With fast payment, 24/7 access, and low transaction fees, Interac e-Transfer has won the hearts of many Canadians.
I don’t think there’s any payment network that comes close to Interac in Canada at the moment. Is it cheque transfers? PayPal? Wise? or ATM transfers?
You name them!
Virtually all the traditional payment networks we know have common weaknesses of high transaction fees, long holding periods and so on.
Today, sending and receiving money in Canada has been simplified and made affordable by the Interac e-Transfer network.
So it’s essential to bank with a financial institution that partners with Interac so as to enjoy low-cost and fast transactions.
There are over 250+ financial institutions that partner with Interac in Canada and Scotiabank is one of them.
In this article, you will learn about the Scotiabank e-Transfer limit, fees, processing time and other related matters.
Scotiabank e-Transfer Limit
The Scotiabank e-Transfer limit refers to how much you can send per day, week, and month from your Scotiabank account.
But unlike many financial institutions out there, Scotiabank doesn’t have a fixed Interac e-Transfer limit. Instead, it sets the limits based on an individual’s card.
So if you have a $10,000 card limit, your Scotiabank e-Transfer limit will be different from the person that has a $15,000 card limit.
However, the maximum amount you can send per Interac e-Transfer at Scotiabank is $25,000. Besides that, Scotiabank doesn’t have a limit for receiving or accepting e-Transfers.
To know your actual Scotiabank e-Transfer limit, all you need is to get a copy of the ScotiaCard Banking Access Maintenance form. You can also find the limit by following the steps below:
- Login to your Scotia OnLine Banking account
- Navigate to the “Managing your ScotiaCard” section
- Go to settings
Scotiabank e-Transfer Limit Increase
As with the case with other financial institutions, you can request an increase of your Scotiabank e-Transfer limit.
To request for the Scotiabank e-Transfer limit increase, all you need is to contact a Scotiabank representative at 1-800-472-6842 or visit any of their nearest branches.
However, there’s no guarantee that your request will be accepted. This is because Interac e-Transfer limits are set in order to help limit the risk of the financial institution and your risk as a client.
Someone with good credit is likely to get a higher Interac limit compared to someone with bad credit.
And by having a lower limit, you will have less to lose should your account get compromised.
How to Send e-Transfer at Scotiabank
You can send an e-Transfer at Scotiabank through your online or mobile banking account. The following are the step-by-step processes on how to do so on the Scotiabank mobile banking app:
- Login to your Scotiabank mobile banking account
- Click on “Transfers” from the home screen of the app
- Select “Interac e-Transfer”
- Choose the Scotiabank account you want to transfer the money from
- Select a contact (from your list or add a new one)
- Enter the amount you want to send
- Set a security question and answer
- Write a message (optional)
- Click send
There you go. If you’re confused, kindly check out this demo to see how the Interac e-Transfers are sent through Scotiabank.
It could take up to 30 minutes for your recipient to receive notification of the transfer. The recipient must claim the transfer within 30 days by entering the correct security answer.
If the recipient didn’t claim the transfer after 30 days, the transfer will expire and you will be instructed to follow some steps to get the money back to your account.
Note that if the recipient sets up auto-deposit, the Interac e-Transfer will be deposited to their account automatically without providing a security answer
How to Receive e-Transfer at Scotiabank
The process of receiving an e-Transfer at Scotiabank is similar to those of other financial institutions.
As a recipient, you must have an active email address or phone number to receive an Interac e-Transfer at Scotiabank.
This is because when someone sends you an e-Transfer, you will be notified within 30 minutes through email or phone number, instructing you to provide a security answer.
But if you already set up an auto-deposit with your bank, the Interac e-Transfer will land in your account automatically within minutes, without you providing a security answer.
Scotiabank e-Transfer Time of Processing
Scotiabank e-Transfer time varies depending on the person you’re sending money to.
Recipients that set up auto-deposit with their financial institutions will receive an e-Transfer directly to their bank accounts within minutes.
However, recipients without auto-deposit will receive Scotiabank e-Transfer within 30 minutes, upon providing the correct security answer.
That said, the following are the eligible banks under which recipients can receive immediate Interac e-Transfers from Scotiabank:
- Scotiabank
- RBC
- TD Canada Trust
- BMO
- CIBC
- National Bank
- President’s Choice Financial
- ATB Financial
- Desjardins
- ING Direct
If a recipient doesn’t bank with any of the above banks, they will likely experience a delay (in days) in receiving Interac e-Transfer from Scotiabank.
Scotiabank Interac e-Transfer Fees
Scotiabank charges a flat fee of $1.00 per e-Transfer. Unlike other financial institutions, Scotiabank does not charge a fee for e-Transfer cancellation
However, if a recipient doesn’t bank with any of the above eligible banks, they may be charged a fee to receive an Interac e-Transfer from Scotiabank.
With this, it’s safe to say that Interac e-Transfer at Scotiabank is relatively costly compared to other financial institutions.
Want to close your Scotiabank account account? Read this.
Scotiabank e-Transfer Limit vs Other Banks in Canada
Whether you’re an existing or potential Scotiabank client, it’s essential to understand how the Scotiabank e-Transfer limit compares with other financial institutions in Canada.
The following table highlights the current Scotiabank Interac e-Transfer limit vs. the limits of other Canadian banks:
| Bank | 24 hours | 7 days | 30 days |
| Scotiabank e-Transfer limit | Varies per client’s card | Varies per client’s card | Varies per client’s card |
| RBC e-Transfer limit | Varies per client’s card | Varies per client’s card | Varies per client’s card |
| TD e-Transfer limit | $3,000 | $10,000 | $20,000 |
| BMO e-Transfer limit | $2,500 / $3,000 | $10,000 | $20,000 |
| CIBC e-Transfer limit | $3,000 | $10,000 | $30,000 |
| HSBC e-Transfer limit | $7,000 | $10,000 | $40,000 |
| Simplii Interac e-Transfer limit | $3,000 | $10,000 | $30,000 |
| Tangerine e-Transfer limit | $3,000 | $10,000 | $20,000 |
| EQ Bank e-Transfer limit | $3,000 | $10,000 | $20,000 |
Unlike Scotiabank, most of the above banks don’t charge Interac e-Transfer fees for sending and receiving money. This includes:
- RBC
- TD
- CIBC
- HSBC
- Simplii Financial
- Tangerine
- EQ Bank
READ MORE:
About Interac e-Transfer
Except if you’re new to Canada, Interac e-Transfer should not be strange to you. But for the sake of those that are not aware, here’s a brief explanation.
Interac e-Transfer is a fast, secure, low-cost and convenient payment network that has been in existence since 1984.
The company started its operation under two bodies (Interac Association and Acxsys Corporation) but became a single corporate entity in 2018, following the merger of the two bodies.
There are currently over 250 financial institutions on the Interac network that provide their clients access to the alternative payment solution.
Clients can use their online or mobile banking accounts to make Interac e-Transfers. Recipients can receive the Interac transaction within minutes of providing the correct security answer that’s sent to their emails or phone numbers.
However, the experience of Interac e-Transfer varies from one financial institution to the other in terms of transfer limit, fees, processing time, and more.
FAQs on Scotiabank Interac e-Transfer
e-Transfer works at Scotiabank as it does at other financial institutions. You can send and receive Interac e-Transfer from your Scotiabank account and even set up recurring e-Transfers.
The maximum e-Transfer at Scotiabank is $25,000 per e-Transfer both on personal and business accounts.
Interac e-Transfer sent from Scotiabank could take up to 30 minutes to deliver. However, it can be delivered immediately if the recipient banks with an eligible financial institution such as Scotiabank, RBC, TD Canada Trust, BMO, CIBC and so on.
Yes, Scotiabank charges a $1 fee for every e-Transfer. It also charges a receiving fee. However, it doesn’t charge cancellation fees.
Usually, Scotiabank e-Transfer is deposited within 30 minutes for recipients that provide the correct security answer.ย
But if you bank with a financial institution that’s not eligible for an immediate Interac e-Transfer deposit from Scotiabank, you may experience delays for days to receiving an Interac e-Transfer from Scotiabank.
However, other factors that may cause the delay in receiving an e-Transfer from Scotiabank include poor network connection and a large transfer amount.
It means your recipient is yet to claim the transfer by providing the correct security answer.
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