How long does it take for an Interac e-Transfer to go through?

Interac e-Transfer Processing Times

Interac e-Transfer is a secure electronic funds transfer service that allows individuals to send and receive money between Canadian bank accounts. The processing time for an Interac e-Transfer can vary depending on the amount being transferred.

Instantaneous Transfers:

• Transfers below $250 are processed instantly and credited to the recipient’s account immediately.

Quasi-Instantaneous Transfers:

• Transfers up to $500 are typically processed and received within a few minutes. These transfers are not guaranteed to be instant but are often processed very quickly.

Standard Processing Transfers:

• Transfers exceeding $250 typically take up to 30 minutes to arrive in the recipient’s account. However, in some cases, it may take longer, especially if the transfer is initiated during peak banking hours or on a weekend.

Factors Affecting Processing Time:

• Time of Day: Transfers initiated during peak banking hours (typically Monday to Friday, 9:00 AM to 5:00 PM EST) may experience longer processing times.
• Weekends and Holidays: Transfers initiated on weekends or holidays may be processed on the next business day.
• System Maintenance: Occasionally, Interac may undergo system maintenance, which can temporarily affect processing times.

Steps to Speed Up Processing Time:

• Use Smaller Amounts: If possible, send transfers under $250 to ensure instant processing.
• Initiate Transfer During Business Hours: Avoid sending transfers outside regular banking hours to minimize processing delays.
• Confirm Recipient Information: Ensure that the recipient’s name, email address, and phone number are correct to prevent delays due to mistaken transfers.

Security Considerations:

• Interac e-Transfers are protected by strong encryption and fraud prevention measures.
• Always use a secure internet connection when initiating or receiving transfers.
• Do not disclose transfer details to anyone other than the intended recipient.