Up to your e-Transfer cap (~$3,000)
Use Interac e-Transfer. Free, near-instant, no setup. See your bank's exact limit.
Up to ~$10,000
- If you bank with Wealthsimple, raising your daily e-Transfer limit in the app is the simplest option. EQ Bank and Desjardins limits can't be raised, but both already allow $5,000 a day.
- Otherwise, split over multiple days, or use bill payment if the recipient is a registered payee.
- A wire works but a $45–$50 fee at the big banks is hard to justify under $10K unless you need same-day settlement.
$10,000 to $50,000
- Wire transfer is the standard. Most Canadian banks support same-day domestic wires up to six figures. Fee: $30–$80 per outgoing wire (RBC from $45, TD $50, BMO about $40 plus a $10 communication charge, CIBC tiered up to $80).
- Bill payment if the recipient accepts it — slower but cheaper.
- Certified cheque still works for some legal/real-estate situations and costs less than a wire (a certified cheque or bank draft is typically about $10–$15).
$50,000 to $100,000+
- Wire transfer remains the default; expect to fill out additional verification at amounts over $100K.
- The sender, recipient, or both may receive a call from the bank to verify the transfer (anti-fraud).
- If real estate is involved, your lawyer typically wires from a trust account directly to the seller's lawyer.
What banks ask about for large transfers
Under FINTRAC rules, banks must report cash transactions of $10,000 or more and international electronic funds transfers of $10,000 or more, and they verify identity and ask questions about large or unusual transfers. Expect questions about:
- Source of funds.
- Purpose of the transfer.
- Relationship to the recipient.
This isn't optional and isn't a sign that anything is wrong. It's standard compliance.
Avoid these mistakes
- Don't structure transfers just to stay under reporting thresholds. Banks watch for this and it can get your account flagged.
- Don't use a personal e-Transfer for a business deal over the limit — split inevitably means partial settlement and disputes.
- Don't pay by e-Transfer for high-value purchases from people you haven't met. e-Transfer fraud is common in vehicle and online-marketplace deals.
Deciding how clients should pay you?
With Biller, every invoice shows your e-Transfer details and, once you connect Stripe, a pay-by-card button — so clients pay the way they prefer, and card payments and Autodeposit e-Transfers are recorded as they land.
Start freeFree plan — unlimited invoices, no card needed.