Interac is Canada's national debit and interbank payment network, used by virtually every Canadian bank and credit union. Its most widely known product, Interac e-Transfer, allows Canadians to send money directly between bank accounts using just an email address or phone number — settling in near real-time, 24/7. It is not a remittance service, but it plays a key role in how Canadians move money domestically before sending it abroad.
When you send an Interac e-Transfer, your bank debits your account and sends a notification to the recipient's email or phone number. The recipient logs into their own bank and deposits the funds — or, if Autodeposit is enabled, the money lands automatically without any action required. Settlement happens through Interac's network, which connects all major Canadian financial institutions. Transfers typically complete within minutes and are available around the clock, including weekends and holidays. The sending limit varies by bank but commonly ranges from $3,000 to $10,000 per transaction.
Most Canadian banks include a set number of free Interac e-Transfers per month with chequing accounts, or charge a flat fee of $1.00–$1.50 per transfer if not bundled. There is no FX markup because Interac operates entirely in Canadian dollars — it is a domestic-only network. Transaction limits vary by financial institution: personal accounts typically cap at $3,000 per transfer and $10,000 per day, while business accounts can send up to $25,000. Request Money functionality lets recipients ask for funds using the same email/phone mechanism.
Interac e-Transfer itself cannot send money outside Canada — it is strictly a domestic CAD network. However, it frequently serves as the funding step for international remittances: a Canadian sender first moves CAD from their account to a remittance provider (Wise, Remitly) or crypto exchange (Coinbase, Kraken) via e-Transfer, then initiates the cross-border send in a second step. Some providers accept Interac e-Transfer as a funding method directly, which can be faster and cheaper than a bank wire. The low domestic fee makes it a cost-efficient on-ramp for international transfers.
When funding an international transfer from Canada, Interac e-Transfer is generally faster and cheaper than a domestic wire. A bank wire within Canada typically costs $15–$25 and requires branch or online banking forms, while an Interac e-Transfer costs $0–$1.50 and completes in minutes. Providers like Wise accept Interac e-Transfer as a funding method for CAD corridors. For crypto rails, some exchanges allow Interac e-Transfer top-ups, letting you buy USDC or USDT in CAD and then send via Stellar or Tron — reducing overall transfer costs compared to wire-funded approaches.
No — Interac e-Transfer is a domestic Canadian network and only moves CAD between Canadian bank accounts. However, you can use it to fund accounts at international transfer providers like Wise or Remitly, or to top up a crypto exchange, and then send internationally from there.
Most Interac e-Transfers arrive within minutes if the recipient has Autodeposit enabled. Without Autodeposit, the recipient must manually accept the transfer, which can take up to 30 minutes or a few hours depending on when they check their email or phone.
Limits vary by bank. Most personal accounts allow $3,000–$10,000 per single transfer and $10,000–$20,000 per day. Business accounts can typically send up to $25,000 per transfer. Check your specific financial institution for exact limits.
Yes. Interac e-Transfer uses encryption and two-factor authentication. Funds remain in the banking system and are protected by Canadian deposit insurance. The main fraud risk is social-engineering scams — always verify recipient contact details before sending, as transfers can be difficult to reverse once deposited.
No. Interac e-Transfer operates entirely in Canadian dollars with no currency conversion. There is no exchange rate or FX markup involved. Any FX costs appear only at the next step — when a remittance provider or exchange converts your CAD into the destination currency.
Wise accepts Interac e-Transfer as a funding method for CAD-sourced transfers. Several crypto exchanges operating in Canada also support it for CAD deposits. Check each provider's funding options, as availability varies and some providers may only accept bank debit or wire.
Compare live rates across 370+ corridors on RemitRoutes · methodology. Last updated 2026-01-24.