“How long does an e-transfer take?” This is a common question we receive from people who have recently opened an account in Canada.
As you might expect, the answer is… it depends. But, in most cases, your e-transfer will arrive in 30 minutes or less.
If you are new to Canadian banking, you can use our free resources to make the most out of your account including navigating top-tier institutions, including the largest banks in Canada, and opening bank accounts as a non-resident.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How Long Does an E-Transfer Take?
- How Long Does It Take for an E-Transfer to Be Deposited?
- Can I Make an Interac E-Transfer With Online Banking?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
How Long Does an E-Transfer Take?
In most cases, e-transfers arrive within 30 minutes of being sent. However, in certain instances, it can take up to an hour. If your e-transfer takes longer than 30 minutes to arrive, you can review the transfer details for accuracy. If it has not yet been 30 minutes, you should wait before contacting your bank.
It’s important to note that additional security checks can also prolong the arrival of an e-transfer. Also, it can take longer for transfers to arrive if you are sending funds to a different financial institution than the one where your accounts are held.
However, as mentioned above, most e-transfers will arrive within 30 minutes of being sent. In the following section, we’ll take a look at other reasons why your e-transfer may not arrive on time.
Alternatively, if you’re looking for non-resident financing like a line of credit vs a credit card, you can access our free guide covering the differences and similarities linked here.
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How Long Does It Take for an E-Transfer to Be Deposited?
The time it takes for an e-transfer to be deposited depends on a few key factors, including:
- Processing time of the transfer
- Additional security measures
- Sending between different banks
Why Is My E-Transfer Taking So Long to Be Deposited?
If your e-transfer is taking longer than you expect, there may be a few human factors impacting it, including:
- Did the sender send the deposit?
- Does the recipient use automatic deposit?
- Did the recipient accept the deposit?
- Did the sender use the correct details?
Can I Make an Interac E-Transfer With Online Banking?
Yes, you can make an Interac e-transfer directly through your online banking.
To complete an Interac e-transfer through online banking you will log into your account with a Canadian financial institution. Then, navigate to Interac e-transfer from your online banking menu. After inserting the information of the person you’re sending money to, you can proceed to complete the transaction.
Importantly, if the person you are sending funds to uses automatic deposit, the funds will be in their account as soon as they clear the Interac transfer process.
Of course, if you input the incorrect transfer details you need to know how to cancel an e-transfer properly, which you can learn more about by accessing our free guide linked here.
Frequently Asked Questions
Below are three of the most common questions that we receive from people wondering how long does an e-transfer take. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Why Do Some e-Transfers Take So Long?
Certain e-transfers may take longer to arrive than others. This can happen if your bank (or the receiving bank) needs to perform additional security checks on the transfer. Other reasons for longer delivery can include sending transfers to a different bank, the recipient not using an automatic deposit, or the recipient not immediately accepting the transfer.
How Long Does a Large Amount Take in E-Transfer?
If you are sending an e-transfer within the daily limit of your account, it should take no more than 30 minutes for the e-transfer to arrive. That said, in certain instances, e-transfers are known to take up to an hour to arrive to the destination.
Does e-Transfer Work Immediately?
No, e-transfer is not an immediate transfer solution. But, it is one of the fastest ways to transfer money between financial institutions in Canada. It is also one of the safest ways to send money between two Canadian financial institutions, as it is direct to the end user you are sending the funds.
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