Simplii e-Transfer Limit 2024: Fees, Processing Time & More
For obvious reasons, many Canadians today prefer Interac e-Transfer over other payment networks.
This is partly because e-Transfer gives you 24/7 access, low transaction cost, and superfast payment. Who wouldn’t go for that?
The benefits and convenience that come with Interac e-Transfer make it a far better alternative to Wire Transfers, Cheques, ATMs, Wise and PayPal.
However, critics can sometimes pull out the debate about e-Transfer limits on Interac and even the Simplii banking platform.
I know that it can easily get confusing when you ask some friends about the e-Transfer limits, but all you get is different numbers being thrown around.
This is the main reason I have put together this article to clear out all such confusion about the Simplii e-transfer limit.
As you read on, I will discuss all the key information about sending and receiving e-Transfer on the Simplii banking platform.
By the time you finish reading this post, you should have clarity about the Simplii e-transfer limit on transactions and how they compare with those of other Canadian banks.
What is Interac e-Transfer?
This question will most likely come from new Canadian residents. So, if you do not fall in this category, you can just skip to the next question below.
However, if you are a new resident here, don’t worry – I’ve got your back.
Interac e-Transfer is an electronic payment network that is only accessible here in Canada. You can say that it is a service offered in Canada for Canadians.
What makes Interac e-Transfer different from other common payment networks is the low cost and incredible speed of its electronic money transfers.
The Interac e-Transfer service is currently available on numerous mobile and online banking platforms.
Aside from low transaction costs, the Interac e-Transfer service comes with a simple yet highly-effective security system that millions of customers are satisfied with.
It might even please you to know that the history of Interac e-Transfer dates as far back as 1984. And today, the service is being offered via the platforms of 250+ financial institutions operating in Canada.
Please note that the e-Transfer services of each Canadian bank or financial Institution are slightly different in terms of fees, transaction limits and transaction processing time.
The very next section below will help you understand the Simplii e-Transfer limits in comparison to that of some top Canadian financial Institutions.
What is the Simplii e-Transfer Limit?
The bare minimum Simplii e-Transfer limit is $0.01. However, the maximum limit varies by a fixed period as shown below:
- $3,000 within 24 hours
- $10,000 within 7 days
- $30,000 within 30 days
However, there is no limit to how much you can receive via Simplii e-Transfer at any given period. All the limits only apply to sending funds.
Simplii Financial allows customers to receive as much as they can via Interac e-Transfer at any time.
You can also confirm this information by calling their representative at 1-888-723-8881 or sending an email to [email protected].
Can I Get a Simplii e-Transfer Limit Increase?
At the moment, Simplii does not allow customers to increase the Send limits stated in the section above.
This is unlike other financial institutions that allow for e-Transfer limit increase based on negotiation.
However, you are allowed to receive an “unlimited” amount of funds via Simplii e-Transfer at any period.
Do Simplii e-Transfer Limits Apply to Cards or Accounts?
Simplii Financial has made it clear that e-Transfer limits apply to an account as a whole.
If you have more than one card attached to your account, the total transactions on all the cards cannot exceed the account limits.
Even if you have more than one account, your transactions from each account will be summed up and counted towards the daily, weekly or monthly rolling limits.
How to Send e-Transfer at Simplii Financial
The process is fairly simple and easy. Just Log On to your Simplii online banking or the mobile banking app. Then, follow the steps below:
- Go to Menu and select “Interac e-Transfer”
- Click on “Send Money”
- Add a new contact or select a recipient from your contact list. You can also select the option to “send to a one-time” recipient
- Choose the account you want to transfer from
- Enter the specific amount you wish to send
- Specify if the money should be sent Once or weekly, biweekly, every 3 months, every 6-months and yearly. (Please note that recurring e-Transfer payments will require the recipient to have the Autodeposit feature enabled at their end)
- Choose a mobile number or email as the method by which the money will be sent
- Add a message or note that will be displayed on the Status page of Interac e-Transfer (optional)
- Select “Continue”
- Create a simple security question and the answer which will be required from your recipient
- Select “Continue” to complete the transaction
If the recipient is not registered for Autodeposit at the time you sent the money, ensure that you tell them the answer to your security question. That way, they can easily claim the money you sent.
How to Receive e-Transfer on Simplii
Whenever money is sent to you via e-Transfer, you will be notified by text message or email within 30 minutes.
If you have the Autodeposit feature activated, the money will be deposited automatically into your Simplii account.
But, if the Autodeposit feature is not enabled on your Simplii account, then you will be required to give a correct answer to the security question set by the sender.
How Do I Check My e-Transfer in Simplii?
It is fairly easy to check past or pending e-Transfer transactions on the Simplii banking app or online platform.
To check the status of your Simplii e-Transfer, follow the steps highlighted below.
- Sign On to your Simplii online banking or mobile banking app
- Select “Interac e-Transfer” and click “Status”
- Choose between “Transfer” and “Request Money” from the drop-down menu
- You will see a list of initiated transactions; Select the desired one to see more information about it
How Does Autodeposit Work on Simplii e-Transfer?
Well, the name says “Autodeposit” and that’s exactly what it does.
When the Autodeposit feature is activated on a Simplii account, the bank automatically deposits every dollar sent to such an account.
On the flip side, if Autodeposit is not activated on an account, Simplii will require that the account owner provides a correct answer to the security question set by the money sender.
Without any confusion, you should immediately see that the Autodeposit feature makes it easy to receive Simplii e-Transfer.
How to Activate Autodeposit For Simplii e-Transfer
If you don’t have Autodeposit activated yet, follow the simple steps below to do so.
- Sign On to your Simplii online banking or mobile banking app
- Select “Interac e-Transfer” and click the “Autodeposit e-Transfer Settings”
- Enter an email address or the Canadian phone number that you are registering for this feature
- Select a Simplii account that you want the automatic deposit of funds to
- Verify all the details on the screen and select “Confirm” when you are done
- You will receive a Verification text message or email from Interac
- Click “Complete registration” to finally activate the Autodeposit feature on your Simplii account
Simplii e-Transfer Processing Time
The time for processing transactions via Interac e-Transfer is the same for all financial Institutions in Canada.
You shouldn’t notice any difference between Simplii e-Transfer processing time and that of other banks or financial institutions.
When you send money with e-Transfer, the fund is deducted immediately from your Simplii account.
However, it can take up to 30 minutes before the recipient gets notified about the incoming money transfer. Also, the receiver must claim the money within 30 days.
Failure to do so would make the transfer expire and Simplii will refund the money to the sender.
A faster way to also receive money via Simplii e-Transfer is to use the “Request Money” option.
Funds received via this medium are deposited within minutes to the Simplii account of the person who requested the money.
Simplii Interac e-Transfer Fees
There is no charge for sending or receiving money via Interac e-Transfer on a Simplii Chequing account.
However, a $3.50 fee is charged when a Simplii Financial Sender stops payment on an Interac e-Transfer.
Simplii e-Transfer Limits vs Other Canadian Bank Limits
Just like the majority of Canadian banks, the fixed limit on Simplii e-Transfer is more of a generic standard. This simply means that the Simplii e-Transfer limit is basically the same as that of many other banks in Canada.
To put things in perspective, I have prepared a table below which shows you a comparison of Simplii e-Transfer limits and that of other popular Canadian banks.
| Bank | 24-hour period | 7-day period | 30-day period |
| Simplii e-Transfer limit | $3,000 | $10,000 | $30,000 |
| Tangerine e-Transfer limit | $3,000 | $10,000 | $20,000 |
| RBC e-Transfer limit | Varies per client’s card | Varies per client’s card | Varies per client’s card |
| CIBC e-Transfer limit | $3,000 | $10,000 | $30,000 |
| Scotiabank e-Transfer limit | Varies per client’s card | Varies per client’s card | Varies per client’s card |
| BMO e-Transfer limit | $2,500 / $3,000 | $10,000 | $20,000 |
| TD e-Transfer limit | $3,000 | $10,000 | $20,000 |
| HSBC e-Transfer limit | $7,000 | $10,000 | $40,000 |
| EQ Bank e-Transfer limit | $3,000 | $10,000 | $20,000 |
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FAQs on Simplii e-Transfer Limit
Does Simplii have an e-Transfer limit?
Yes, Simplii has an e-Transfer limit of $3,000 per 24-hour period, $10,000 per 7-day period and $30,000 per 30-day period.
What is the minimum e-Transfer limit of Simplii?
The minimum amount you can send on Simplii e-Transfer is $0.01. And on a lighter note, you can’t send any money when your account balance is down to Zero.
What is the maximum limit on Simplii e-Transfer?
There is a standard fixed limit on the amount of money you can send via Simplii e-Transfer. The standard is as follows:
- $3,000 for each 24-hour period
- $10,000 for each 7-day period
- $30,000 for each 30-day period
Can I send large amount via Simplii e-Transfer?
You can send any amount of money via Simplii e-Transfer if it does not cross the maximum limits specified above.
The largest amount of money you can send via Simplii e-Transfer is $30,000 within a 30-day period.
How long does an e-Transfer take Simplii?
Money sent via Simplii e-Transfer can be delivered in minutes if the recipient has Autodeposit enabled on their account.
But when the recipient doesn’t have Autodeposit, the transaction would take up to 30 minutes to process.
Can I reclaim a Simplii e-Transfer later on?
Money sent with Simplii e-Transfer will be automatically returned to the sender in any of the cases listed below.
- The phone number or email address entered by the sender is “Invalid”
- The recipient declined the e-Transfer
- It’s been over 30 days, and the recipient is yet to claim the transfer
- The recipient was unable to give a correct answer to the security question attached to the e-Transfer. (In such case, the sender will be notified by text message or email)
Why is your Simplii e-Transfer not working?
This could be a result of service outrage at Simplii. The problem could also result from your network provider. You should call a Simplii representative at 1-888-723-8881 or send an email to [email protected] for clarification.
Why experiencing Simplii Financial e-Transfer delay?
If you’re sending an e-Transfer, the delay could result from your network provider. But if you’re the recipient, the problem could result from your email system or network provider. Call a Simplii representative at 1-888-723-8881 or send an email to [email protected] for clarification.
