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 | $3,000–$25,000 (varies by bank) | $25,000–$100,000+ (typically by request) |
| Cost (sender) | Free for most chequing accounts | $30–$80 domestic, $50–$125+ international |
| Cost (recipient) | Free | Often $10–$17 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 CAD wire to a non-TD account $30.
- BMO — outgoing CAD wire 0.20% of the amount, $15 minimum to $125 maximum.
- 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.
One more option: Wise
For international transfers, Wise is usually cheaper than a bank wire — sometimes substantially. See e-Transfer vs Wise.