How Long Do e-Transfers Take?

There was a time before e-Transfer where if you wanted to transfer funds you would have to rely on either sending a check by mail or to do a wire transfer from the bank. Either of these options could take days and possibly weeks at a time. 

An e-Transfer is a quick and convenient option in Canada to move money faster and is often near instant, but can take up to 30 minutes (or more) at times. The e-Transfer method has become a popular way of sending funds with online lenders in recent years as it is much faster than a wire transfer and most consumers prefer to receive their funds quickly. 

An  e-Transfer typically includes a security question to ensure that you’re the rightful participant in a transaction. Those expecting an e-transfer loan for odsp benefits or similar can usually expect the funds deposited in their account in minutes. 

Do e-Transfers Show Up Immediately?

Although an e-Transfer is fast, it does not occur immediately. An e-Transfer often takes 15 – 30 minutes on average. Reasons that can cause a delay with receiving an e-Transfer can include a poor internet connection, incorrect info like recipient name or number, or using different financial institutions.

Most of the more popular Canadian banks (RBC, CIBC, BMO, TD) often process an e-Transfer in thirty minutes or less on average. If you were to log into your financial institution or bank account and see a pending e-Transfer status, some of the reasons for this can include;

Initiated – The funds were withdrawn from your account.

Sent – The notification has been received by the recipient

Security Question Answered – The question was answered correctly but the recipient hasn’t deposited the money yet.

Security Question Failed – The question was answered incorrectly on too many attempts.

Auto-deposit in Progress – The mobile number or email address set up for automatic deposits by the recipient

Invalid Email or Mobile Phone Number – Some essential details are incorrect.

Auto-deposit Failed – The account is closed or invalid.

Declined – The recipient declined the transfer.

Expired – The transfer was not accepted within 30 days by the recipient.

If you are expecting an e-Transfer loan notification by email and it appears to be late, you should also check your spam folder. You might also contact the sender to ensure they have sent to the proper email address. 

Do e-Transfers work on the weekend?

It is possible to receive an Interac e-Transfer® anytime, including evenings and weekends.

How to accept e-Transfers?

You should receive notification by email address or mobile phone number which guides you through the process of accepting an e-Transfer. Follow the instructions provided in the message to select your financial institution and log into your account. Provide the security answer asked  by the sender, if applicable. Then choose to accept the INTERAC e-Transfer and the money should be deposited to your bank account. 

What are the concerns of e-Transfers?

The main concern of an e-Transfer would be the transaction limit. Many banks have a limit of $3,000 per day available by e-Transfer. 

When does an e-Transfer expire?

You have up to 30 days (from the date it was sent) to accept an e-Transfer.

What happens if I do not accept an e-Transfer?

If you do not accept an e-Transfer it is automatically returned to the sender. 

What are other names of an e-Transfer?

An e-Transfer can also be referred to as an email transfer or email money transfer.


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