In this article, we’re going to answer “Why is my e-transfer taking so long?” and share a few ways that you can help speed up the process.
Of course, if you’re new to banking in Canada, you can also access our other free resources to help you navigate your options. These resources range from a detailed breakdown of the biggest institutions and the largest banks in Canada to opening accounts for non-residents.
Table of Contents
- Why Is My E-Transfer Taking So Long?
- What Should I Know About Sending an Interac E-Transfer?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Why Is My E-Transfer Taking So Long?
You may feel your e-transfer is taking a long time if you are accustomed to immediate deposits. However, Interac e-transfers can take up to 30 minutes to arrive. In certain instances, this timeline may be prolonged if additional security checks are required. Or, if you are sending funds to a different financial institution.
On the other hand, if you sent an e-transfer more than 30 minutes ago, you may want to review the payment information provided. If the information is correct, you should contact the person you sent the transfer to and confirm that there are no outstanding actions (e.g. accepting the transfer) on their end.
Alternatively, if you are waiting to receive a transfer from someone else, you should ask the person sending the transfer to confirm the details used. If the details are correct, you can ask them to confirm the transfer identification number so you know it was sent. Then you can use this number to contact your bank to confirm why there is a delay.
If you sent a transfer to the wrong recipient and need to know how to cancel an e-transfer, click here to get started.
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What Should I Know About Sending an Interac e-Transfer?
To send an Interac e-transfer, you will need to log into your online bank account with a participating financial institution. From there, navigate to the “Interac e-transfer” option and select the sending account and recipient that you want to send funds to.
This straightforward process allows users to send and receive money from anyone in Canada with a participating financial institution. However, Interac also provides the option to send money internationally as well, though National Bank is the only option for this.
Alternatively, if you want to set up a direct deposit the branch number (same as transit number), institution number, and account number will all be required.
Here’s a quick look at the steps to send an Interac e-transfer from your Canadian bank account.
How to Send Money Via Interac e-Transfers
- Log into your participating Canadian bank account
- Navigate to “Interac e-transfer”
- Select the account you wish to send funds from
- Select the recipient you wish to send funds to
- Insert the requested payment information
- Confirm and complete the transfer
Frequently Asked Questions
Below are three of the most common questions we receive from people looking into if a branch number is the same as a transit number. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Why Is E-Transfer So Slow?
Compared to many other online transfer solutions, e-transfer is often considered slow. That said, this is only because many of the other available options are instantaneous. In other words, e-transfer isn’t necessarily slow, the other solutions are just very fast. In short, sending and receiving a transfer to or from another person’s bank account at another financial institution within 30 minutes is very reasonable.
Can e-Transfer Take 24 Hours?
No, an e-transfer should not take 24 hours to complete. An e-transfer should take no more than 30 minutes. That said individuals have reported that e-transfers can take slightly more time, up to an hour. If you are waiting for an e-transfer to be sent and it has taken more than 30 minutes, you may want to review the payment information and confirm that the details used were correct.
What Happens if Money Is Transferred But Not Received?
Depending on the method used when sending the transfer, you may need to initiate a trace of the transfer with the sending bank. To do this, you will need to contact the sending bank and request this service. Of course, this will vary depending on the method. For example, if you sent a wire transfer, you will likely need to initiate a SWIFT transfer, which comes at a cost.
Do You Want Help Opening Bank Accounts?
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