If there's one payment system you need to master as a newcomer to Canada, it's Interac e-Transfer. It's the standard way Canadians send and receive money from other people, and you'll use it constantly, for rent, splitting bills, buying things on Facebook Marketplace, and getting reimbursed by friends.
What Is Interac e-Transfer?
Interac e-Transfer is a service that lets you send money directly between Canadian bank accounts using just an email address or phone number. It typically arrives within 30 minutes (and often in seconds for Autodeposit users). Most banks in Canada support it.
How to Send an e-Transfer
- Log in to your bank's mobile app or website
- Find "Interac e-Transfer" in the menu (usually under Transfers or Payments)
- Add the recipient's email or phone number
- Enter the amount
- Create a security question and answer that only the recipient knows
- Send
The recipient gets a notification and enters the answer to deposit the money into their account.
Autodeposit: Even Easier
Many Canadians have set up Autodeposit, which means incoming e-Transfers are deposited automatically without needing to answer a security question. If the person you're sending to has Autodeposit enabled, they'll get the money immediately and there's no question/answer step.
You should set up Autodeposit for yourself too, go to your bank's e-Transfer settings and register your email address.
Transfer Limits
Most banks have daily and 7-day limits:
| Bank | Daily Limit | 7-Day Limit | |---|---|---| | RBC | $3,000 | $10,000 | | TD | $3,000 | $10,000 | | Scotiabank | $3,000 | $10,000 | | EQ Bank | $3,000 | $10,000 |
For larger payments (like rent), some banks let you request a limit increase. For very large transfers, consider a bank wire instead.
Is It Free?
At most banks with unlimited transaction accounts, e-Transfers are free. If you're on a basic pay-per-use account, you might pay $1–$1.50 per transfer. With online banks like EQ Bank, Simplii, and Tangerine, e-Transfers are always free.
Paying Rent in Ottawa
Many Ottawa landlords, especially private landlords and smaller property management companies, request rent via e-Transfer instead of cheques. This is common in neighbourhoods like Sandy Hill, Vanier, and Hintonburg. Make sure you keep a record of each transfer as your payment receipt.
Safety Tips
- Never send an e-Transfer to someone you don't know: scammers often pose as buyers on Kijiji or Facebook Marketplace and send fake "e-Transfer notifications"
- Use a strong security question: avoid anything guessable like the person's name or "Ottawa"
- Confirm with the recipient before sending: one wrong character in an email address means the money goes nowhere (or somewhere wrong)
Cancelling an e-Transfer
If you sent to the wrong person and they haven't deposited it yet, you can cancel it from your bank's app. If they've already deposited it, you'll need to contact them directly, the bank cannot reverse a completed transfer.
