RBC e-Transfer Limit: Everything You Need to Know
Interac e-Transfer has been my favourite transaction network for years – not because of its low cost, but for its fast processing time and convenience.
Of course, there are other payment networks out there including cheques, Wire Transfers, Wise, PayPal or ATMs. But for many Canadians like me, e-Transfer is the ultimate alternative.
Critics argue that the Interac e-Transfer limit is lower. But that’s not the problem of most low-mid income earners that can’t transfer up to $20-$30k per month. So there’s no outstanding argument against e-Transfer that can discourage me from using it.
Besides, the Interac e-Transfer limit is set to protect both myself and my financial institution. Individuals or businesses that need higher limits can always negotiate for an increase at their financial institution.
Overall, Interac e-Transfer is the winner!
That being said, RBC is one of the 250+ financial institutions on the Interac e-Transfer network as with all the other big banks (TD, BMO, Scotiabank and CIBC).
If you’re wondering what the RBC e-Transfer limit is, how to increase your limit, how to send and receive e-Transfer from RBC, the e-Transfer fees and processing time – this post got you covered.
Let’s dig in!
What is the RBC e-Transfer Limit?
The minimum RBC e-Transfer limit is $0.01. But like Scotiabank, the maximum RBC e-Transfer limit depends on a client’s card limit.
As expected, individuals with a higher credit limit will have a higher e-Transfer limit. The opposite is true for those who have lower credit limits.
For more information about the e-Transfer limit at RBC, you should call their representative at 1-800-769-2555 or email them at the Online Banking Message Centre.
How to Check e-Transfer Limit at RBC
Your RBC e-Transfer limit is linked to your RBC credit card limit.
So to find your e-Transfer limit, you need to locate your credit card limit. All you have to do is to log in to your RBC Online banking Account and navigate to the “My Services” section.
There you will find your RBC credit card limit alongside your e-Transfer limit.
In addition, you can also find your e-Transfer limit at RBC under your credit card disclosure.
RBC e-Transfer Limit For Students
The maximum RBC e-Transfer limit for students also depends on the client’s card – with the minimum limit being $0.01.
However, the bank offers students a seamless experience under the RBC Advantage Banking for Students account.
Under this account, a student can make free Interac e-Transfers up to 999 times per month. A $1.00 fee applies per every additional e-Transfer beyond the 999 limits.
The RBC Advantage Banking for students also has the following competitive features:
- $100 sign-up bonus (expires on May 31, 2023)
- No month fee
- No minimum balance
- unlimited withdrawals
RBC e-Transfer Limit Increase
Can you increase your e-Transfer limit at RBC? Absolutely! You can do so and it’s very easy!
Since the e-Transfer limit is tied to your client card limit, you can automatically increase the RBC e-Transfer limit by increasing the limit of your RBC card.
Follow the steps below to increase the limit of your RBC card:
- Login to your RBC Online Banking account
- Navigate to your “Accounts Summary” section
- Under My Services, click “Daily Transaction Limits”
- Click “Edit Limits” to increase the limit
That being said, you can also contact RBC to request for e-Transfer limit increase if you don’t want to increase your client card limit.
To me, that is the safer option as you don’t have to increase your liabilities because of the transaction limit.
If you’re going with the request option, call an RBC representative at 1-800-769-2555 or visit any of their nearest branches to submit your request.
How to Send e-Transfer at RBC
Sending e-Transfer at RBC is the simplest of all. To do so, all you need is to log in to your RBC online banking or mobile banking account and follow the steps below:
- Navigate to your “Accounts Summary” section
- Click on “Quick Payments & Transfers”
- Choose the RBC account you want to make the transaction from
- Select Interac e-Transfer under the menu
- Enter the amount you want to transfer
- Click on the the “Submit” button
- Go through the terms and conditions
- Click continue to complete the transaction
There you have it. RBC will deduct your account immediately and process the transfer to your recipient.
Your recipient will receive the transfer automatically within minutes if they set up an auto-deposit or within 30 minutes if they don’t have an auto-deposit in place.
How to Receive e-Transfer at RBC
If you’re expecting an e-Transfer from your RBC account, you will receive an email or text message notification within 30 minutes about the transfer sent.
The notification contains a security question which you must answer correctly to receive the funds.
However, the transfer will be deposited in your RBC account directly if you set up an auto-deposit. This saves you the stress of providing a security answer and also helps you access the transfer faster. The drawback of auto-deposit is that it can’t be reversed.
In addition, you can request money from your Interac e-Transfer contact and have the money deposited directly to your RBC account without providing a security answer.
RBC e-Transfer Time of Processing
RBC e-Transfer processing time is the same as almost all the financial institutions that partner with Interac.
The processing time varies when sending and receiving e-Transfer. When sending an e-Transfer from your RBC account, the money is deducted immediately from your account.
On the other hand, it will take up to 30 minutes for your recipient to receive an email or text message notification about the transfer. The recipient needs to claim the transfer within 30 days or else the transfer expires.
In a situation when your recipient sets up an auto-deposit, the transfer will be deposited directly to their account within a few minutes if not instantly.
If you also request money to your RBC account through your e-Transfer contact, the funds will also be deposited directly to your account within a few minutes if not instantly.
RBC Interac e-Transfer Fees
RBC is one of the few financial institutions with low-cost Interac e-Transfer fees.
The bank doesn’t charge Interac e-Transfer fees on all its personal chequing accounts. In those accounts, there’s no fee to send, receive and cancel e-Transfers.
That said, RBC charges a $1 fee on every e-Transfer sent from personal savings accounts and $1.50 on every Interac sent from business deposit accounts.
In addition, RBC charges a $5 reclaim fee per expired e-Transfer that was not cancelled by the sender within the cancellation period of 15 days.
READ ALSO: How to Cancel RBC Credit Card Online
RBC e-Transfer Limits vs The Limits of Other Banks in Canada
Unlike RBC, most banks set a general e-Transfer limit for all their customers. By setting a general limit and displaying it for all to see, potential clients already know what to expect when they sign up with any of those banks.
In what follows, you shall learn about the Interac e-Transfer limits of other major banks in Canada. If you’re not already an RBC client or are looking to make a switch, this should be a major point of comparison.
| Bank | 24 hours | 7 days | 30 days |
| RBC e-Transfer limit | Varies per client’s card | Varies per client’s card | Varies per client’s card |
| TD e-Transfer limit | $3,000 | $10,000 | $20,000 |
| Scotiabank e-Transfer limit | Varies per client’s card | Varies per client’s card | Varies per client’s card |
| CIBC e-Transfer limit | $3,000 | $10,000 | $30,000 |
| BMO e-Transfer limit | $2,500 / $3,000 | $10,000 | $20,000 |
| HSBC e-Transfer limit | $7,000 | $10,000 | $40,000 |
| Tangerine e-Transfer limit | $3,000 | $10,000 | $20,000 |
| EQ Bank e-Transfer limit | $3,000 | $10,000 | $20,000 |
| Simplii Interac e-Transfer limit | $3,000 | $10,000 | $30,000 |
RELATED:
- How to Choose the Best Online Bank in Canada
- Full List of Banks in Canada
About Interac e-Transfer
First of all, what is Interac e-Transfer? This shouldn’t be the beginning of the discussion if you’re not a new Canadian resident. Hence, you’re free to jump to the next section.
However, new Canadian residents need to know that Interac e-Transfer is a payment network based in Canada and only is accessible in Canada.
The major difference between Interac e-Transfer and other payment networks is that it allows fast and low-cost electronic transfers using online and mobile banking.
Unlike other networks, e-Transfer can be sent and received at no cost depending on the financial institutions of the sender and receiver.
And for maximum security, recipients without an auto-deposit setting need to provide a security answer (as sent to them through email or mobile phone number) before they can receive e-Transfers.
Interac e-Transfer has a long history, dating back to 1984. Today, the network has attracted over 250 financial institutions in Canada including all the big banks and other major banks in the country.
That being said, e-Transfer service varies from one bank or financial institution to the other. There are differences in terms of transaction limits, fees and processing time.
FAQs on RBC Interac e-Transfer Limits
Yes, there’s a limit on daily, weekly and monthly e-Transfers at RBC. The minimum limit is $0.01 while the maximum limit depends on your RBC card limit.
The minimum you can send via e-Transfer at RBC is $0.01 regardless of your card limit.
The maximum e-Transfer limit at RBC depends on the credit card limit of an RBC client. The higher the card limit, the higher the e-Transfer limit.
To upgrade your RBC e-Transfer limit by calling,1-800-769-2555, visiting the nearest RBC branch, or following the steps below:
• Sign-up for your RBC Online Banking account
• Navigate “Accounts Summary”
• Navigate to “My Services” and click “Daily Transaction Limits”
• Click on “Edit Limits” to upgrade your RBC e-Transfer limit
The process of sending large e-Transfers at RBC is the same as the process of sending smaller e-Transfers. But if your RBC e-Transfer limit is smaller, you can increase your card limit to send large e-Transfers.
RBC e-Transfers can be delivered within a few minutes or up to 30 minutes depending on whether the recipient set up auto-deposit or not.
The common factors that cause RBC e-Transfer delays include large transfer amounts, poor internet connection, and faulty email or SMS system of the recipient.
Also, you may experience delays if you’re transferring money from your RBC to a different bank account (not an RBC account).
You can check your pending and past RBC e-Transfers under the “Payment History” section of your RBC Online Banking’s “Pay Bills & Transfer Funds” page.
All you need is to go to the “Payment History” page under “Pay Bills & Transfer Funds” on your RBC Online Banking account.
If your recipient fails to answer the security question and the transfer expires after 30 days, you will need to reclaim it within the 15-day cancellation period to avoid paying the $5 reclaim fee.
To reclaim an e-Transfer at RBC, you first need to cancel it. All you need is to navigate to the “Payment History” page on your online banking account and select the transfer you want to reclaim. Follow the instructions to reclaim the transfer.
Yes! e-Transfers at RBC can be processed instantly if the recipient sets up an auto-deposit.
Interac e-Transfers are free with RBC chequing accounts. But a $1 fee applies when sending e-Transfer through RBC savings accounts and a $1.50 fee on business accounts.
