, GST credit, income tax refunds
- CRA tax refunds — registered through CRA My Account
To receive direct deposit, you provide a void cheque or direct deposit form showing your branch transit number, institution number, and account number. CRA refunds via direct deposit arrive within 2 weeks of filing vs 6–8 weeks for a paper cheque.
Interac e-Transfer
- Interac e-Transfer Guide for Canada 2026
- e-Transfer Limits by Bank in Canada 2026
- How Long Does an Interac e-Transfer Take in Canada?
- Bounced e-Transfer in Canada: Why It Failed & How to Get Your Money Back
- Can You Cancel a Bank Transfer in Canada?
Direct Deposit
Wire Transfers
- Wire Transfers in Canada 2026: How They Work, Fees, and Alternatives
- Wire Transfer Fees in Canada 2026: All Major Banks Compared
- How Long Does a Wire Transfer Take in Canada?
Sending Money Internationally
- How to Send Money Internationally from Canada in 2026
- Best Apps to Send Money in Canada in 2026
- Best Ways to Transfer Money to Canada 2026
- Where to Exchange Currency in Canada 2026