HSBC Interac e-Transfer Limit
Interac e-Transfer has remained the alternative transaction network of Canadians since its inception in 2003.
Not only is Interac e-Transfer a secure and convenient way to send and receive money in Canada, but it’s also cheap.
With Interac e-Transfer, you can send funds to anyone with an email address or mobile phone number in a matter of minutes.
One major concern about Interac e-Transfer is that the transfer limits vary from one financial institution to the other.
In this article, we’re going to look at the HSBC Interac e-Transfer limit, fees, comparison and more.
HSBC Canada has discontinued operation following its complete acquisition by RBC.
HSBC Interac e-Transfer Limit
HSBC is popularly regarded as one of the banks with the highest Interac e-Transfer limits in Canada.
This is because the daily, weekly and monthly e-Transfer limits of HBC are ahead of the limits of most financial institutions in Canada.
The following are the outgoing Interac e-Transfers limit of HSBC:
| Period | HSBC Interac e-Transfer Limit |
| Daily | $7,000 |
| Weekly | $10,000 |
| Monthly | $40,000 |
On the other hand, HSBC allows you to receive a maximum of $25,000 through Interac e-Transfer. This is the common incoming e-Transfer limit among most financial institutions in Canada.
Overall, HSBC is ahead of most financial institutions in Canada when it comes to Interac e-Transfer limits.
HSBC Interac e-Transfer Limit Increase
As with other banks, HSBC doesn’t specify how you can increase your e-Transfer limit with it.
However, if you have a high credit limit and your account is in good standing, you can request a limit increase by contacting HSBC.
To contact HSBC, call their customer service at 1-888-310-4722 (toll-free) or visit any of their closes branches in Canada.
How to Set Up e-Transfer With HSBC
Before you can send or receive an e-Transfer through HSBC, you must register with it. Follow these steps to set up an e-Transfer at HSBC.
- Sign in to your online banking account with HSBC
- Navigate to the “Transfers” or “Payments” section of your account
- Select “Interac e-Transfer” from the options available
- Follow the prompts to set up your Interac e-Transfer account.
If you have any trouble setting up your Interac e-Transfer account, or if you have any questions about the process, you can contact HSBC customer service for assistance.
How to Send e-Transfers With HSBC
Now that you have set up your HSBC e-Transfer account, it is time to start sending money. Here is how you can do it:
- Log in to your online or mobile banking account
- Navigate to the e-Transfer section
- Select a contact or create a new one
- Enter the amount
- Provide security question and answer (if the recipient didn’t set up autodeposit)
- Review the details
- Click “Confirm”
If your recipient setups autodeposit, your transaction will be processed automatically to their account without any intervention.
But if your recipient doesn’t set up autodeposit, they will need to provide the correct security answer before claiming the funds.
How to Cancel an HSBC Interac e-Transfer
If you change your mind about an outgoing Interac e-Transfer with HSBC, you can request for the transfer to be cancelled.
The following are the step-by-step processes on how to cancel an HSBC Interac e-Transfer:
- Log in to your HSBC online or mobile banking account
- Go to the to “Interac e-Transfer” section
- Click on the transfer you want to cancel under “Pending Interac e-Transfer”
- Click “Cancel”
Note that you can only cancel pending e-Transfers sent to persons that didn’t set up autodeposit. As with other banks, you can’t cancel e-Transfers sent to autodeposit contacts.
In addition, e-Transfers that have already been claimed and deposited into the recipient’s account can’t be cancelled.
How to Receive e-Transfers With HSBC
If you are looking to receive e-Transfers through your HSBC account, you need to know what’s required of you.
The process of receiving e-Transfers through HSBC depends on whether you set up autodeposit or not.
If you set up autodeposit, you don’t need to do anything to receive the transfer. The transfer will land in your account automatically without your intervention.
But if you don’t set up autodeposit, you need to follow the steps below to receive e-Transfers through HSBC:
- Check your email or phone SMS for the transfer notification
- Click on the link provided to claim the e-Transfer
- Enter the required security answer
- Click “deposit to bank account” and enter your HSBC account information.
- Review and confirm the transfer details.
How to Set Up Interac e-Transfers Autodeposit With HSBC
The Autodeposit feature allows you to receive e-Transfers automatically, eliminating the need to answer security questions.
As with other banks, you can set up an e-Transfer autodeposit through your HSBC account. All you need is to follow the simple steps below:
- Log into your online or mobile HSBC account
- Head over to the INTERAC e-Transfer tab and click on “Autodeposit”
- Click on “Register your details,” on the online banking portal the “+” sign on the mobile app
- Fill in the required information
- Read and consent to the “Important Information”
- Click “Confirm”
There you have it. All you need is to sit back and relax.
Your request will be sent to Interac immediately and you will be notified by email or text within 24 hours of the subsequent steps to complete the registration.
After completing your registration, you can begin receiving automatic e-Transfers without worrying about security questions.
How to Request Money With HSBC Interac e-Transfer
One interesting aspect of e-Transfers is that you can request money from your existing or new contacts.
Some financial institutions have limits on the amount of money you can request at a time.
However, HSBC doesn’t specify any limit. This doesn’t mean that you can request any amount. You may need to confirm the limit on your account or call their customer support to confirm.
That being said, the following are the step-by-step processes on how to request money with the HSBC e-Transfer service.
- Log in to your online banking account
- Navigate to the Interac e-Transfer section
- Click on “Request Money”
- Select or add the constant of the person you’re requesting the money from
- Enter the amount you’re requesting and the date
- Choose the HSBC account you want the money to be deposited
- Click “Continue” and review the details
- Read and consent to 5hr ‘Important information
- Click “Confirm”
The person you’re requesting the money from will receive a notification of the request and can choose to accept or decline it.
If the request is accepted and the recipient fulfills the required steps, the funds will be transferred to your account and you will be notified.
HSBC e-Transfer Time of Processing
The time it takes for HSBC to process an e-Transfer depends on the type of transfer.
When sending e-Transfers to an autodeposit account, the recipient will receive the transfer faster usually within one minute.
But if the recipient doesn’t activate autodeposit, it may take up to 30 minutes or more for them to receive a notification.
The exact time it takes for an Interac e-Transfer to be completed depends on a variety of factors, including the transfer size and the recipient’s email network and internet speed.
If you are the recipient and have not received the funds after a few hours, you should check up with the sender to confirm if the transfer was successful.
HSBC e-Transfer Fee
Interac e-Transfer fees at HSBC depend on the type of account you have with the bank.
There are no e-Transfer fees on HSBC Canadian dollar chequing or savings accounts. However, some HSBC accounts have limited free e-Transfer access.
Unlike other banks, HSBC is not clear about its e-Transfer fees as we are not sure about the sending, receiving and cancelling fees it charges on all its accounts.
This makes it difficult to tell whether the bank is costly or cheap when it comes to e-Transfers. But by having limited free e-Transfer access on some accounts, we can’t classify HSBC among the low-cost e-Transfer providers.
For a better understanding of the HSBC Interac e-Transfer fee, you can refer to the Personal Service Charges/Statement of Disclosure.
Interac e-Transfer Limits of Other Banks in Canada
In this section, we’re going to look at how the HSBC e-Transfer outgoing limits compare with those of other Canadian banks.
| Bank | Daily Limit | Weekly Limit | Monthly Limit |
| HSBC e-Transfer limit | $7,000 | $10,000 | $40,000 |
| TD e-Transfer limit | $3,000 | $10,000 | $20,000 |
| CIBC e-Transfer limit | $3,000 | $10,000 | $30,000 |
| BMO e-Transfer limit | $2,500 / $3,000 | $10,000 | $20,000 |
| Scotiabank e-Transfer limit | Depends on the client’s card | Depends on the client’s card | Depends on the client’s card |
| RBC e-Transfer limit | Depends on the client’s card | Depends on the client’s card | Depends on the client’s card |
| EQ Bank e-Transfer limit | $3,000 | $10,000 | $20,000 |
| Tangerine e-Transfer limit | $3,000 | $10,000 | $20,000 |
| Simplii e-Transfer limit | $3,000 | $10,000 | $30,000 |
A quick view of the above table shows that HSBC is ahead of most financial institutions when it comes to the e-Transfer limit.
However, some of the above banks such as EQ Bank, Tangerine and Simplii don’t charge any e-Transfer fees. This means that you can save more on e-Transfer from other financial institutions than HSBC.
About Interac e-Transfer
Interac e-Transfer is an electronic money transfer service provided by Interac Corporation, a reputable payment network in Canada.
Interac e-Transfer allows individuals and businesses to send and receive money within Canada through online or mobile devices.
In May 2022, Interac corps announced that Canadians sent over one billion Interac e-Transfers, totalling a whopping $338 billion in value over 12 months.
Before registering an Interac e-Transfer with a financial institution, it’s essential you know the limits, fees, and other terms involved.
From the above, you can see that HSBC has one of the highest daily, weekly and monthly e-Transfer limits. It means that you can’t go wrong sending or receiving e-Transfers from the institution.
FAQs on HSBC Interac e-Transfer Limit & More
Does HSBC have e-Transfer?
Yes. HSBC offers access to the Interac e-Transfer service on its online and mobile banking platforms. You can send, receive and request e-Transfers through your HSBC account.
What is HSBC Interac e-Transfer?
HSBC Interac e-Transfer is an electronic transfer service that allows you to send and receive money online through your online or mobile banking account.
How much can you e-Transfer with HSBC?
You can e-Transfer $7,000 in a day, $10,000 in a week and $40,000 in a month with HSBC.
Is there a fee for using HSBC Interac e-Transfer?
There is no fee for sending or receiving an HSBC Interac e-Transfer on selected accounts.
How long does it take for an HSBC Interac e-Transfer to be received?
Interac e-Transfers sent through HSBC can be received instantly or within 30 minutes depending on whether the recipient sets up autodeposit or not.
Can I cancel an HSBC Interac e-Transfer after it has been sent?
Yes. You can cancel an HSBC Interac e-Transfer as long as it has not been claimed by the recipient or recipient didn’t set autodeposit.
Can I use HSBC Interac e-Transfer to send money internationally?
No, HSBC Interac e-Transfer can only be used to send money within Canada. To send money internationally, you will need to use another service such as the HSBC Global Transfer.
