A way to send money via online banking, e-transfers are simple and secure. They use the safeguards of your banking system and the closed access of both phone and email when you send the money. The process is simple, regardless of your experience level with online banking.
| E-transfer cancellation policy | E-transfers can be cancelled (sometimes for a fee), so long as the money has not been deposited or accepted by the recipient. |
| Cost to cancel an e-transfer | 0 to $5 depending on the financial institution |
| E-transfer sending limits | Usually, you can send $3,000 every 24 hours, however, the exact amount varies by bank. |
| Time it takes to receive an e-transfer | Recipients will usually receive the e-transfer right away, however, it can take up to 30 minutes to show up. |
Whether you can cancel an e-transfer depends on whether or not the deposit has been accepted or deposited into the recipient’s bank account.
Yes, you can cancel the e-Transfer through your banking portal, if the amount isn’t yet deposited. Keep in mind that there are different procedures for each financial institution. If you are in doubt, reach out to the help section of your bank or call them directly.
In short, no, you cannot cancel an e-Transfer after it’s been deposited, nor can you reverse the process. However, if you realize that you sent the deposit in error, you can cancel the transaction before it is accepted by the recipient. You can do this either through online banking or by contacting your financial institution directly.
If there is an issue, such as overpayment to a vendor, the best route is to contact the recipient directly. Note your mistake and request that they cancel the transfer on their end. When you’re dealing with a long-term client or vendor, there is usually no issue. The recipient can cancel it on their end and you can reissue the transfer in the correct amount.
If you transferred money by mistake, you may be able to cancel the transaction. However, there are a couple of situations in which a transfer of funds cannot be cancelled: if the e-Transfer has already been accepted, or if the recipient has auto-deposit.
As long as there is no auto deposit involved and the e-Transfer has not yet been accepted, you can cancel it.
| TD | $5 (unless it is cancelled within 45 minutes of sending) |
| RBC | $0 or $5 (a $5 fee will only be charged if do not cancel an unclaimed e-transfer within 15 days after being notified of its expiry) |
| Scotiabank | $0 |
| BMO | $5 (if you cancel before midnight on the day you sent it, you will not be charged a fee) |
| CIBC | $3.50 |
| National Bank | $3.50 |
Worried about bank fees? Here are some bank fees to look out for.
Generally speaking, you should navigate to your online banking and go to your transaction history. Usually, the bank will combine your payments and transactions into the same section. From there, you simply click on the transfer you made. Once you click on the transaction, select cancel.
Though there may be a nominal administrative fee for cancelling an e-Transfer, depending on the situation, it can be well worth the investment. It is important to take these steps immediately upon becoming aware of the issue. This gives you the best likelihood of cancelling the transfer before it is received.
There is no fee for cancelling an e-Transfer on the same day it was sent. But if you cancel on a different day, a $5 fee will be charged.
There is no fee for cancelling an e-Transfer with RBC.
Unless you cancel an e-Transfer within 45 minutes of sending it, you will be charged a $5 fee.
There is no fee to cancel an Interac e-Transfer with Scotiabank.
CIBC charges a $3.50 fee to stop a payment.
You’ll be charged a fee of $3.50 to cancel an Interac e-Transfer with National Bank.
Depending on the bank you’re banking with, the Interac e-Transfer limits will vary. Below is a list of the Interac e-Transfer limits by the financial institution:
| Interac e-Transfer Limit at TD | – $3,000 per e-Transfer every 24 hours – $10,000 per 7 days – $20,000 per 30 days |
| Interac e-Transfer Limit at RBC | Limits are based on the client’s card’s daily access limit. |
| Interac e-Transfer Limit at Scotiabank | $25,000 per transfer |
| Interac e-Transfer Limit at BMO | Limits depend on client’s credit customer profile |
| Interac e-Transfer Limit at CIBC | – $3,000 per 24 hours – $10,000 per 7 days – $30,000 per 30 days |
| Interac e-Transfer Limit at National Bank | – $3,000 per 24 hours |
| Interac e-Transfer Limit at Simplii Financial | – $3,000 per 24 hours – $10,000 per 7 days – $30,000 per 30 days |
| Interac e-Transfer Limit at EQ Bank Financial | – $5,000 per 24 hours – $10,000 per 7 days – $20,000 per 30 days |
| Interac e-Transfer Limit at Tangerine | – $3,000 per day – $10,000 per week – $20,000 per month |
| Interac e-Transfer Limit at Neo | – $3, 000 per transaction – $10,000 per 24 hours – $10,000 per week – $20,000 per month |
To send an e-Transfer, there are a few pieces of information you need beforehand. First, you need access to your bank account online. All major banks offer this service. You need to know the amount to send, and the contact details of the recipient (cell phone number or email).
1. Navigate to the Interac e-Transfer section of your online banking.
2. Create a new recipient (the person you want to send money to). You can give them a nickname if you plan to send them money frequently.
3. Provide a mode of contact, either through phone or email.
4. Indicate how much money you want to send and choose the account the money should be withdrawn from.
5. Create a security question and answer. This adds a level of security since the recipient can’t deposit the money without the proper security answer.
After you send the money, the recipient will receive a notification, either via text message or email. Keep in mind that this can take up to 30 minutes to go through. They click on the notification and navigate to their preferred online banking platform. The recipient is prompted to answer the security question. Once they input the correct answer, the bank inquires which account to deposit it into and the opportunity to leave a message to the sender.
Once the money is deposited, the sender gets a notification that the funds have been received along with any message from the sender. The transfer is officially complete. Bear in mind that, while the communication goes through email or phone, the transfer itself does not. The email is a method of relaying the information, not the funds. E-Transfers are highly secure; and, so long as you communicate well and use reliable security questions, there is little concern.
There are a few basic steps you can take to prevent issues with e-Transfers including
Some recipients have Autodeposit set up. Enabling Autodeposit removes the need for a security question and deposits the funds right into their account. In these cases, you can’t cancel the transaction and must contact the recipient directly.
It does, however, make the payment process more secure. Autodeposit helps prevent e-Transfer fraud because it skips the email or text message step of an e-Transfer and directly sends the funds to the chosen account.
If you are going to use a password, make it a strong one, not something that is easy to guess. Consider using something specific to the relationship between you and the recipient. For added protection, use a different question each time.
With the fast pace of technology, it is important to take pause and consider whether those with whom you’re financially dealing are trustworthy. Be sure you are dealing with someone you trust to be ethical in the event of an issue. This alone can prevent a lot of issues down the line.
Learn how to pay your bills by setting up automatic payments.
Though there is a bit of a learning curve to online transfers, convenience and efficiency are incomparable. So long as you are diligent, take your time, and research beforehand, it can make your financial transactions much smoother.
It can take up to 30 minutes to receive either an email or a text message notifying you that you have received an e-Transfer.
If you send a transfer to the wrong person, check the status of the transfer right away. If it is still pending, you can cancel the transfer. Unfortunately, once the money has been deposited, you can’t stop the transfer. You will need to get in contact with the recipient directly.
Security questions should be unique to the sender and the recipient, this makes them more secure. If you don’t know the answer to a security question, you should contact the sender.
Generally, if the receiver declines the e-transfer, the sender will have the option to cancel the transaction or resend the payment. Similarly, if the receiver simply does not accept the payment within 30 days of receiving the e-transfer, it will expire. The sender will be notified and will have to cancel the e-transfer. Most banks will return the funds and charge the sender a small fee if they do not cancel the e-transfer within 15 days of being notified of the transfer’s expiry.
Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.
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