EQ Bank e-Transfer Limit
One of the fastest and easiest ways to move money in Canada is Interac e-Transfer.
A lot of Canadians prefer Interac e-Transfer because it is fast and accessible at 80+ financial institutions.
Partner institutions on the Interac network allow their customers to send and receive Interac e-Transfers within Canada.
EQ Bank, a popular digital bank with over $7 billion in deposits, is among the 80+ institutions that support Interac e-Transfers in Canada.
Like many other online banks, EQ Bank has limits for the maximum amount of money you can send or receive via Interac e-Transfer on its platform.
This article will give you an in-depth review of the EQ Bank e-Transfer limit for sending and receiving money at any given period.
When you read this article to the end, you will also get to see a brief overview of the Interac e-Transfer limits of other popular Canadian banks.
EQ Bank e-Transfer Limit
The EQ Bank e-Transfer limit determines how much you can send or receive at a given period via Interac e-Transfer.
Currently, EQ Bank does not specify a minimum amount for sending and receiving Interac e-Transfers. However, there are specified limits for the maximum amount you can receive or send.
See the table below for the current EQ Bank e-Transfer limits on sending money at any given period.
| Timeframe | EQ Bank e-Transfer Limit |
| 24-hour period | $3,000 |
| 7-day period | $10,000 |
| 30-day period | $20,000 |
Meanwhile, the maximum amount of money you can receive via e-Transfer to an EQ Bank account is $25,000 per transaction.
If you have other inquiries about the e-Transfer services of EQ Bank, please contact their customer care via the following means.
- Mail to: EQ Bank – Digital Banking, 30 St. Clair Avenue West, Suite 700, Toronto, ON, M4V 3A1
- Call: 1-844-437-2265 (Toll-free within North America) 1-416-551-3449 (Outside of North America)
How to Send Interac e-Transfer with EQ Bank
Before you can send Interac e-Transfer with EQ Bank, you need to have a valid email address or an active Canadian phone number of the recipient.
You also need to have at least one active bank account with EQ Bank. And, you must have access to either the EQ Bank mobile app or the online banking platform.
Once you have all that, follow the steps below to send money via Interac e-Transfer with EQ Bank.
- Visit the EQ Bank online banking portal on a desktop or open the mobile app
- Sign in to your EQ Bank account
- Select “Transfers” from the navigation menu and then choose “Interac e-Transfer”
- Enter your transfer details
- Click on “Review” and check all the details you have entered so far
- Click “Send Money”
How to Receive Interac e-Transfer with EQ Bank
The process of receiving an Interac e-Transfer with EQ Bank is very straightforward.
First, you will get a text message or email notification from Interac about your incoming transfer.
Follow the steps below after receiving the Interac notification.
- Click the link inside the notification text or email message
- Sign in to your EQ account and you will be taken to a “Receive Money” screen
- Check the “Deposit” toggle to ensure that it is selected
- Answer the security question
- Select the specific EQ Bank account you want to deposit the money into
- Click on “Deposit Money”
Note that it is only when you don’t have the Autodeposit feature enabled that you will be required to answer a security question before receiving Interac e-Transfers.
EQ Bank e-Transfer Autodeposit
Incoming Interac e-Transfers will be deposited automatically into your EQ Bank account if you activate Autodeposit.
Activating the Autodeposit feature will save you the stress of answering security questions whenever money is sent to you via Interac e-Transfer.
How to Set Up Interac e-Transfer Autodeposit with EQ Bank
Follow these steps to activate the Interac Autodeposit with EQ Bank.
- Sign in to your EQ Bank account on the mobile app or online platform
- Select “Transfers” and then choose “Interac e-Transfer”
- Click on “Register Autodeposit”
- Enter your phone number or email address
- Select the specific EQ Bank account that incoming funds will be deposited into (automatically)
- Interac will send you a text message or email
- Select “Complete Registration” from the email you receive or click the link in the text message sent to you
- Follow the prompts to complete your registration
- Your Autodeposit Status should change from “Pending” to “Active”
EQ Bank also allows customers to unregister the Interac Autodeposit feature at any time they want.
EQ Bank e-Transfer Time of Processing
Like other newbies, you may be wondering how long it takes EQ Bank to process e-Transfers.
Here’s how it works: Interac e-Transfers below $250 are processed and sent instantly with EQ Bank.
Also, if you have an existing transfer history with the recipient (even if it’s one transfer), EQ Bank will instantly process and send any amount within your limit.
In other cases, it might take up to 30 minutes before the recipient receives an Interac e-Transfer notification SMS or email message.
And you can also check if the phone number or email used for the Interac e-Transfer transaction is valid.
Some common mistakes like spelling errors and wrong symbols could be delaying the e-Transfer transaction.
Other factors like internet speed can also impact the EQ Bank e-Transfer processing time.
How to Cancel EQ Bank e-Transfer
To cancel an Interac e-Transfer sent with EQ Bank, follow the steps highlighted below.
- Visit the EQ Bank online banking portal on a desktop or open the mobile app
- Sign in to your EQ Bank account
- Select “Transfers” and then choose “Interac e-Transfer”
- Select “Transfer activity”
- Click the arrow next to the particular transfer transaction you want to cancel
- Click “Cancel transfer”
- Follow the prompts
Bear in mind that you can only cancel an EQ Bank e-Transfer that has not been accepted by the recipient.
Also, outgoing Interac e-Transfers at EQ Bank are cancelled automatically when the recipient did not accept the transfer within 30 days of receiving notification.
Why Did My EQ Bank e-Transfer Fail?
As with other financial institutions, EQ Bank e-Transfers might fail because of the common reasons listed below.
- You misspelled the recipient’s email address or entered an incorrect phone number
- The recipient declined your e-Transfer
- The recipient couldn’t provide a correct answer to the security question attached to the e-Transfer
- The recipient did not claim the e-Transfer within 30 days of receiving the notification
If any of these common reasons caused your EQ Bank e-Transfer to fail, your funds should be refunded in due time.
In the case of declined or expired (ignored) e-Transfers, you will receive an Interac notification email about a redeposit.
Follow these steps when you get such an email notification:
- Click on the EQ Bank logo inside the email you got
- Sign In to your Account
- Click on “Redeposit money”
EQ Bank e-Transfer Fees
While some brick-and-mortar banks charge a little fee for Interac e-Transfers, most digital banks offer the service for free.
EQ Bank is one of such online-only banks that allow customers to send and receive Interac e-Transfers for free.
In addition, EQ Bank doesn’t charge Interac e-Transfer cancellation fees.
This makes EQ Bank one of the low-cost financial institutions for Interac e-Transfer transactions.
Bear in mind that you need to open an EQ Bank Savings Plus account in order to enjoy free Interac e-Transfer transactions.
The EQ Bank Savings Plus Account is a no-fee high-interest savings account that combines the features of regular savings and chequing accounts.
Learn more about the EQ Bank Savings Plus Account here.
READ ALSO: EQ Bank Prepaid Mastercard Review
Interac e-Transfer Limits of Other Canadian Banks
The Interac e-Transfer limits of each Canadian bank vary considerably. However, most banks have similar daily and weekly outgoing e-Transfer limits as EQ Bank.
Let’s take a look at each of the e-Transfer limits of some big and popular banks in Canada.
CIBC Interac e-Transfer Limit
The Canadian Imperial Bank of Commerce (CIBC) also has limits on sending and receiving money with Interac e-Transfer.
See the table below for limits that apply when sending e-Transfer with CIBC.
| Timeframe | CIBC e-Transfer Limit |
| 24-hour | $3,000 |
| 7-day | $10,000 |
| 30-day | $30,000 |
CIBC charges $1.50 per transaction when sending money via the Interac e-Transfer service. However, it is free to receive e-Transfers with CIBC.
CIBC customers are also charged a $3.50 fee to stop an Interac e-Transfer.
Meanwhile, CIBC waives the Interac e-Transfer fee for customers running CIBC Smart Accounts and CIBC Smart Plus Accounts.
The bank also waives the Interac e-Transfer fee for customers enrolled in a few other select accounts.
Learn more: CIBC Interac e-Transfer Limit
RBC e-Transfer Limit
Royal Bank of Canada (RBC) also ties its e-Transfer limit to the card limit of each customer.
This simply means that the RBC e-Transfer outgoing limit varies per client’s card.
Meanwhile, you can send and receive Interac e-Transfers for free with RBC personal chequing accounts.
As for other account types, a fee of $1.00 – $1.50 applies when sending out Interac e-Transfers with RBC
Learn more: RBC Interac e-Transfer Limit
Scotiabank Interac e-Transfer Limit
Scotiabank uses the RBC approach to determine the maximum amount of money you can send via Interac e-Transfer.
At the moment, the Scotiabank e-Transfer outgoing limit varies per client’s card.
That being said, Scotiabank charges its customers $1.00 per Interac e-Transfer transaction. However, it is free to cancel Interac e-Transfers with Scotiabank.
Learn more: Scotiabank Interac e-Transfer Limit
Tangerine Interac e-Transfer Limit
Tangerine is one of the popular online banks in Canada that supports Interac e-Transfer services.
Below is a table showing the e-Transfer limits that apply to outgoing e-Transfers at Tangerine bank.
| Timeframe | Tangerine e-Transfer Limit |
| 24-hour period | $3,000 |
| 7-day period | $10,000 |
| 30-day period | $20,000 |
Like EQ Bank, Tangerine also allows customers to send and receive money for free using Interac e-Transfer.
Learn more: Tangerine Interac e-Transfer Limit
Simplii Interac e-Transfer Limit
Simplii Financial is another online bank that has a fixed limit on the amount of money a customer can send via Interac e-Transfer.
See the table below for e-Transfer limits that apply when sending e-Transfers with Simplii Financial.
| Timeframe | Simplii e-Transfer Limit |
| 24-hour | $3,000 |
| 7-day | $10,000 |
| 30-day | $30,000 |
The Simplii daily and weekly outgoing e-Transfer limits are the same as those of EQ Bank. Also, you can send and receive money for free via e-Transfer with Simplii.
However, Simplii charges a $3.50 fee for cancelling an Interac e-Transfer transaction.
Please note that Simplii Financial does not offer its products and services to residents of Quebec.
Learn more: Simplii Interac e-Transfer Limit
HSBC Interac e-Transfer Limit
HSBC is one of the popular brick-and-mortar banks in Canada that support Interac e-Transfer services.
Below is a table showing the e-Transfer limits that apply to outgoing e-Transfers with HSBC.
| Timeframe | HSBC e-Transfer Limit |
| 24-hour | $7,000 |
| 7-day | $10,000 |
| 30-day | $40,000 |
From the above table, it’s obvious that HSBC has one of the highest outgoing Interac e-Transfer limits in Canada.
Sending and receiving money is free with an HSBC Canadian dollar Savings or Chequing account.
Learn more: HSBC e-Transfer Limit
BMO Interac e-Transfer Limit
The Bank of Montreal (BMO) has its own limits and fees that apply when using Interac e-Transfer services on its platform.
See the table below for e-Transfer limits that apply when outgoing e-Transfers with BMO.
| Timeframe | BMO e-Transfer Limit |
| 24-hour | $2,500 or $3,000 |
| 7-day | $10,000 |
| 30-day | $20,000 |
Please note that the limits specified above only apply when you have not exceeded the limits assigned to your BMO Debit Card.
BMO charges a non-refundable fee of $1.00 for Interac e-Transfers made by a Personal Banking customer and a fee of $1.50 for Commercial Banking customers.
Meanwhile, BMO allows free cancellation of Interac e-Transfers before 12 a.m. (ET) on the same day of the transaction. Otherwise, a fee of $5 will be charged for cancellation.
Learn more: BMO e-Transfer Limit
TD Interac e-Transfer Limit
Like other big banks in Canada, TD Canada Trust has its own specified limits and fees for Interac e-Transfer transactions.
See the table below for the limits that apply when sending e-Transfers with TD Canada Trust.
| Timeframe | TD e-Transfer Limit |
| 24-hour | $3,000 |
| 7-day | $10,000 |
| 30-day | $30,000 |
While some selected TD accounts enjoy free Interac e-Transfers, other account types are charged $0.50 – $1.00 for each Interac e-Transfer transaction.
Also, it is free to cancel outgoing Interac e-Transfers with TD provided you do so within 45 minutes transaction. If you exceed 45 minutes, a $5.00 cancellation fee will be charged.
Learn more: TD e-Transfer Limit
About Interac e-Transfer
Interac e-Transfer is an electronic money transfer service that was launched in 2003.
The Interac e-Transfer service is a product of peer-to-peer money movement solutions developed by Acxsys Corporation.
Even though it operates separately, Interac e-Transfer works according to the principles of the Interac Debit service.
In Canada today, more than 80 banks and financial institutions support the Interac e-Transfer service on their various platforms. Although their respective Interac e-Transfer limits and other terms or conditions vary.
In 2018, Interac company recorded that nearly 57% of Canada’s population had registered for the Interac e-Transfer service.
Also, Interac e-Transfers surpassed 1 billion total transactions in April 2022 to record a new milestone in its 20 years of existence.
Though Interac Corp is the parent company that owns the e-Transfer service, it is only accessible on the platforms of Canadian banks and financial institutions.
This is the reason why the Interac e-Transfer limits vary from one institution to the other. Also, different Canadian financial institutions charge varying fees for e-Transfer services.
Concluding Thoughts on EQ Bank e-Transfer Limit
The EQ Bank e-Transfer limit is popular with those of other Canadian banks.
If you transfer $20,000 or less within a month, you shouldn’t have issues using EQ Bank e-Transfer.
The fact that you can send and receive e-Transfers with EQ Bank for free means a lot to your savings.
If you’re looking for higher e-Transfer limits, you have different options to consider from the above comparison.
Does the EQ Bank e-Transfer limit fit your needs? Kindly leave a reply below.
FAQs on EQ Bank e-Transfer Limit
Does EQ Bank accept e-Transfers?
Yes, EQ Bank accepts e-Transfers and allows you to send up to $20,000 via e-Transfers.
You can accept e-Transfers on your EQ Bank account manually by answering a security question or automatically by activating Autodeposit.
How long does EQ Bank e-transfer take?
EQ Bank processes and sends Interac e-Transfers below $250 instantly.
If a recipient doesn’t activate Autodeposit, it can take up to 30 minutes before they get a notification of an EQ Bank e-Transfer.
Does EQ Bank charge to cancel e-Transfer?
EQ Bank is one of the few financial institutions that do not charge a fee for cancelling Interac e-Transfers.
The bank also waives fees for sending and receiving Interac e-Transfers with it.
Is Interac e-Transfer the same as EFT with EQ Bank?
No, Interac e-Transfer is an electronic money transfer service offered by Interac Corp that’s supported by EQ Bank and other Canadian financial institutions.
On the other hand, EFT simply refers to Electronic Funds Transfer from one bank account to the other.
So you need a valid Canadian bank account number before you can send money with Electronic Funds Transfer (EFT).
However, a recipient’s email address or phone number is enough to send money instantly with Interac e-Transfer.
Can I increase my EQ Bank e-Transfer limit?
At the moment, there is no official information on how you can increase your EQ Bank Interac e-Transfer limit.
Nevertheless, you can talk to EQ Bank customer care and negotiate a limit increase. Call them at 1-844-437-2265 (Toll-free within North America).
