TD e-Transfer Limit: Everything You Need to Know
Interac e-Transfer is widely accepted all over Canada because of its relatively low cost and superfast payments.
A lot of Canadians also prefer using the Interac e-Transfer service because it is accessible on the platforms of various banks and other financial institutions.
Currently, there are more than 250 financial institutions in Canada that support the Interac e-Transfer service on their respective platforms.
TD Canada Trust is one of the big banks that allow customers to send and receive money with Interac e-Transfer.
This article gives a detailed overview of the TD e-Transfer limit that applies when sending and receiving money on TD banking platforms.
It also discusses other important information about the TD e-Transfer service.
So continue reading to find out the details!
TD e-Transfer Limit
TD Canada Trust has specific limits that determine the amount of money each customer can move around with the Interac e-Transfer service.
At the moment, TD Canada Trust has not specified the minimum amount of money its customers can send with e-Transfers.
However, the following are the maximum TD e-Transfer limit on outgoing transactions:
| Timeframe | TD e-Transfer Outgoing Limit |
| 24 hours | $3,000 |
| 7 days | $10,000 |
| 30 days | $20,000 |
Meanwhile, TD Canada Trust has also set $3,000 as the maximum amount of money customers can send per single e-Transfer transaction.
Also, the figures you see in the table above apply when you are receiving money via Interac e-Transfer to a TD Canada Trust account.
Bear in mind that as a TD account holder, your e-Transfer money request can only be accepted if the amount is within the sending limits set by your recipient’s financial institution.
TD e-Transfer Limit Increase
Chances are that the TD e-Transfer limit may not be suitable for you especially if you make larger monthly transactions.
If you’re already a TD client, you may want to consider ways you can increase your e-Transfer limit with the bank.
Unfortunately, TD doesn’t disclose ways of increasing e-Transfer limits. This is common with most financial institutions as they aim to reduce risk.
Notwithstanding, you can negotiate a limit increase by contacting TD customer care through any of the following means:
- Phone: Call 1-866-222-3456 or click this link.
- In-person: Book an appointment with a TD bank representative.
How to Send e-Transfers From a TD Account
To send Interac e-Transfers from a TD account, you need to use the TD bank mobile app or the TD EasyWeb platform.
Follow the steps below to send e-Transfers from a TD account:
- Log on to your account via the TD EasyWeb platform or the TD bank app
- Select “Interac e-Transfer”
- Click “Send Money”
- Select which of your TD account to be debited for the transaction
- Enter the amount of money you want to send out
- Choose an existing recipient on your list or add a new recipient
- Proceed to set up a security question and answer if the recipient does not have Autodeposit enabled
- Review the information you entered
- Click on “Send Money”
How to Receive e-Transfers with a TD Account
TD Canada Trust allows customers to receive incoming e-Transfer funds in three ways. They are:
- By answering a security question (for clients with no Autodeposit activated)
- By “Direct to Account” deposit (only to eligible TD account numbers)
- By Interac Autodeposit
To receive incoming Interac e-Transfers to a TD account by answering a security question, follow the steps below:
- Open the notification text message or email you received from Interac
- Click the link in the text message or email and log on to your TD account
- Select the specific TD account you want the funds to be deposited into
- Review the information on your screen
- Click on “Deposit Now” and that’s it
How to Check an e-Transfer Status on TD
As a TD account holder, you can check the status of an Interac e-Transfer transaction by using the TD bank app or EasyWeb banking platform.
Follow the steps below to check the status of any TD e-Transfer transaction:
- Log on to your TD account from the TD bank app or EasyWeb banking platform
- Select “Interac e-Transfer”
- Check the appropriate transaction history tab (Money Received, Money Requested or Money Sent)
- Select the specific transaction you want to track
This process shouldn’t take you more than a few minutes on your phone or desktop.
How to Set up Interac Autodeposit on a TD Account
If you activate the Interac Autodeposit feature on your TD account, money sent to you via e-Transfer will be deposited automatically.
This simply means that you will no longer be required to answer a security question before an Interac e-Transfer can be deposited into your TD account.
Here are the steps to follow if you want to set up the Interac Autodeposit on your TD account:
- Log on to your TD account via the EasyWeb platform or the TD bank app
- Select “Interac e-Transfers”
- Click “Manage Autodeposit” and choose the “Set Up Autodeposit” option
- Enter your email address
- Select which of your TD account to be credited whenever money is sent to you
- Agree to the Terms and Conditions for TD Interac e-Transfer service
TD e-Transfer Processing Time
When you send money with e-Transfer from a TD account, it should be processed and delivered within minutes.
If the recipient has the Autodeposit feature enabled, the funds you sent via e-Transfer will be deposited into his or her account directly.
In the case of a recipient with no Autodeposit feature activated, the person should receive a notification email or text message a few minutes after you send the money.
Bear in mind that a recipient with no Autodeposit feature can only receive your e-Transfer after providing a correct answer to the security question you attached to the transfer.
TD e-Transfer Fees
Certain TD account types have zero transaction fees for Interac e-Transfers while other account types pay a little fee.
Here is a list of TD accounts that enjoy free Interac e-Transfer transactions:
- TD Every Day Chequing Account
- TD Unlimited Chequing Account
- TD Wealth Private Banking Account
- TD Student Chequing Account
- TD All-Inclusive Banking Plan Account
- Any business chequing account with a TD Unlimited Business plan
For other account types, TD Canada Trust charges $0.50 per e-Transfer transaction which is less than $100 on a TD Personal account.
Similarly, a fee of $1.00 is charged per e-Transfer transaction above $100 on TD Personal accounts.
Also, all TD business account types pay $1.50 per Interac e-Transfer transaction except for the Every Day A, B, and C accounts that enjoy two free transactions per month before being charged.
For each time a business banking customer includes Additional Remittance Details with their e-Transfer, TD Canada Trust charges an extra fee of $0.50.
TD Canada Trust also allows its customers to cancel an Interac e-Transfer transaction for free within 45 minutes of its initiation. After that, a cancellation fee of $5.00 applies per transaction.
Meanwhile, the following TD accounts do not pay an e-Transfer cancellation fee:
- TD Wealth Private Banking Account
- TD Unlimited Business Plan
- Line of Credit
Also, receiving incoming Interac e-Transfer funds to a TD account is completely free.
READ ALSO: How to Close TD Bank Account
Interac e-Transfer Limits of Other Popular Canadian Banks
The Interac e-Transfer transaction limits for many Canadian banks are very similar. However, some banks use a different approach to set the limit for e-Transfers.
Let’s take a look at each of the e-Transfer limits of some of the popular Canadian banks below:
BMO
The BMO e-Transfer limit for sending money is tied to the spending limit of your BMO debit card.
The following limit applies as the maximum amount you can send via e-Transfer with BMO:
| Timeframe | Outgoing Limit |
| 24 hours | $2,500 or $3,000 |
| 7 days | $10,000 |
| 30 days | $20,000 |
Meanwhile, you can only send the above-listed amounts if you have not exceeded your BMO debit card spending limits.
Learn more: BMO e-Transfer Limit
RBC
Royal Bank of Canada (RBC) is one of the traditional banks that uses a different approach in setting the Interac e-Transfer limit for each customer.
For all RBC customers, their Interac e-Transfer send limit varies per client’s card.
This simply means that your card limit at any time will determine your e-Transfer limit as well.
RBC personal chequing accounts are allowed to send and receive Interac e-Transfers for free.
However, all other RBC account types pay between $1.00 – $1.50 for sending e-Transfers.
Learn more: EQ Bank e-Transfer Limit
Scotiabank
Scotiabank uses the same approach as RBC in setting the Interac e-Transfer limits for each of its customers.
The Interac e-Transfer send limit for each Scotiabank customer is directly tied to their card limit.
The only difference between Scotiabank’s e-Transfer service and that of RBC is that Scotiabank charges a flat fee of $1.00 per transaction.
Also, Scotiabank allows customers to cancel any Interac e-Transfer transaction for free.
Learn more: Scotiabank e-Transfer Limit
CIBC
The Canadian Imperial Bank of Commerce (CIBC) also has a set limit for sending money via Interac e-Transfer on its platforms.
Below is a table showing the maximum amounts you can send at any given time via e-Transfer with CIBC:
| Timeframe | Outgoing Limit |
| 24 hours | $3,000 |
| 7 days | $10,000 |
| 30 days | $30,000 |
Receiving money via e-Transfer is free with CIBC but a $1.50 fee is charged when sending money out.
Also, a $3.50 fee is charged when a CIBC customer stops an e-Transfer transaction.
Nonetheless, CIBC Smart Plus accounts and CIBC Smart accounts do not pay any e-Transfer fees.
Learn more: CIBC e-Transfer Limit
Tangerine
Tangerine is one of the online-only banks with a set limit for the maximum amount customers can send or receive via e-Transfer.
Here is a table showing the e-Transfer limits for sending money with Tangerine bank:
| Timeframe | Outgoing Limit |
| 24 hours | $3,000 |
| 7 days | $10,000 |
| 30 days | $20,000 |
Tangerine bank also limits the amount of money its customers can receive via Interac e-Transfer at any given period. The limits are:
- $10,000 per day
- $70,000 per week
- $300,000 per month
Learn more: Tangerine e-Transfer Limit
Simplii
Simplii Financial is also one of the popular online banks with a specified limit for sending money via e-Transfer on its platforms.
Here is a table showing the Simplii e-Transfer limits for sending money:
| Timeframe | Outgoing Limit |
| 24 hours | $3,000 |
| 7 days | $10,000 |
| 30 days | $30,000 |
Bear in mind that Simplii Financial allows its customers to send and receive money for free via Interac e-Transfer.
However, a $3.50 fee is charged when you cancel an e-Transfer with Simplii Financial.
Learn more: Simplii e-Transfer Limit
EQ Bank
Like other digital banks in Canada, EQ Bank limits the amount of money its customers can send or receive via Interac e-Transfers.
The table below shows the Interac e-Transfer limits that apply when sending e-Transfers with EQ Bank:
| Timeframe | Outgoing Limit |
| 24 hours | $3,000 |
| 7 days | $10,000 |
| 30 days | $20,000 |
EQ Bank also limits the maximum amount of money you can receive via e-Transfer to $25,000 at any time.
Learn more: EQ Bank e-Transfer Limit
HSBC
HSBC offers a higher e-Transfer send limit than some of the traditional banks including TD Bank.
The table below shows the daily, weekly and monthly e-Transfer limits that apply when sending money with HSBC:
| Timeframe | Outgoing Limit |
| 24 hours | $7,000 |
| 7 days | $10,000 |
| 30 days | $40,000 |
It is free to send and receive money via Interac e-Transfers with any Canadian dollar HSBC savings or chequing account.
Learn more: HSBC e-Transfer Limit
About Interac e-Transfer
Interac e- Transfer is a reliable money transfer service that is only accessible on electronic platforms of Canadian banks and other financial institutions.
The Interac e-Transfer service is fully owned by Interac Corp and it was launched officially in 2003.
The e-Transfer service was specifically launched to smoothen the process of moving money electronically within Canada.
For all the participating financial institutions that support Interac e-Transfer, their customers can send and receive money effortlessly using the service.
This ease of access, fast payments and relatively low cost make Interac e-Transfer one of the best electronic payment networks in Canada today.
The total Interac e-Transfer transactions in April 2022 surpassed 1 billion when tracked over the last 12 months to that time.
Different banks in Canada have varying e-Transfer limits and fees for the service.
Takeaways
Compared to other big banks in Canada, the TD e-Transfer limit for sending and receiving money is fair enough.
However, HSBC does offer much higher daily and monthly e-Transfer send limits compared to TD Canada Trust.
If you are looking to send more than $3,000 per e-Transfer transaction, you might want to consider the HSBC e-Transfer service instead.
Tell me about your preferred choice by leaving a reply below.
FAQs on TD e-Transfer Limit
Does TD bank have Interac e-Transfer?
Yes, TD Canada Trust is one of the biggest banks in Canada that allows customers to send and receive money with Interac e-Transfer.
Bear in mind that a little Interac e-Transfer fee is charged per transaction on some TD account types though.
What is the maximum e-Transfer amount at TD?
The maximum amount of money you can send or receive via e-Transfer with a TD account is:
- $3,000 per day
- $10,000 per week
- $20,000 per month
How does TD e-Transfer limit rollover?
The maximum e-Transfer limits on your TD account will be rolled over after 24 hours, 7 days or 30 days to your last e-Transfer transaction date and time.
For example, your daily e-Transfer limit will be rolled over (reset) after 7:59 am tomorrow if your last transaction was done at 8:00 am today.
