Moving money between two Canadian banks comes down to three electronic methods, plus the cheque as a fallback: an Interac e-Transfer, a linked-account transfer (EFT), and a wire payment. They differ in how much can be sent, how fast it arrives, what it costs and whether it can be undone. This page lays out each method using the rules published by the Financial Consumer Agency of Canada (FCAC) and Payments Canada, which runs the systems banks use to clear payments, and each provider’s own stated limits. It is general information, not financial advice; the online banking screen and fee schedule for the specific account are the final word.
What are the ways to transfer money between banks in Canada?
Not every institution offers every method: Payments Canada, for example, tells customers to contact their financial institution to find out whether it offers wire payments. The table compares the methods side by side.
How to read this table: each row summarizes the FCAC and Payments Canada rules for that method. Limits, fees and cut-off times are set by each financial institution, so check the account's own terms.
| Method | Typical use | What the sender needs | Limits and fees | Can it be undone? |
|---|---|---|---|---|
| Interac e-Transfer | Paying another person or moving smaller amounts to your own account at another institution | The recipient's mobile phone number or email; possibly a security question and answer (not needed if the recipient uses Autodeposit) | Set by each financial institution; a fee may apply to send | Can't be cancelled once it has been deposited into the recipient's account |
| Linked-account transfer (EFT / funds transfer pre-authorized debit) | Moving larger amounts between your own accounts at two institutions | The other account linked by its institution, transit and account numbers, and your authorization for the debit | Set by each financial institution | Can be dishonoured (for example for non-sufficient funds or a closed account) no later than the next business day; a claim for reimbursement is possible within 90 days if no PAD agreement existed |
| Wire payment (Lynx) | Large or time-sensitive payments | Recipient's name and address, account number, branch name and address, 3-digit institution number and 5-digit transit number, SWIFT BIC if available, amount, value date and who pays the fees | Each financial institution sets its own fees and its own cut-off times | Final and irrevocable once the funds are in the recipient's account |
| Cheque or mobile cheque deposit | Payments where the payer only issues cheques | A cheque made out to you, deposited in person, at an ATM or with a mobile app | A federally regulated institution may hold the money for 4 to 8 business days, depending on amount and deposit method | A cheque can be dishonoured, for example for non-sufficient funds, and the deposited amount taken back |
Source: Paying with your mobile phone — text message or email money transfer (Financial Consumer Agency of Canada); Paying with your mobile phone — e-Transfer fees and limits (Financial Consumer Agency of Canada); Paying with your mobile phone — Autodeposit (Financial Consumer Agency of Canada); Paying with your mobile phone — protecting yourself when using electronic transfers (Financial Consumer Agency of Canada); Paying with your mobile phone — receiving an electronic transfer (Financial Consumer Agency of Canada); Online banking — transfers between accounts (Financial Consumer Agency of Canada); Online banking — sharing banking details (Financial Consumer Agency of Canada); Cashing a cheque — maximum cheque hold period (Financial Consumer Agency of Canada); Cashing a cheque — Table 1, maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — Table 1, cheques over $1,500 (Financial Consumer Agency of Canada); Cashing a cheque — access to the first $100 (Financial Consumer Agency of Canada); Cashing a cheque — first $100 timing (Financial Consumer Agency of Canada); Cashing a cheque — exceptions to the maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — foreign cheques and credit unions (Financial Consumer Agency of Canada); Cashing a cheque — provincially regulated institutions (Financial Consumer Agency of Canada); Cashing a cheque — electronic deposits instead of cheques (Financial Consumer Agency of Canada); Wire payment — consumer guide (Payments Canada); Wire payment — how a wire travels (Payments Canada); Wire payment — fees and cut-off times (Payments Canada); Wire payment — mistakes (Payments Canada); Wire payment — money transfer businesses not covered (Payments Canada); Pre-authorized debit — consumer guide, funds transfer PADs (Payments Canada); Pre-authorized debit — dishonoured PADs (Payments Canada); Pre-authorized debit — no agreement existed (Payments Canada); Pre-authorized debit — confirmation and cancellation (Payments Canada); Pre-authorized debit — 10-day confirmation (Payments Canada); Retail batch payment system — electronic streams and settlement (Payments Canada); Retail batch payment system — cheque clearing timing (Payments Canada); Retail batch payment system — electronic payment streams (Payments Canada); High-value payment system — Lynx (Payments Canada); Real-Time Rail payment system (Payments Canada); Cashing a cheque — scope of the maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — complaints and OBSI (Financial Consumer Agency of Canada); Paying with your mobile phone — questions go to your institution (Financial Consumer Agency of Canada); Wire payment — availability and who to call (Payments Canada); Paying with your mobile phone — sending safely and scams (Financial Consumer Agency of Canada); Paying with your mobile phone — send only to people you know (Financial Consumer Agency of Canada); Wire payment — whether an institution offers wires (Payments Canada); Pre-authorized debit — funds transfer PAD recourse stated in the agreement (Payments Canada); High-value payment system — Lynx operating days (Payments Canada); Real-Time Rail payment system — any day, any time (Payments Canada); System closure schedule 2026 (Payments Canada) — operating days; System closure schedule 2026 (Payments Canada) — January to September; System closure schedule 2026 (Payments Canada) — October to December. In effect from January 1, 2026; checked September 30, 2026.
A transfer between two accounts at the same institution is simpler still: the FCAC lists transferring funds between accounts as a standard online banking feature, and it does not pass through the interbank systems described below.
How do you send an Interac e-Transfer to another bank?
An Interac e-Transfer moves money from online or mobile banking to another person with a Canadian bank account, and the recipient’s bank does not need to be the same as the sender’s. The FCAC describes the process this way: the sender needs the recipient’s mobile phone number or email, may need to set a security question, and the recipient gets a text or email telling them about the transfer.
The general steps, which look slightly different in each banking app:
- Add the recipient in the Interac e-Transfer section of online banking, with their name and email address or mobile number.
- Choose the account and amount, staying within the account’s e-Transfer limit.
- Set a security question if the recipient has not registered for Autodeposit. Share the answer with them separately, never in the notification message.
- Send, then confirm the transfer shows as deposited in the transaction history.
Autodeposit skips the security question entirely. The FCAC explains that with Autodeposit the money is deposited directly into the recipient’s account, which can help protect against email fraud. The FCAC notes that a financial institution “may allow” Autodeposit registration, so anyone who receives e-Transfers regularly (rent, freelance payments, splitting bills) can check whether their bank offers it.
Request Money works in the other direction: the recipient sends a request, and the payer approves it. The FCAC tells people receiving a transfer to read the instructions carefully to make sure it is a money transfer and not a request for money, and to watch for common scams such as fake transfers and phishing.
What is the Interac e-Transfer limit?
There is no single national e-Transfer limit. Interac’s e-Transfer FAQ states that each financial institution sets its own limits, and the FCAC notes there may be a limit on how much can be sent and a fee to send. Published limits vary widely, as these provider-stated examples show:
| Provider | Stated e-Transfer limit | Source |
|---|---|---|
| Wealthsimple Chequing | up to $50,000 a day for eligible clients | Wealthsimple chequing page |
| EQ Bank Personal Account | $5,000 per 24 hours, $20,000 a week and $50,000 a month going out; up to $25,000 per transfer coming in | EQ Bank fees and features page |
| KOHO | $5,000 a day outgoing | KOHO plan comparison |
For the limit on a specific account, Interac directs customers to their own bank or credit union. Wealthsimple notes its own limit depends on factors such as assets held, direct-deposit amount and previous transfers, so the top figure is not what every client gets.
When the amount is above the account’s e-Transfer limit, the options are to split it across several days, use a linked-account EFT, or send a wire. For anyone opening a new everyday account partly for higher limits or free incoming wires, Wealthsimple’s chequing account is one option; the Wealthsimple chequing account review covers its limits, fees and deposit protection in more detail.
How do you transfer money between your own accounts at different banks?
Moving money between two accounts in the same person’s name at different institutions (for example, from a big-bank chequing account to a high-interest savings account elsewhere) is usually done by linking the accounts and sending an electronic funds transfer (EFT).
- Collect the other account’s numbers: the 3-digit institution number, the 5-digit branch transit number and the account number. A void cheque or direct deposit form shows all three.
- Link the external account in the online banking of the institution that will pull or push the money. Some institutions let the link be set up from either side.
- Authorize the transfer. When one institution pulls money from an account at another, the pull is a pre-authorized debit (PAD); Payments Canada’s “funds transfer” PAD category covers moving money from one of your accounts to another, and the agreement signed for it states whether recourse options are available.
- Wait for it to clear on business days, then confirm the money has arrived before closing or emptying the old account.
EQ Bank, for example, states that it allows up to $30,000 per transfer (several a day allowed), arriving in two to three business days. Other institutions publish their own per-transfer limits and timing.
Because a linked-account pull is a PAD, the Payments Canada rules for pre-authorized debits apply:
How to read this table: from Payments Canada's pre-authorized debit consumer guide (Rule H1). Whether a specific funds transfer PAD carries the extended recourse rights is stated in the agreement signed when linking the account.
| Rule | What it means |
|---|---|
| Confirmation before the first debit | At least 10 days before the first PAD, unless you and the biller agree to waive or shorten it |
| Dishonour window | No later than the next business day (non-sufficient funds, stop payment or account closed) |
| Debit taken with no agreement | 90 days after the debit to claim reimbursement from your financial institution (applies to funds transfer PADs too) |
| Cancelling a PAD agreement | The biller must cancel within 30 days of your notice; reimbursement can be sought within 90 days if debits continue |
Source: Paying with your mobile phone — text message or email money transfer (Financial Consumer Agency of Canada); Paying with your mobile phone — e-Transfer fees and limits (Financial Consumer Agency of Canada); Paying with your mobile phone — Autodeposit (Financial Consumer Agency of Canada); Paying with your mobile phone — protecting yourself when using electronic transfers (Financial Consumer Agency of Canada); Paying with your mobile phone — receiving an electronic transfer (Financial Consumer Agency of Canada); Online banking — transfers between accounts (Financial Consumer Agency of Canada); Online banking — sharing banking details (Financial Consumer Agency of Canada); Cashing a cheque — maximum cheque hold period (Financial Consumer Agency of Canada); Cashing a cheque — Table 1, maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — Table 1, cheques over $1,500 (Financial Consumer Agency of Canada); Cashing a cheque — access to the first $100 (Financial Consumer Agency of Canada); Cashing a cheque — first $100 timing (Financial Consumer Agency of Canada); Cashing a cheque — exceptions to the maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — foreign cheques and credit unions (Financial Consumer Agency of Canada); Cashing a cheque — provincially regulated institutions (Financial Consumer Agency of Canada); Cashing a cheque — electronic deposits instead of cheques (Financial Consumer Agency of Canada); Wire payment — consumer guide (Payments Canada); Wire payment — how a wire travels (Payments Canada); Wire payment — fees and cut-off times (Payments Canada); Wire payment — mistakes (Payments Canada); Wire payment — money transfer businesses not covered (Payments Canada); Pre-authorized debit — consumer guide, funds transfer PADs (Payments Canada); Pre-authorized debit — dishonoured PADs (Payments Canada); Pre-authorized debit — no agreement existed (Payments Canada); Pre-authorized debit — confirmation and cancellation (Payments Canada); Pre-authorized debit — 10-day confirmation (Payments Canada); Retail batch payment system — electronic streams and settlement (Payments Canada); Retail batch payment system — cheque clearing timing (Payments Canada); Retail batch payment system — electronic payment streams (Payments Canada); High-value payment system — Lynx (Payments Canada); Real-Time Rail payment system (Payments Canada); Cashing a cheque — scope of the maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — complaints and OBSI (Financial Consumer Agency of Canada); Paying with your mobile phone — questions go to your institution (Financial Consumer Agency of Canada); Wire payment — availability and who to call (Payments Canada); Paying with your mobile phone — sending safely and scams (Financial Consumer Agency of Canada); Paying with your mobile phone — send only to people you know (Financial Consumer Agency of Canada); Wire payment — whether an institution offers wires (Payments Canada); Pre-authorized debit — funds transfer PAD recourse stated in the agreement (Payments Canada); High-value payment system — Lynx operating days (Payments Canada); Real-Time Rail payment system — any day, any time (Payments Canada); System closure schedule 2026 (Payments Canada) — operating days; System closure schedule 2026 (Payments Canada) — January to September; System closure schedule 2026 (Payments Canada) — October to December. In effect from January 1, 2026; checked September 30, 2026.
How long does an EFT take between Canadian banks?
An EFT is not instant because it runs through Payments Canada’s retail batch payment system (the Automated Clearing Settlement System, or ACSS), which handles pre-authorized debits, direct deposits and cheques. Institutions exchange payments during the day, and Payments Canada says settlement of the previous day’s net balances occurs during the morning of each business day through accounts at the Bank of Canada.
On top of the clearing cycle, each bank adds its own processing and may hold incoming funds, which is why provider-stated timelines are measured in business days rather than hours. The practical rules:
- Start a transfer early on a business day rather than late in the afternoon or on a Friday.
- Weekends and statutory holidays add days, because the clearing systems are closed (see the closure table below).
- A new account may see longer holds: the FCAC’s cheque hold maximums, for example, may not apply to an account open less than 90 days.
How do you send a wire transfer in Canada?
A wire is the method Payments Canada describes as one of the safest and most efficient ways to move money into someone else’s account, and it notes this matters most when dealing with a large amount of money or a time-sensitive situation. Wires between Canadian institutions travel over Lynx, Canada’s high-value payment system, which Payments Canada says settles payments in real time with finality.
To send one, contact the bank (in a branch, by phone or, at some banks, in online banking) with the recipient’s details. Payments Canada’s wire payment guide lists what the sending bank needs:
- the recipient’s name as spelled on the account, and their address
- the account number where the funds are going
- the branch name and address, including postal code
- the 3-digit institution number and 5-digit branch transit number
- the SWIFT Business Identifier Code, if available
- the amount, the value date, and who pays the service fees
Once the receiving bank gets the Lynx message, it deducts any fees and deposits the payment, often in near real-time. The payment is final once it is in the recipient’s account. Each institution sets its own wire fees and cut-off times; Wealthsimple Chequing, for example, charges $15 per outgoing domestic wire, and for incoming wires lists $0 — incoming wires are free. Payments Canada also notes that its wire framework does not cover wires sent or received through cash stores or other money transfer businesses; questions about those go to the business itself.
Which banking numbers are needed for a transfer?
Linked-account EFTs and wires both run on the same three identifiers printed along the bottom of a cheque. Payments Canada allocates institution numbers and sets the formats:
How to read this table: an EFT or wire needs the institution number, the branch transit number and the account number. The electronic routing number combines the first two.
| Number | Length | What it identifies | Example |
|---|---|---|---|
| Branch number (transit number) | 5 digits | The branch that holds the account | 00011 (Bank of Montreal, Montreal main branch) |
| Institution number | 3 digits | The bank, credit union or other member institution | 001 (Bank of Montreal) |
| Paper (MICR) routing number, as printed on a cheque | 8 digits: branch, a dash, then institution | Branch and institution together, for cheques and other paper items | 00011-001 |
| Electronic routing number (Direct Payment Routing Number) | 9 digits: a zero, the institution number, then the branch number | Branch and institution together, for direct deposit and other electronic funds transfers | 000100011 |
| Account number | Length varies by institution | The individual account; not part of the routing number | Unique to each customer |
Source: Standard 006 — Specifications for MICR-encoded payment items (Payments Canada) — transit number field on a cheque; Standard 005 — Standards for the exchange of financial data on AFT files (Payments Canada) — electronic routing number; Wire payment — consumer guide (Payments Canada); Wire payment — consumer guide (Payments Canada) — verifying routing information; Financial institutions branch directory (Payments Canada); Financial institutions branch directory (Payments Canada) — two routing formats; Financial institutions branch directory — Banks, numeric list (Payments Canada, 2026-09-25) — Bank of Montreal example; Financial institutions branch directory — Banks, numeric list (Payments Canada, 2026-09-25) — Simplii Financial; Financial institutions branch directory — Banks, numeric list (Payments Canada, 2026-09-25) — President's Choice Bank; Financial institutions branch directory — Banks, numeric list (Payments Canada, 2026-09-25) — Manulife Bank; List of institution numbers and clearing arrangements (Payments Canada, updated September 29, 2026) — largest banks; List of institution numbers and clearing arrangements (Payments Canada) — Laurentian Bank; List of institution numbers and clearing arrangements (Payments Canada) — ATB Financial; List of institution numbers and clearing arrangements (Payments Canada) — Tangerine; List of institution numbers and clearing arrangements (Payments Canada) — Wealthsimple; List of institution numbers and clearing arrangements (Payments Canada) — Central 1 and Desjardins; List of institution numbers and clearing arrangements (Payments Canada) — note 475, RBC and HSBC Bank Canada; List of institution numbers and clearing arrangements (Payments Canada) — note 479, institution number 016 phase-out; List of institution numbers and clearing arrangements (Payments Canada) — note 478, National Bank and Canadian Western Bank; Rule D4 — Institution numbers and clearing agency/representative arrangements (Payments Canada). In effect from September 29, 2026; checked September 30, 2026.
The transit number guide lists institution numbers for the major banks and explains where to find a branch’s transit number, and the guide to Canadian deposit codes explains how incoming transfers appear on a statement.
How long can a bank hold a deposited cheque?
Cheques are the slowest way to move money between banks because of holds. The FCAC lists the maximum hold periods for federally regulated institutions (banks) on Canadian-dollar cheques drawn on a Canadian branch:
How to read this table: the maximums may not apply to an account open less than 90 days, a cheque endorsed more than once, a cheque deposited six months or more after its date, or a damaged cheque. Credit unions and caisses set their own hold policies.
| Cheque amount | Deposited in person | Deposited another way (ATM, mobile) | Access to the first $100 |
|---|---|---|---|
| $1,500 or less | 4 business days after the day of the deposit | 5 business days after the day of the deposit | Immediately in person; the next business day by ATM or mobile deposit |
| More than $1,500 | 7 business days after the day of the deposit | 8 business days after the day of the deposit | Immediately in person; the next business day by ATM or mobile deposit |
| Cheque drawn on a bank outside Canada | Not covered by the maximums; institutions often hold foreign cheques for 30 days | Not covered by the maximums; institutions often hold foreign cheques for 30 days | Not stated by the FCAC; ask the institution |
Source: Paying with your mobile phone — text message or email money transfer (Financial Consumer Agency of Canada); Paying with your mobile phone — e-Transfer fees and limits (Financial Consumer Agency of Canada); Paying with your mobile phone — Autodeposit (Financial Consumer Agency of Canada); Paying with your mobile phone — protecting yourself when using electronic transfers (Financial Consumer Agency of Canada); Paying with your mobile phone — receiving an electronic transfer (Financial Consumer Agency of Canada); Online banking — transfers between accounts (Financial Consumer Agency of Canada); Online banking — sharing banking details (Financial Consumer Agency of Canada); Cashing a cheque — maximum cheque hold period (Financial Consumer Agency of Canada); Cashing a cheque — Table 1, maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — Table 1, cheques over $1,500 (Financial Consumer Agency of Canada); Cashing a cheque — access to the first $100 (Financial Consumer Agency of Canada); Cashing a cheque — first $100 timing (Financial Consumer Agency of Canada); Cashing a cheque — exceptions to the maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — foreign cheques and credit unions (Financial Consumer Agency of Canada); Cashing a cheque — provincially regulated institutions (Financial Consumer Agency of Canada); Cashing a cheque — electronic deposits instead of cheques (Financial Consumer Agency of Canada); Wire payment — consumer guide (Payments Canada); Wire payment — how a wire travels (Payments Canada); Wire payment — fees and cut-off times (Payments Canada); Wire payment — mistakes (Payments Canada); Wire payment — money transfer businesses not covered (Payments Canada); Pre-authorized debit — consumer guide, funds transfer PADs (Payments Canada); Pre-authorized debit — dishonoured PADs (Payments Canada); Pre-authorized debit — no agreement existed (Payments Canada); Pre-authorized debit — confirmation and cancellation (Payments Canada); Pre-authorized debit — 10-day confirmation (Payments Canada); Retail batch payment system — electronic streams and settlement (Payments Canada); Retail batch payment system — cheque clearing timing (Payments Canada); Retail batch payment system — electronic payment streams (Payments Canada); High-value payment system — Lynx (Payments Canada); Real-Time Rail payment system (Payments Canada); Cashing a cheque — scope of the maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — complaints and OBSI (Financial Consumer Agency of Canada); Paying with your mobile phone — questions go to your institution (Financial Consumer Agency of Canada); Wire payment — availability and who to call (Payments Canada); Paying with your mobile phone — sending safely and scams (Financial Consumer Agency of Canada); Paying with your mobile phone — send only to people you know (Financial Consumer Agency of Canada); Wire payment — whether an institution offers wires (Payments Canada); Pre-authorized debit — funds transfer PAD recourse stated in the agreement (Payments Canada); High-value payment system — Lynx operating days (Payments Canada); Real-Time Rail payment system — any day, any time (Payments Canada); System closure schedule 2026 (Payments Canada) — operating days; System closure schedule 2026 (Payments Canada) — January to September; System closure schedule 2026 (Payments Canada) — October to December. In effect from January 1, 2026; checked September 30, 2026.
The FCAC itself suggests having deposits made electronically instead of by cheque, since that may give access to the money right away.
Which days do bank transfers not move?
Payments Canada states that its systems are operational from Monday to Friday, with the exception of statutory holidays. EFTs, direct deposits, cheques and Lynx wires started on a closure day wait for the next business day. The 2026 closure schedule:
How to read this table: when a holiday falls on a weekend the closure can move to a weekday: Boxing Day 2026 is a Saturday, so the systems close on Monday, December 28. The schedule lists federal holidays; branch hours on provincial holidays are set by each bank.
| Holiday | Holiday date | Systems closed |
|---|---|---|
| New Year's Day | Thursday, January 1 | Thursday, January 1 |
| Good Friday | Friday, April 3 | Friday, April 3 |
| Victoria Day | Monday, May 18 | Monday, May 18 |
| Canada Day | Wednesday, July 1 | Wednesday, July 1 |
| Labour Day | Monday, September 7 | Monday, September 7 |
| National Day for Truth and Reconciliation | Wednesday, September 30 | Wednesday, September 30 |
| Thanksgiving | Monday, October 12 | Monday, October 12 |
| Remembrance Day | Wednesday, November 11 | Wednesday, November 11 |
| Christmas Day | Friday, December 25 | Friday, December 25 |
| Boxing Day | Saturday, December 26 | Monday, December 28 |
Source: Paying with your mobile phone — text message or email money transfer (Financial Consumer Agency of Canada); Paying with your mobile phone — e-Transfer fees and limits (Financial Consumer Agency of Canada); Paying with your mobile phone — Autodeposit (Financial Consumer Agency of Canada); Paying with your mobile phone — protecting yourself when using electronic transfers (Financial Consumer Agency of Canada); Paying with your mobile phone — receiving an electronic transfer (Financial Consumer Agency of Canada); Online banking — transfers between accounts (Financial Consumer Agency of Canada); Online banking — sharing banking details (Financial Consumer Agency of Canada); Cashing a cheque — maximum cheque hold period (Financial Consumer Agency of Canada); Cashing a cheque — Table 1, maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — Table 1, cheques over $1,500 (Financial Consumer Agency of Canada); Cashing a cheque — access to the first $100 (Financial Consumer Agency of Canada); Cashing a cheque — first $100 timing (Financial Consumer Agency of Canada); Cashing a cheque — exceptions to the maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — foreign cheques and credit unions (Financial Consumer Agency of Canada); Cashing a cheque — provincially regulated institutions (Financial Consumer Agency of Canada); Cashing a cheque — electronic deposits instead of cheques (Financial Consumer Agency of Canada); Wire payment — consumer guide (Payments Canada); Wire payment — how a wire travels (Payments Canada); Wire payment — fees and cut-off times (Payments Canada); Wire payment — mistakes (Payments Canada); Wire payment — money transfer businesses not covered (Payments Canada); Pre-authorized debit — consumer guide, funds transfer PADs (Payments Canada); Pre-authorized debit — dishonoured PADs (Payments Canada); Pre-authorized debit — no agreement existed (Payments Canada); Pre-authorized debit — confirmation and cancellation (Payments Canada); Pre-authorized debit — 10-day confirmation (Payments Canada); Retail batch payment system — electronic streams and settlement (Payments Canada); Retail batch payment system — cheque clearing timing (Payments Canada); Retail batch payment system — electronic payment streams (Payments Canada); High-value payment system — Lynx (Payments Canada); Real-Time Rail payment system (Payments Canada); Cashing a cheque — scope of the maximum hold periods (Financial Consumer Agency of Canada); Cashing a cheque — complaints and OBSI (Financial Consumer Agency of Canada); Paying with your mobile phone — questions go to your institution (Financial Consumer Agency of Canada); Wire payment — availability and who to call (Payments Canada); Paying with your mobile phone — sending safely and scams (Financial Consumer Agency of Canada); Paying with your mobile phone — send only to people you know (Financial Consumer Agency of Canada); Wire payment — whether an institution offers wires (Payments Canada); Pre-authorized debit — funds transfer PAD recourse stated in the agreement (Payments Canada); High-value payment system — Lynx operating days (Payments Canada); Real-Time Rail payment system — any day, any time (Payments Canada); System closure schedule 2026 (Payments Canada) — operating days; System closure schedule 2026 (Payments Canada) — January to September; System closure schedule 2026 (Payments Canada) — October to December. In effect from January 1, 2026; checked September 30, 2026.
What is changing next for bank transfers in Canada?
Payments Canada is building the Real-Time Rail (RTR), a new system for instant, data-rich payments that it says is launching in the fourth quarter of 2026. Payments Canada says real-time payments will give businesses and consumers more transparency and access to their payments any day, any time, rather than waiting for the business-day batch cycle. It has not published a date for when each bank’s customers will see it in their apps, so e-Transfer, EFT and wire remain the working options while it rolls out. This page will be updated as banks announce their RTR services.
What should you do if a transfer is late, wrong or missing?
Start with the sending financial institution. Payments Canada’s wire guide says the customer’s own institution is in the best position to look into the situation, Interac directs e-Transfer questions to the sender’s bank or credit union, and the FCAC tells people to contact their financial institution with questions about electronic transfers.
- E-Transfer not received: confirm the email or mobile number used, check junk mail for the notification, and check whether the recipient must answer a security question. If it has not been deposited, the sender can usually cancel and resend it.
- E-Transfer sent to the wrong person: contact the sending bank immediately. Once deposited, the FCAC says it can’t be cancelled.
- EFT not arrived: count business days, not calendar days, and check the closure table. Confirm the linked account’s numbers are correct.
- Unauthorized pull from an account: Payments Canada says there are 90 days after the debit to claim reimbursement from the financial institution if no PAD agreement existed.
- Wire sent with a mistake: contact the bank right away. A wire is final once in the recipient’s account, so speed matters.
If the problem is not resolved, a complaint can be filed with the institution. The FCAC notes that banks must disclose their complaint procedure along with contact information for the Ombudsman for Banking Services and Investments (OBSI).
What are the common mistakes when transferring money between banks?
- Sharing the security answer in the e-Transfer message. The FCAC warns against it; send the answer by a separate channel or use Autodeposit.
- Closing the old account too early. Wait until the last transfer, direct deposit and pre-authorized debit has cleared. The guide to switching away from a Big 5 bank walks through the order.
- Assuming the limit is the same everywhere. An amount that goes through at one bank can be declined at another.
- Sending a large sum late on a Friday or before a holiday. EFTs wait for the next business day, and a wire requested after the bank’s cut-off time can too.
- Sharing online banking passwords to let someone else move money. The FCAC says doing so can mean losing protection against unauthorized transactions.
- Mixing up transit and institution numbers. The transit number is 5 digits and the institution number is 3.
Newcomers setting up a first Canadian account can check which accounts include free e-Transfers in the bank accounts for newcomers comparison. Sending money outside Canada is a different process with currency conversion costs; the Wealthsimple vs Wise comparison covers international transfers, and moving a TFSA, RRSP or other investment account between institutions uses a separate account-transfer process described in the Wealthsimple transfer guide.