CIBC e-Transfer Limit 2024: Fees, Processing Time & More
Interac e-Transfer is Canadians’ alternative payment solution that allows fast and convenient transactions.
The difference between e-Transfer and cheque, EFT and ATM transactions also extends to cost. You can send and receive money for free through e-Transfer depending on your financial institution.
With 24/7 accessibility, it’s obvious why e-Transfer has taken over the domestic payment solution industry of Canada.
The Canadian Imperial Bank of Commerce (CIBC) is one of the 250+ financial institutions that operate on the Interac e-Transfer network. As a CIBC client, you have access to all the e-Transfer benefits on your online or mobile banking account.
Besides sending and receiving money, CIBC also allows you to schedule and request for e-Transfer from your contacts.
But what is the CIBC e-Transfer limit? Can you request an e-Transfer limit increase at CIBC? What are the costs of using e-Transfer on CIBC? How long does CIBC e-Transfer take?
This article discusses everything you need to know about CIBC e-Transfer including how it compares with other banks in Canada.
About Interac e-Transfer
Interac e-Transfer is a payment network that was launched to offer access to fast, secure and convenient transactions in Canada.
Initially, Interac e-Transfer was offered by Interac Association and Acxsys Corporation. But these two organizations were merged in 2018 to form a single corporate entity known as Interac Corp.
Financial institutions in Canada partner with Interac e-Transfer to provide their clients access to this alternative payment solution.
With Interac, transactions can be processed instantly or within minutes by just using a mobile or online banking account. This makes Interac one of the fastest payment networks in Canada.
As of 2021, over 960 million transfers were executed using Interac e-Transfer in Canada. Within the same time frame, about 6 billion debit transactions and nearly $6 billion in e-commerce debit sales were made with e-Transfer.
That said, the Interac e-Transfer experience varies from one financial institution to the other. This is because Interac allows partner financial institutions to determine their e-Transfer limits and fees.
As you continue reading, you will learn about the CIBC e-Transfer limit and fees versus those of other financial institutions in Canada.
CIBC e-Transfer Limit
The CIBC e-Transfer limit determines how much you can send and receive within a given timeframe. Like other financial institutions, the e-Transfer limit at CIBC varies per day, week and month.
But unlike other financial institutions in Canada, the outgoing and incoming e-Transfer limit is the same at CIBC.
That said, the minimum e-Transfer limit at CIBC is $0.01 per day, week and month. However, the maximum limit varies.
The following are the current maximum CIBC e-Transfer limits according to different timeframes:
| Period | CIBC e-Transfer Limit |
| 24 hours | $3,000 |
| 7 days | $10,000 |
| 30 days | $30,000 |
However, CIBC allows you to request up to $10,000 at a spot from your contacts. This means that you can receive up to $10,000 e-Transfer within a day at CIBC.
Note: The maximum number of request transactions you can have at a time is 200 at CIBC.
CIBC e-Transfer Limit for Student Accounts
The CIBC normal e-Transfer limit also applies to student accounts. That’s,
- $3,000 per 24 hours
- $10,000 per 7 days
- $30,000 per 30 days
However, the CIBC Smart for Students account waives Interac e-Transfer fees for students up to the age of 25. The account has the following features:
- No monthly fees
- Unlimited everyday banking benefits
- Unlimited transactions
- Free SPC+ membership for eligible CIBC student clients
In addition to the above features, the CIBC Smart for Students account also has a $150 sign-up bonus. Learn more about the offer here.
CIBC e-Transfer Limit Increase
Can you request for the CIBC e-Transfer limit increase? Sure, just as is the case with other financial institutions on the Interac network.
Interac Corp. has granted partner financial institutions the freedom to set their e-Transfer limits based on their risk levels.
To limit risk, financial institutions usually set the e-Transfer limit based on the transaction limits of their clients’ cards.
By setting limits, financial institutions also help reduce clients’ risks in the case of account hacking.
Based on your situation, you can ask CIBC to increase or reduce your e-Transfer limit. To request an increase, kindly contact a CIBC representative through the following channels:
- Call 1-800-465-2422
- Book a meeting with a CIBC agent
- Visit any nearest CIBC branches (find a branch here)
How Do You e-Transfer With CIBC?
Before you can send an e-Transfer through CIBC, you must have an active email address or Canadian mobile phone number. In addition, you must have:
- An active bank account with CIBC
- Access to CIBC Online Banking or CIBC Mobile Banking platform
Once you meet the above requirements, you can follow the steps below to send an e-Transfer through CIBC:
- Sign in to your CIBC Online Banking or CIBC Mobile Banking account
- Navigate to the menu and select “Interac e-Transfer”
- Click on “Send Money”
- Enter the amount you want to send
- Select the CIBC account you’re sending the money from
- Select the contact you’re sending the money to from your existing list
- Select a notification type
- Set a security question and answer for your contact (no need if the recipient set up “Auto-deposit”)
- Select your transfer frequency (recurring or once)
- Review your details
- Click on “Send Money” or “Yes.” to complete the transaction
That’s all from your end. The recipient will receive the transfer notification within 30 minutes and will have 30 days to claim it.
CIBC e-Transfer Processing Time
How long does it take to process an e-Transfer on CIBC? It depends. As a sender, the transferred amount will be withdrawn from your CIBC account immediately.
But as a receiver, the CIBC e-Transfer processing time can take up to 30 minutes.
Although in some cases, CIBC e-Transfers are processed instantly. However, it can take up to 30 minutes to notify a receiver about the transfer.
The factors that impact CIBC e-Transfer processing time include Internet speed, email system and transfer size. It usually takes longer to process a high transfer amount.
Why Your CIBC Interac e-Transfer Failed?
Not all e-Transfers are processed successfully. Sometimes the problem could be from you (the sender) or the receiver.
That said, the following are the major reasons why your CIBC e-Transfer failed:
- The receiver declined the transfer
- The receiver didn’t claim the transfer within 30 days
- The receiver failed to answer the security question
- You provided an incorrect email address or phone number of the receiver
If your CIBC e-Transfer fails because of any of the above reasons, the deducted funds will be automatically returned to your CIBC account within 30 days.
CIBC e-Transfer Fees
Interac e-Transfer fees vary from one financial institution to the other. The following are the current CIBC e-Transfer fees.
| Service | Fee |
| Sending e-Transfer | Free on selected CIBC accounts* and $1.50 on other accounts |
| Receiving e-Transfer | Free |
| Stopping e-Transfer transaction | $3.50 |
| Requesting money | $1.50 |
* The following are the eligible CIBC accounts to which Interac e-Transfer fees are waived:
- CIBC Smart Accounts
- CIBC Smart Plus Accounts
- CIBC Smart for Students
- CIBC Smart for Seniors
- CIBC Advantage for Youth
- CIBC Advantage for Students
Read Also: Learn How to Close CIBC Bank Account
The e-Transfer Limits of Other Banks in Canada
Interac e-Transfer limits vary considerably from one financial institution to the other. In what follows, I provide the e-Transfer sending limit of other financial institutions in Canada starting from the big banks.
RBC e-Transfer Limit
The following are the current RBC e-Transfer limits:
| Period | RBC e-Transfer Limit |
| 24 hours | Varies per client’s card |
| 7 days | Varies per client’s card |
| 30 days | Varies per client’s card |
Fees: No Fee for sending, receiving and stopping e-Transfers on most RBC accounts.
Learn more: RBC e-Transfr Limit
TD e-Transfer Limit
The current TD e-Transfer limits are highlighted below:
| Period | TD e-Transfer Limit |
| 24 hours | $3,000 |
| 7 days | $10,000 |
| 30 days | $20,000 |
Fees: Free e-Transfers on selected accounts. $0.50 – $1.00 transaction fee on other accounts. Free cancellation ($5 after 45 minutes).
Learn more: TD e-Transfer Limit
Scotiabank e-Transfer Limit
The following are the current e-Transfer limits of Scotiabank:
| Period | Scotiabank e-Transfer Limit |
| 24 hours | Varies per client’s card |
| 7 days | Varies per client’s card |
| 30 days | Varies per client’s card |
Fees: $1.00 per Interac e-Transfer. No fee for cancellation.
Learn more: Scotiabank e-Transfer Limit
Interac e-Transfer Limit at BMO
The Interac e-Transfer limits at BMO are highlighted below:
| Period | BMO e-Transfer Limit |
| 24 hours | $2,500 / $3,000 |
| 7 days | $10,000 |
| 30 days | $20,000 |
Fees: $1 for personal accounts and $1.50 for business accounts. Free cancellation (a $5 fee applies if you cancel after 12 a.m on the cancellation day).
Learn more: BMO e-Transfer Limit
Interac e-Transfer Limit at HSBC
The following are the outgoing Interac e-Transfer limits at HSBC:
| Period | HSBC outgoing e-Transfer Limit |
| 24 hours | $7,000 |
| 7 days | $10,000 |
| 30 days | $40,000 |
Fee: Free to send and receive e-Transfer on most HSBC accounts.
Learn more: HSBC e-Transfer Limit
Simplii Interac e-Transfer Limit
Below are the current Simplii Financial Interac e-Transfer limits.
| Period | Simplii e-Transfer Limit |
| 24 hours | $3,000 |
| 7 days | $10,000 |
| 30 days | $30,000 |
Fees: Noe fee for sending or receiving e-transfer at Simplii. A $3.50 fee applies for cancellation.
Learn more: Simplii e-Transfer Limit
Tangerine Interac e-Transfer Limit
Below are the current Tangerine outgoing e-Transfer limits.
| Period | Tangerine outgoing e-Transfer Limit |
| 24 hours | $3,000 |
| 7 days | $10,000 |
| 30 days | $20,000 |
Fees: No fee for sending and receiving Interac e-transfers at Tangerine.
Learn more: Tangerine e-Transfer Limit
EQ Bank Interac e-Transfer Limit
The following are the outgoing e-Transfer limits of EQ Bank:
| Period | EQ Bank outgoing e-Transfer Limit |
| 24 hours | $3,000 |
| 7 days | $10,000 |
| 30 days | $20,000 |
Fees: No fee for sending and receiving Interac e-transfers at EQ Bank.
Learn more: EQ Bank e-Transfer Limit
Related:
FAQs on e-Transfer Limits CIBC
The maximum amount you can e-Transfer in a day at CIBC is $3,000. However, you can request up to $10,000 from your contacts within a day.
Incoming e-Transfer is completely free at CIBC. Outgoing fees are waived on selected CIBC accounts while other accounts have $1.50 fees.
No, CIBC doesn’t charge e-Transfer transaction fees under CIBC Smart for Seniors
Interac e-Transfers at CIBC can take up to 30 minutes to process depending on Internet speed, email system and transfer size.
All you need is to contact a CIBC representative by phone (1-800-465-2422) or visit their nearest branch to request for e-Transfer limit increase.
