BMO e-Transfer Limit

Interac e-Transfer is currently one of the best low-cost payment networks in Canada.

It is very fast and widely supported by various banks and financial institutions across the country.

BMO is one of the biggest traditional banks in Canada that supports Interac e-Transfers on all their banking platforms.

If you are looking for a detailed review of the Interac e-Transfer service offered by BMO, this article has got you covered.

It covers everything you need to know about the BMO e-Transfer limit for sending and receiving money.

In the end, the article also highlights the e-Transfer limit of other big banks in Canada.

Like other Canadian banks, BMO has fixed limits for the minimum and maximum amount of money you can send with Interac e-Transfer on its platforms.

At the moment, the minimum amount of money you can send with BMO e-Transfer is $0.01 at any given time.

As for the maximum amount you can send with BMO e-Transfer, see the table below.

Timeframe	BMO e-Transfer Limit
24-hour	$2,500 or $3,000
7-day	$10,000
30-day	$20,000

You should note, however, that the figures stated in the above table only apply when you are yet to exceed the spending limits of your BMO debit card.

How Do I Check My BMO e-Transfer Limit?

You can check your BMo e-transfer limit through your online or mobile banking app.

To check your daily Interac e-Transfer limits at BMO, follow these steps:

Sign in to your BMO account
Check under Bank accounts and click “View daily debit card limit”

As long as you have not exceeded your daily debit card limit, you can send up to $2,500 or $3,000 via e-Transfer with BMO in a day.

How to Send Interac e-Transfer with BMO

Sending money via Interac e-Transfer with BMO is relatively easy.

As a BMO customer, you can send Interac e-Transfers via the online banking platform or the bank’s mobile app.

Follow these steps to send an Interac e-Transfer with BMO:

Sign in to your BMO account on the mobile app or online banking portal
Click on “Move Money” on the online banking portal or “Pay & Transfer” on the mobile app
Select an existing recipient or enter the details of a new recipient
Specify how much you are sending out and which BMO account should be debited
Setup a security question and answer (if the recipient doesn’t have Autodeposit enabled)
Review the information you have entered so far
Click on “Continue”
And finally, click on “Send Money” and the e-Transfer will be sent

How to Receive Interac e-Transfer with BMO

When someone sends you money via Interac e-Transfer, you will receive a text message or email notification from Interac.

After getting such a notification, follow the steps given in the email or text message and that should get you to a “Receive Money” page.

Once you have gotten to the “Receive Money” page, do the following:

Provide a correct answer to the security question attached to the incoming e-Transfer
Choose your BMO account where the money will be deposited
Click “Continue”
Review the information displayed on your screen
Click “Complete” and the e-Transfer money will be deposited into your chosen BMO account.

How to Cancel Interac e-Transfer with BMO

After initiating an Interac e-Transfer Send transaction, you can cancel it at any time before the recipient claims the money.

To cancel an Interac e-Transfer sent from a BMO account, follow these steps:

Sign in to your BMO account via the mobile app or online banking platform
Click on “Payments & Transfer”
Select “Interac e-Transfers”
Find the transaction you want to cancel
Click on “Cancel e-Transfer”

Bear in mind that you cannot cancel or retrieve money sent via Interac e-Transfer to a recipient who has the Autodeposit feature enabled.

This is because your funds will be automatically deposited into the recipient’s account after you click “Send” at your end.

How to Request Money via Interac e-Transfer with BMO

The money request feature of the Interac e-Transfer service is perfect for requesting funds from family members, colleagues, friends, or people owing you.

BMO allows its customers to send a Money request via Interac e-Transfer to anyone in Canada.

If you want to request money via Interac e-Transfer with BMO, follow these steps:

Sign in to your BMO account
Click “Move Money” on the online banking portal or “Pay & Transfer” on the mobile app
Choose “Interac e-Transfer”
Select an existing recipient or enter the details of a new recipient you want to request money from
Enter the amount you want to request
Choose your BMO account that will be credited with the funds
Review the information you have entered
Click “Send Request” and that’s it

BMO e-Transfer Fees

BMO charges a non-refundable fee for Interac e-Transfers made by personal and commercial banking customers where applicable.

The BMO Interac e-Transfer fee for personal banking customers is $1.00 while commercial banking customers are charged $1.50.

Nonetheless, you can enjoy unlimited free Interac e-Transfers if you have an active BMO bank plan.

This simply means that BMO customers on any bank plan do not pay an additional cost for Interac e-Transfer transactions.

The free e-Transfers extend to all BMO premium rate savings accounts and chequing accounts that are domiciled in Canadian dollars.

Bear in mind that each time you send money with Interac e-Transfer, BMO counts the transaction towards the monthly transaction limit of your active bank plan.

Below is a list of BMO bank plans affected by this rule:

Standard
Plus
Practical
i.Connect
Enhanced

BMO also allows customers to cancel Interac e-Transfers for free if it is still within the same day. Once it is past 12 a.m. (ET), you will be charged a $5.00 cancellation fee.

BMO e-Transfer Autodeposit

Like other banks, BMO supports the Interac Autodeposit feature that allows money sent via e-Transfer to be automatically deposited into an account.

As a BMO customer, you can activate the Interac Autodeposit feature with your email address.

By doing so, money sent to that email address via Interac e-Transfers will be deposited into your BMO account without you answering any security questions.

Follow the steps below to set up the Interac Autodeposit feature with BMO:

Sign in to your BMO account
Go to “Payment & Transfers”
Select “Interac e-Transfers”
Click “Manage Autodeposit”
Follow the prompts

The process of setting up the Interac Autodeposit feature with BMO should take you just a few minutes.

BMO Interac e-Transfer Processing Time

Money sent via Interac e-Transfer with BMO should be processed and delivered within 30 minutes.

This is the standard e-Transfer processing time for BMO and many other Canadian banks.

If you send an e-Transfer with BMO and it’s taking too long to deliver, a couple of things could be causing the delay.

It could be that you made some typo errors when entering the recipient’s email address or phone number.

Also, the recipient might be experiencing a bad internet connection that is delaying the Interac email from being delivered.

And in some cases, the Interac notification email might enter into the “Spam” or “Junk” folder of the recipient’s email.

Interac e-Transfer Limits of Other Banks in Canada

As mentioned earlier, each of the banks in Canada has different limits and fees that apply when sending or receiving Interac e-Transfers on their platforms.

Nonetheless, the Interac e-Transfer sending limits for BMO are very similar to that of many popular banks across the country.

Let’s take a closer look at the individual e-Transfer Send limits for some popular Canadian banks:

Scotiabank e-Transfer Limit

Scotiabank uses a different approach to set its Interac e-Transfer limits for each customer.

The maximum amount of money each client can send via e-Transfer with Scotiabank is dependent on their card limit. By doing so, the Scotiabank e-Transfer send limit varies per client’s card.

Scotiabank also allows its customers to cancel an Interac e-Transfer at no cost. However, a $1.00 fee is charged per transaction for other Interac e-Transfer services.

Learn more: Scotiabank Interac e-Transfer Limit

CIBC e-Transfer Limit

CIBC is also a big bank with specified limits to the maximum amount of money customers can send or receive with Interac e-Transfer.

The table below shows the CIBC e-Transfer limits that apply when sending out money:

Timeframe	Limit
24-hour	$3,000
7-day	$10,000
30-day	$30,000

It is free to receive Interac e-Transfers with CIBC. However, a fee of $1.50 is charged when sending out money via e-Transfer.

CIBC also charges $3.50 when a customer stops an Interac e-Transfer.

Bear in mind that CIBC Smart Account and CIBC Smart Plus Account holders don’t pay e-Transfer fees.

Learn more: CIBC Interac e-Transfer Limit

EQ Bank e-Transfer Limit

EQ Bank is one of the popular digital banks that also have set limits for Interac e-Transfer transactions on their platforms.

The table below shows the maximum amount of money you can send via e-Transfer with EQ Bank:

Timeframe	Limit
24-hour	$3,000
7-day	$10,000
30-day	$20,000

EQ Bank has also specified that $25,000 is the maximum amount any customer can receive at a time via Interac e-Transfer.

Learn more: EQ Bank e-Transfer Limit

Simplii e-Transfer Limit

Simplii Financial is another popular online-only bank in Canada with set limits for its Interac e-Transfer services.

Below is a table showing the maximum amount you can send via e-Transfer with Simplii Financial:

Timeframe	Limit
24-hour	$3,000
7-day	$10,000
30-day	$30,000

You can receive and send money for free with the Simplii e-Transfer service. However, a cancellation fee of $3.50 is charged when you cancel an e-Transfer.

Learn more: Simplii Interac e-Transfer Limit

Tangerine e-Transfer Limit

Tangerine bank is also a popular online bank in Canada with specific e-Transfer limits that apply when sending money.

The table below shows the Tangerine e-Transfer limit on outgoing transactions:

Timeframe	Limit
24-hour	$3,000
7-day	$10,000
30-day	$20,000

Tangerine bank customers also have limits to the amount of money they can receive via e-Transfer at any given period.

Here is a highlight of the maximum amount of money you can receive via e-Transfer with Tangerine bank:

$10,000 within 24 hours
$70,000 within 7 days
$300,000 within 30 days

Learn more: Tangerine Interac e-Transfer Limit

RBC e-Transfer Send Limit

RBC also uses the same approach as Scotiabank for setting the Interac e-Transfer limit on each customer’s account.

This simply means that the RBC e-Transfer send limit for each client is dependent on their card limits.

With an RBC personal chequing account, you can receive and send e-Transfers for free.

However, other account types are charged between $1.00 to $1.50 for sending Interac e-Transfers.

Learn more: RBC Interac e-Transfer Limit

HSBC e-Transfer Limit

HSBC has a higher daily e-Transfer send limit than many other big banks in Canada.

Below is a table showing the maximum amount of money you can send via Interac e-Transfer with HSBC:

Timeframe	Limit
24-hour	$7,000
7-day	$10,000
30-day	$40,000

You can send and receive money for free via e-Transfers with an HSBC chequing or savings account that is domiciled in Canadian dollars.

Learn more: HSBC e-Transfer Limit

TD e-Transfer Limit

TD Canada Trust is another big bank in Canada with a set limit for Interac e-Transfer transactions.

See the table below for the current limits that apply when sending money via e-Transfer from a TD Canada Trust bank account:

Timeframe	Limit
24-hour	$3,000
7-day	$10,000
30-day	$30,000

Some TD accounts are allowed to send free Interac e-Transfers while others pay between $0.50 – $1.00 for each e-Transfer transaction.

TD bank will also charge you $5.00 if you cancel an Interac e-Transfer after 45 minutes of sending it.

Meanwhile, you won’t be charged this cancellation fee if you cancel the transaction within 45 minutes of initiating the transfer.

Learn more: TD e-Transfer Limit

Overview of Interac e-Transfer

The complete history of Interac dates back to 1984. However, Interac e-Transfer was launched in 2003.

Interac e-Transfer is an electronic money transfer service that has gained wide acceptance all over Canada.

The service is owned by a company called Interac Corp. However, you can only access it via the platforms of Canadian banks and financial institutions that have partnered with Interac Corp.

A lot of Canadians prefer the Interac e-Transfer service because of its low cost, superfast payments and 24/7 availability on various banking platforms.

In April 2022, a total of over 1 billion Interac e-Transfer transactions were recorded over a 12-month period. This was a new milestone that confirms how much Canadians trust the payment network.

Since the Interac e-Transfer service is offered on the platform of different banks and institutions, the transaction limits and fees for each bank vary.

Concluding Thoughts

The amount you can send with a BMO e-Transfer is not as high as those of other banks in Canada.

Nevertheless, the Interac e-Transfer limit at BMO could be enough for average Canadians. If you need a higher limit, there are many options to consider as shown above.

So, what do you think about the BMO e-Transfer limit? If you have any questions or concerns, let us know in the comments section below.

FAQs on BMO e-Transfer Limit

How do I check the status of my BMO e-Transfer?

To check the status of a BMO e-Transfer transaction, follow these steps:

Sign in to your BMO account
Click “Payments & Transfers”
Choose “Interac e-Transfer”
Check the e-Transfer history and select the specific transaction you want to track

How do I increase my daily limit for BMO e-Transfer?

You have to speak to an account manager at any BMO branch before you can increase your daily limits.

And you can also write to BMO by clicking on “Send a Massage” under the “My Messages” tab of the online banking platform.

Why does BMO e-Transfer take so long?

If a BMO e-Transfer delays beyond 30 minutes, any of the following reasons could be responsible:

You provided incorrect recipient information
The recipient’s bank or financial institution might have flagged the e-Transfer transaction as “suspicious”
If the recipient has the Autodeposit feature enabled, the funds could sometimes take 24 hours to be processed by the recipient’s financial institution

BMO e-Transfer Limit