Interac e-Transfer is one of the most popular ways to send and receive money electronically within Canada. Offered by nearly all major banks, it’s fast, reliable, and widely accepted but it’s not always the most cost-effective or flexible solution. Between Interac e-Transfer limits, daily e-Transfer limits, and rising Interac e-Transfer fees, many Canadians are now exploring better options. If you’ve ever wondered whether there’s a smarter, cheaper, or more international-friendly way to move your money, you’re in the right place. In this guide, we’ll explore the top Interac e-Transfer alternatives in Canada 2025 let’s dive in and find the right fit for you.
What is Interac e-Transfer?
Interac e-Transfer is a Canadian money transfer service that allows individuals and businesses to send funds securely using just an email address or mobile number. It’s supported by nearly all major banks and credit unions in Canada, including TD, RBC, BMO, Scotiabank, and Desjardins. The service works through online banking platforms, transferring money directly from one bank account to another. It’s commonly used for paying rent, splitting bills, or sending money to friends and family. Is e-Transfer safe? Yes it uses encrypted banking infrastructure and security questions for added protection, making it a trusted tool for everyday digital payments.
Is Interac e-Transfer available in Canada?
Yes, Interac e-Transfer is widely available across Canada and is a staple for personal and business transactions. Most major financial institutions including TD, RBC, CIBC, Scotiabank, and Vancity support this service, allowing you to send money using just an email address or mobile number. However, while the convenience is undeniable, the associated fees can add up.
Depending on your bank and account type, sending an Interac e-Transfer may cost between $0.50 and $1.50 per transaction. For instance, TD charges $0.50 for transfers up to $100 and $1.00 for amounts over $100 from personal accounts. CIBC imposes a $1.50 fee for sending money, while RBC offers free transfers from personal chequing accounts but charges $1.00 from savings accounts and $1.50 from business accounts. Additionally, canceling a transfer can incur fees; CIBC charges $3.50 for a successful stop payment.
Given these costs, it’s worth exploring the best Interac e-Transfer alternatives in Canada. Whether you’re seeking lower fees, higher transfer limits, or better international capabilities, alternative services might better suit your needs.
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Top 6 Secure Interac e-Transfer Alternatives in Canada
Interac e-Transfer is a popular way to send money quickly within Canada using your email address or mobile number. It’s supported by all major Canadian banks and is widely trusted for personal and small business payments. However, Interac fees can range from $1.00 to $1.50 per transfer (or be limited in number monthly), and it doesn’t support international transactions—making it less ideal for users looking to send money abroad or enjoy fee-free banking. Fortunately, several modern Interac e-Transfer alternatives in Canada offer free transfers, international capabilities, and mobile-first experiences. Here are six top options.
EQ Bank
Overview:
EQ Bank offers a seamless and cost-effective banking experience that outperforms Interac in many areas. With its Savings Plus Account, you get a hybrid chequing-savings account offering high interest on every dollar and it includes unlimited free Interac e-Transfers. But the standout feature is its integration with Wise, allowing you to send low-cost international transfers right from your EQ account.
Key Features:
- Free Interac e-Transfers
- International transfers via Wise
- High-interest hybrid account
Fees:
No monthly fees; Wise transfer fees start around 0.35%–1.5%
Why Choose EQ Bank?
Best for everyday banking with high-interest savings and low-cost global money transfers.
Wealthsimple
Overview:
Wealthsimple has expanded from investing to offer Wealthsimple Cash, a simple way to send money instantly within Canada for free. It functions similarly to Interac but is entirely fee-free, and transfers happen instantly between users. While it doesn’t support international money transfers, Wealthsimple shines with no account fees, sleek design, and a seamless connection to its investing platform.
Key Features:
- Instant peer-to-peer transfers
- No fees
- Integrated with Wealthsimple Invest and Trade
Fees:
Free for all domestic transfers
Why Choose Wealthsimple?
Perfect for Canadians who want fee-free local transfers with seamless access to investing and crypto features.
Simplii Financial
Overview:
Simplii Financial, a digital bank backed by CIBC, offers unlimited free Interac e-Transfers with its no-fee chequing account. It also stands out by offering international money transfers to over 130 countries through Global Money Transfer a service that’s free for most destinations. Simplii combines the convenience of digital banking with the reliability of a major bank.
Key Features:
- Free Interac e-Transfers
- International transfers with no fee to many countries
- No monthly banking fees
Fees:
Domestic and many international transfers are free; FX markup may apply
Why Choose Simplii Financial?
A top choice for users who want both domestic and international transfers with zero monthly account fees.
KOHO
Overview:
KOHO is a prepaid Visa platform offering Canadians a modern, mobile-first banking experience with real-time spending insights, cashback, and free Interac e-Transfers. Unlike Interac, KOHO supports financial wellness tools like savings goals, credit building, and budgeting. Users can also upgrade to KOHO Extra for more perks like waived FX fees and higher cashback.
Key Features:
- Free Interac e-Transfers
- Cashback on all purchases
- Budgeting tools and credit building
Fees:
Free basic account; KOHO Extra is $9/month
Why Choose KOHO?
Best for those who want to track spending, save more, and send money easily all from a mobile app.
PayPal
Overview:
PayPal is one of the most recognized digital payment platforms globally and a convenient Interac alternative. While domestic transfers from a linked bank account are free, sending money to friends and family using a credit card incurs fees. PayPal allows you to send money in Canada and abroad quickly, and is especially useful for freelancers and online buyers.
Key Features:
- Trusted brand with global reach
- Free bank-funded transfers
- Buyer and seller protection
Fees:
Free domestic transfers from linked bank; 2.9% + fixed fee for credit/debit-funded transfers
Why Choose PayPal?
Ideal for users who value global functionality and easy online payments with a familiar platform.
Wise
Overview:
Wise is the best option if you’re looking to send money internationally with real exchange rates and low, transparent fees. While not a direct Interac replacement, Wise offers bank-to-bank transfers that outperform Interac when sending funds outside Canada. It also offers a multi-currency account, a Wise debit card, and the ability to hold, convert, and send in over 50 currencies.
Key Features:
- Mid-market exchange rates
- Multi-currency account and card
- Transparent international fees
Fees:
0.35%–1.5% depending on currency and method
Why Choose Wise?
Ideal for Canadians needing affordable, transparent international transfers with a flexible global wallet.
Comparing the Best Interac e-Transfer Alternatives for Canadians
While Interac e-Transfer is widely used across Canada, its limited international reach and transaction fees at some banks can be a drawback for frequent users. Fortunately, several modern Interac e-Transfer alternatives offer free or low-cost domestic transfers, international money transfer capabilities, and extra financial features like savings tools, cashback rewards, and investment integration. Whether you’re looking to send money across town or across borders, these platforms provide more flexibility, better value, and a mobile-first experience. The table below compares the top alternatives to Interac e-Transfer to help you find the right option for your financial needs.
| Alternative Name | Best For | Cost to Send Money in Canada | Cost to Send Money to the U.S. | Extra Perks |
| EQ Bank | High-interest savings + global transfers | Free (via Interac) | 0.35%–1.5% (via Wise) | High-interest hybrid account, Wise integration |
| Wealthsimple | Instant domestic transfers + investing | Free | Not supported | P2P transfers, crypto & stock trading integration |
| Simplii Financial | Full-service digital banking | Free | No-fee transfers to 130+ countries | Global Money Transfer service, no monthly banking fees |
| KOHO | Budgeting, cashback & credit building | Free | 1.5% FX fee (waived with KOHO Extra) | Prepaid Visa, savings tools, early payroll, KOHO Extra perks |
| PayPal | Online payments & business transfers | Free (bank-funded) | 3.9% + ~2.5%–4% FX fee | Buyer/seller protection, e-commerce integration |
| Wise | Transparent international transfers | ~0.5% | 0.35%–1.5% | Multi-currency account, mid-market exchange rates, debit card |
FAQ
How to cancel Interac e-Transfer
You can cancel an Interac e-Transfer if the recipient hasn’t accepted it yet. Simply log into your online banking, go to your Interac e-Transfer history, select the pending transfer, and click “Cancel.” Keep in mind that some banks may charge a cancellation fee. If the transfer has already been deposited, it cannot be cancelled or reversed.
How long does Interac e-Transfer take?
Most Interac e-Transfers are completed within minutes, especially between accounts at participating banks. However, if additional verification is required or the recipient’s bank doesn’t support auto-deposit, it may take up to 30 minutes or longer. In rare cases, transfers can be delayed due to security checks or incorrect recipient information.
How to receive Interac e-Transfer without a bank account
To receive an Interac e-Transfer, you generally need a Canadian bank account. If you don’t have one, the sender may need to use alternative platforms like PayPal, Wise, or WorldRemit, which allow recipients to access funds through mobile wallets or cash pickup, depending on the provider.
Is Interac e-Transfer safe?
Yes, Interac e-Transfer is considered very secure. It uses bank-grade encryption, authentication processes, and never actually transfers money by email only notifications. Funds move directly between financial institutions. That said, you should always double-check recipient details and use strong passwords for transfers not using auto-deposit, to avoid phishing or fraud.
