Most major Canadian banks cap personal Interac e-Transfers at $3,000 per transaction. If you need to send more than that — buying a car, paying contractors, sending a deposit — you have five real options.
1. Raise your bank's limit (where allowed)
The cheapest fix — but not every bank allows it. Some let you adjust by phone, in-app, or in-branch; others have fixed caps you cannot raise.
- Wealthsimple — adjust in-app, in $1,000 increments, up to $25,000/day for eligible clients. The most generous in Canada.
- TD, Scotiabank, CIBC, BMO — typically by phone or in-branch.
- National Bank, ATB — by phone.
- RBC — cannot be raised. RBC's $10,000/day cap (after mobile identity verification) is fixed.
- EQ Bank — cannot be raised. But the default is already $5,000/transfer and $50,000/month — among the highest in Canada.
- Desjardins — cannot be raised. Personal cap is fixed at $5,000/day.
See all bank limits for the exact caps.
2. Split across multiple days
If you're not in a rush, sending the daily limit each day for a few days is the cheapest path. It's free, you don't change banks, and you don't take on a new payment method.
Trade-offs: The recipient sees multiple transfers. If the deal closes on a deadline, this is too slow.
3. Bill payment to the recipient's bank
If the recipient is a business that's set up as a bill payee in your bank, you can usually send much larger amounts via bill payment. Free, but takes 1–3 business days, and the recipient must be on your bank's payee list.
4. Wire transfer
Domestic wire transfers in Canada generally support amounts well into six figures. Same-day at many banks. The trade-off is fees: typically $30–$80 per outgoing wire (RBC $45, TD $30, BMO 0.20% with $15 min/$125 max, CIBC tiered up to $80), plus a possible incoming fee of $10–$17 on the recipient's side.
See e-Transfer vs wire transfer for a side-by-side.
5. EFT (Electronic Funds Transfer)
EFT is the system behind direct deposit and pre-authorized debits. Lower per-transaction cost than a wire, but slower (1–3 business days). Best when:
- You're paying the same recipient repeatedly (think rent, contractors, payroll).
- You don't need same-day settlement.
- You're already set up with the recipient's banking details.
See e-Transfer vs EFT.
6. Wise (for cross-border)
If the money is going outside Canada, Wise is usually the cheapest path. e-Transfer is Canada-only, so it isn't an option for international payments. See e-Transfer vs Wise.
Quick comparison
| Option | Typical limit | Cost | Speed |
|---|---|---|---|
| Raise bank limit | $5K–$25K / day | Free | Same day |
| Multi-day split | Daily cap × N | Free | Spread over days |
| Bill payment | Tens of thousands | Free | 1–3 business days |
| Wire transfer | $100K+ | $30–$80 | Same / next day |
| EFT | $10K+ depending on bank | Low | 1–3 business days |