Interac e-Transfer vs wire transfer.

Quick verdict

• Use e-Transfer when the amount fits inside your daily limit, you want it free, and the recipient is in Canada.
• Use a wire when the amount exceeds your daily limit, you need same-day settlement of a large sum, or the recipient is outside Canada.

Side by side

	Interac e-Transfer	Wire transfer
Per-transfer limit	Personal: $3,000–$10,000/day at most banks (Wealthsimple up to $50,000/day). Business: up to $25,000 per transfer	$25,000–$100,000+ (typically by request)
Cost (sender)	Free for most chequing accounts	About $30–$80 domestic, $30–$80 international plus correspondent and FX fees
Cost (recipient)	Free	Often $15–$17.50 for incoming
Speed	Minutes (Autodeposit) or hours	Same day domestic, 1–3 days international
Geography	Canada only	Worldwide
Setup	Just an email or phone number	Beneficiary details, address, bank info, sometimes SWIFT/IBAN
Reversibility	Cancellable while pending	Hard to reverse once sent

When to choose e-Transfer

• Amount fits inside your daily limit. See your bank's limits.
• Recipient is in Canada and has a Canadian bank account.
• You want the cheapest option (usually free).
• You want simplicity — no bank details to copy, just an email.

When to choose a wire

• The amount is over your e-Transfer limit and you can't or don't want to split it.
• You need same-day settlement of a large sum (think real estate deposit).
• You're sending money internationally — e-Transfer can't do this.
• The recipient is a financial institution that prefers wires (e.g. lawyers' trust accounts).

Wire transfer fees by bank (typical, 2026)

• RBC — outgoing CAD wire $45.
• TD — outgoing wire to a non-TD account $50 ($16 to another TD account).
• BMO — outgoing wire about $40 plus a $10 communication charge. (Confirm the current rate with your branch.)
• CIBC — tiered; can reach $80 for transfers above $50,000.
• Scotiabank — comparable to RBC/TD; check the current fee schedule.
• Tangerine, Simplii, EQ Bank, Wealthsimple — typically don't offer outgoing wires directly to retail clients. To send a wire, you'll usually use a different institution.

Coming soon: Real-Time Rail

Payments Canada's Real-Time Rail is scheduled to launch in Q4 2026, bringing real-time, data-rich payments between Canadian financial institutions. Banks must be able to receive RTR payments at launch, but sending will roll out gradually, so check with your bank before counting on it for a large same-day payment.

One more option: Wise

For international transfers, Wise is usually cheaper than a bank wire — sometimes substantially. See e-Transfer vs Wise.

Related guides

• How to send more than your e-Transfer limit
• Sending large amounts in Canada ($10K+)
• e-Transfer vs EFT