In this article:
Overview
You can send an Interac e-Transfer® to new and existing contacts using their email address or phone number. This works from your personal, Business, and eligible kids and teens chequing accounts. 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 the Wealthsimple app
- Select your chequing account
- Tap Interac e-Transfer
- Select an existing contact, or tap + New
- Enter their email or phone number and their full name
- Tap Next
- 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 on a laptop or computer
- From the Home page, select your chequing account
- Select Interac e-Transfer
- Select a contact to send the e-Transfer to, or select + Add contact to send to a new recipient
- Enter their email and their full name
- Select Add contact
- 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
- Select Send
Note: A few things to keep in mind when you send:
- If the amount you enter exceeds your current limit, you'll see a prompt to request a higher one without leaving the sending flow.
- If the contact doesn't have auto-deposit enabled, you'll need to create a security question and answer before you can continue.
- You can only add contacts by phone number on the Wealthsimple app, not on web.
e-Transfer for kids and teens accounts
Your child can send and receive Interac e-Transfer® transactions from their own kids and teens account, and you can manage how they use it in the Wealthsimple app. e-Transfer is only available on the Wealthsimple app, not on web.
Your child sends and receives from their own login. You can’t send, accept, or decline an e-Transfer for them, and neither of you can request money with e-Transfer.
Manage your child’s e-Transfer settings
Parents and co-managers can turn e-Transfer on or off for your child and block contacts. For children 13 and older, sending and receiving are on automatically. For children under 13, sending is off until you turn it on.
Follow these steps to find the settings:
- Log in to the Wealthsimple app
- Tap your child’s Kids and teens account
- Tap e-Transfer
- Tap the gear icon in the top left corner
- Tap Parental controls
You can then manage these controls:
- Allow sending money: Turn your child’s ability to send e-Transfer transactions on or off. When it’s off, you’ll see a message that your child can’t send money with e-Transfer, along with a Manage parental controls button.
- Allow receiving money: Turn your child’s ability to receive e-Transfer transactions on or off.
- Blocked contacts: See the contacts you’ve blocked and unblock them.
To block a contact:
- Log in to the Wealthsimple app
- Tap your child’s Kids and teens account
- Tap e-Transfer
- Tap the contact you want to block from your child’s contact list
- Tap Block
To unblock a contact, go to Blocked contacts in Parental controls, tap the contact, then tap Unblock.
The settings menu also has Scheduled transfers, where you can view and manage your child’s scheduled transfers, and Activities, where you can view your child’s e-Transfer activity.
Send an e-Transfer from a kids and teens account
Your child can follow these steps from their own login on their own device:
- From the account’s main screen, tap e-Transfer, next to Ask for money
- Select a saved contact, or tap New to add one
- Enter the amount to send
- Review Available to send and the account’s remaining limits, then confirm and send
Your child can also schedule e-Transfer transactions, view their e-Transfer activity, set up autodeposit, and manage or import contacts.
Limits for kids and teens accounts
- Per transaction: Your child can send up to $999 and receive up to $999 in each e-Transfer.
- Account sending limits: The account follows our standard sending limits of $5,000 per 24 hours, $10,000 per 7 days, and $30,000 per 30 days.
- Custom limits: You can’t set your own e-Transfer limits for your child.
Notifications and activity
- Received e-Transfer transactions show in Recent activity for you and your child.
- When someone sends your child an e-Transfer, you and your child get a push notification, an email, and a text message.
- When your child receives an e-Transfer, or when autodeposit settings change, you and your child get a push notification, an email, and a message in Notification Centre.
e-Transfer sending limits
Your Interac e-Transfer® sending limits are shared across all your personal and business chequing accounts combined. We won't complete any transactions that go over your sending limit.
Default sending limits
By default, you can send up to $5,000 a day. The default limits are as follows:
- Per day (24 hours): $5,000
- Per week (7 days): $10,000
- Per month (30 days): $30,000
Customize your sending limits
If you're eligible, you can increase or decrease your daily sending limit in increments of $1,000. The lowest daily limit is $1,000 and the maximum is $50,000.
If you're eligible for a higher limit, you can request an increase in two ways:
- During the sending flow: If you enter an amount above your current limit, you'll see an in-flow prompt to increase your limit without leaving the sending flow.
- Through settings: You can update your limit at any time through Sending limit in your chequing account settings.
Your weekly and monthly limits will adjust automatically based on your daily limit. Below are 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 |
| $50,000 | $100,000 | $250,000 |
Business chequing e-Transfer sending limits
Eligible clients can send up to the maximum limits below from their Business chequing account:
- Per day (24 hours): $50,000
- Per week (7 days): $100,000
- Per month (30 days): $250,000
View your current e-Transfer sending limits
Follow these steps to view your current sending limits:
- Log in to the Wealthsimple app
- Tap your chequing account
- Tap Settings (gear icon) in the top right corner
- Tap Sending limits
- Review your current daily, weekly, and monthly limits
- Log in to your Wealthsimple profile on a laptop or computer
- Select your chequing account
- Scroll down and select Interac e-Transfer
- Select Settings (gear icon) in the top right corner
- Select Manage 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 $50,000), and your new limits will apply immediately.
Follow these steps to modify your e-Transfer sending limits:
- Log in to the 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
- Log in to your Wealthsimple profile on a laptop or computer
- Select your chequing account
- Scroll down and select Interac e-Transfer
- Select Settings (gear icon) in the top right corner
- Select Manage limits
- Use the slider to increase or decrease your sending limits
- Complete two-factor authentication (2FA) verification if prompted
- Your updated limit is applied immediately
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 the Wealthsimple 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 profile on a laptop or computer
- Select the Activity tab at the top of your screen
- Select the e-Transfer to view the security question and answer
Can I change my limit again right after I change it?
Yes. There's no cooldown period, so you can adjust your limit again immediately, including after an automatic increase.
Do my sending limits change when I use my Business chequing account?
Business chequing accounts have different default sending limits than personal chequing accounts. Exact limits depend on your eligibility and sending limit settings.
I have a joint account. Do we share a sending limit?
No. The sending limit applies to each client individually. This means that each client on a personal joint or multi-owner Business chequing account has their own separate limit.
How do I know if I'm eligible for a higher Interac e-Transfer® send limit?
If you're eligible, you'll see a prompt during the sending flow when you enter an amount above your current limit. You can also check your maximum eligible limit by navigating to Sending limits in your chequing account settings. Eligibility is based on your account history with Wealthsimple.
I've hit my sending limit. Can I still schedule the transfer for a later date?
Yes. If you've reached your daily limit, you may be able to schedule the e-Transfer for a future date using the scheduling option on the amount screen. Keep in mind that limits use rolling windows, so your available capacity will restore incrementally as past transactions age out.
Does my sending limit include Wealthsimple Pay?
No. Interac e-Transfer® limits and Wealthsimple Pay limits are tracked separately.
Why was my e-Transfer limit increased without me requesting it?
Some eligible clients may have their daily e-Transfer send limit automatically increased when they enter the sending flow. You'll also receive an in-app notification confirming the change. This is expected behaviour. The increase is legitimate and based on your existing eligibility.
Can my child send an Interac e-Transfer® from their kids and teens account?
A subset of children aged 13 and older can send and receive Interac e-Transfer® transactions from their own kids and teens account, up to $999 per transaction. This feature isn't available to all clients yet.
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