In this article:
Overview
You can send an Interac e-Transfer® directly from your chequing account to new and existing contacts. You have the following options when you send an e-Transfer:
- Send a standard Interac e-Transfer transaction
- Send a one-time e-Transfer transaction to a temporary contact
- Schedule a future e-Transfer transaction
- Set up a recurring e-Transfer transaction
Things to consider before you send an e-Transfer
Sending an e-Transfer is like sending cash. You should always be cautious when sending or receiving money. Here are some things to think about before sending an e-Transfer:
- Only send money to contacts you know and trust. Once you submit an Interac e-Transfer and the recipient deposits the funds, there's no way to reverse it.
- If your transfer requires a password, choose one that someone can't easily guess or find. Be sure to share it through a safe channel.
Send an Interac e-Transfer
To send an e-Transfer, follow these steps:
- Log in to your Wealthsimple mobile app
- Select your chequing account
- Tap Interac e-Transfer
-
Select an existing contact, or tap + New
Note: If the contact doesn't have auto-deposit enabled, you must create a security question and answer. Tap Next to continue. - Optional: Tap Today to choose a future date to send the e-Transfer
- Optional: Tap One-time to choose a recurring frequency for the e-Transfer
- Enter an amount to send
- Tap Next
- Follow the prompts to send or schedule your e-Transfer
- Log in to your Wealthsimple profile
- From the Home page, select your chequing account
- Select Interac e-Transfer
- Select a contact to send the eTransfer to, or select + Add contact to send to a new recipient
- Enter an Amount to send
- Optional: Select the Date to choose a future date to send the e-Transfer
- Optional: Select the Frequency to choose a recurring frequency for the e-Transfer
-
Select Next to continue setting up your e-Transfer
Note: If they don't have auto-deposit enabled, you must create a security question and answer. Select Next to continue. - Select Send
e-Transfer sending limits
By default, you can send an e-Transfer of up to $5,000 a day. Here are the default daily, weekly, and monthly sending limits:
- Per day (24 hours): CAD $5,000
- Per week (7 days): CAD $10,000
- Per month (30 days): CAD $30,000
You can increase or decrease your e-Transfer sending limits by $1,000 increments, with the lowest daily sending limit being $1,000 and the maximum being $25,000 (if eligible).
Weekly limits are two times your daily limit, and your monthly limit is three times your weekly limit. Review the table below for some examples:
| Daily limit | Weekly limit | Monthly limit |
|---|---|---|
| $10,000 | $20,000 | $60,000 |
| $15,000 | $30,000 | $90,000 |
| $20,000 | $40,000 | $120,000 |
| $25,000 | $50,000 | $150,000 |
View your current e-Transfer sending limits
Follow these steps to view your current sending limits:
- Log in to your Wealthsimple app
- Tap your chequing account
- Tap Interac e-Transfer
- Tap Settings
- Tap Sending limits
- Review your current daily, weekly, and monthly limits
Modify your e-Transfer sending limits
You can set your limit anywhere from $1,000 up to your maximum eligible limit (capped at $25,000), and your new limits will apply immediately.
Follow these steps to modify your e-Transfer sending limits:
- Log in to your Wealthsimple app
- Tap your chequing account
- Tap Settings (gear icon) in the top right corner
- Tap Sending limits
- Tap Manage limits
- Use the slider to increase or decrease your sending limits
- Tap Save
If you decreased your limit and you've already exceeded your new sending limit for the current week or month, you can't send e-Transfer transactions until your limit resets.
Frequently asked questions
Why is my e-Transfer still in progress?
If your e-Transfer has been in progress for longer than 30 minutes, the e-Transfer has likely been held by an intermediary. It may take up to one business day for the funds to release.
I forgot the security answer I chose. Where can I find it?
To reference a previous question and answer on a pending e-Transfer, follow these steps:
- Log in to your Wealthsimple mobile app
- Tap the Activity tab at the bottom of your screen
- Select the e-Transfer to view the security question and answer
- Log in to your Wealthsimple account
- Select the Activity tab at the top of your screen
- Select the e-Transfer to view the security question and answer
Why don’t I see the option to increase my e-Transfer sending limits?
You’ll only see this option if you meet our eligibility requirements for increased sending limits. We’ll notify you in-app if you become eligible.
What are the minimum and maximum limits I can set?
You can set your e-Transfer limit anywhere from $1,000 up to your maximum eligible limit, in $1,000 increments.
Is there any cooldown period after I make a limit change?
No, there's no cooldown period. You can change the limit again immediately.
Is this available for joint accounts?
Yes, the deposit limit applies to each client individually. This means that each client on a joint chequing account has their own separate limit.
What happens if I decrease the limit after sending an e-transfer on a higher limit?
If you lower your daily transfer limit, your weekly and monthly limits will adjust accordingly. If you’ve already exceeded the new lower limit for the current week or month, you won’t be able to send additional e-Transfers until your transfer availability resets.
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