EQ Bank has carved out a reputation as one of Canada's most competitive digital-first banks, known for high-interest savings rates and zero monthly fees. What often goes under the radar is that EQ Bank also offers some of the most generous Interac e-Transfer limits available from any Canadian financial institution, making it a strong option for freelancers and micro-business owners who rely on e-Transfers for day-to-day payments.
Here is a full breakdown of EQ Bank's Interac e-Transfer limits, fees, and everything else you need to know about sending and receiving money through the platform.
In this guide
EQ Bank Interac e-Transfer Limits
EQ Bank applies four distinct caps to outgoing e-Transfers: per-transaction, daily, weekly, and monthly. All four limits must be satisfied before a transfer goes through. The per-transaction and daily caps are both set at $5,000, the weekly rolling limit is $20,000, and the monthly rolling limit is $50,000.
These numbers are substantially higher than what most Big Five banks offer on standard personal accounts. For context, TD and RBC both cap individual transactions at $3,000, and their monthly ceilings are significantly lower. EQ Bank's structure is particularly useful if you receive multiple client payments per week and need to move money around without constantly running into walls.
For incoming transfers, EQ Bank allows up to $25,000 per transaction, which gives you plenty of room to receive large client payments. There is no separate daily or monthly cap on receiving, so the practical limit is determined by the sender's bank.
Rolling periods at EQ Bank are calculated from the time of each individual send, not from midnight or the start of a calendar week. If you send $5,000 at 3:00 PM on a Tuesday, that amount frees up in your weekly limit at 3:00 PM the following Tuesday.
| Limit Type | Personal | Business |
|---|---|---|
| Per Transfer | $5,000 | — |
| Daily | $5,000 | — |
| Weekly (7 days) | $20,000 | — |
| Monthly (30 days) | $50,000 | — |
| Receiving (per transfer) | $25,000 | |
Limits shown are defaults for standard accounts and may vary by account type. Dash (—) means the bank does not publish a separate limit for that period. Last verified March 2026.
EQ Bank e-Transfer Fees
Every Interac e-Transfer sent or received through EQ Bank is completely free. There is no monthly account fee, no per-transfer fee, and no premium tier required to unlock this benefit. This applies to all EQ Bank accounts without exception.
This is a meaningful advantage over the Big Five banks, where free e-Transfers are often tied to mid-tier or premium chequing accounts that carry $15 to $30 monthly fees. Among digital banks, Tangerine also offers fee-free transfers, though its limits are lower than EQ Bank's. At EQ Bank, you get the same functionality at zero cost, which adds up quickly if you are processing dozens of transfers per month as a freelancer or contractor.
Receiving e-Transfers is also free, and Autodeposit is fully supported. There are no hidden charges for setting up Autodeposit or for receiving transfers from any sender at any bank.
Tip for freelancers and contractors
Enable Autodeposit in the EQ Bank app so client payments land in your account instantly. Combined with the $25,000 incoming limit per transaction, you can accept large project payments without any manual steps.
Can You Increase Your EQ Bank e-Transfer Limit?
Unlike the Big Five banks, EQ Bank does not offer the ability to increase your Interac e-Transfer limits beyond the standard caps. There is no phone option, no in-branch visit (EQ Bank has no physical branches), and no self-serve toggle in the app to raise your ceiling.
That said, the standard limits are already among the highest in Canada for personal accounts. At $5,000 per transaction and $50,000 per month, most freelancers and micro-business owners will find the caps more than sufficient for day-to-day operations. If you are consistently bumping up against the $50,000 monthly ceiling, it may be a sign that you need a dedicated business banking solution with a traditional bank.
If you have questions about your limits or believe there is an error, you can reach EQ Bank customer support by phone at 1-844-437-2265 or through the in-app chat.
EQ Bank Interac e-Transfer Not Working
If your EQ Bank e-Transfer is failing or stuck, work through these common causes before reaching out to support:
- You have hit a rolling limit. EQ Bank enforces daily, weekly, and monthly caps simultaneously. Even if your daily limit has room, your $20,000 weekly or $50,000 monthly ceiling may be exhausted. Check your recent transfer history in the app to confirm.
- Insufficient funds. EQ Bank draws the transfer amount from your available balance at the moment you send. If there is a hold on recent deposits, your usable balance may be lower than your displayed balance.
- Incorrect recipient details. Double-check the recipient's email address or phone number. A single character off will prevent delivery, and you may not receive an error right away.
- Recipient Autodeposit conflict. If the recipient has Autodeposit linked to a different email address or financial institution, the money may be routed somewhere unexpected. Confirm their registered Autodeposit email before sending. Be cautious with unexpected transfer requests to avoid common Interac e-Transfer scams.
- Interac system maintenance. Periodic maintenance by Interac can temporarily block all e-Transfers across every bank in Canada. Check interac.ca for current service status.
How Long Does an EQ Bank e-Transfer Take?
When the recipient has Autodeposit enabled, EQ Bank e-Transfers typically arrive within minutes. Without Autodeposit, the transfer remains pending until the recipient manually accepts it using the security question and answer. Pending transfers stay available for up to 30 days before expiring and returning the funds to your account.
As a digital-only bank, EQ Bank processes all transfers through its online infrastructure with no branch-related delays. However, transfers flagged by fraud detection may take a few additional hours to clear. If a transfer has been pending for more than 24 hours with no notification, contact EQ Bank at 1-844-437-2265.
Timing tip for business payments
If you invoice clients who pay by e-Transfer, ask them to send payments during standard business hours on weekdays. Transfers sent late at night or over weekends are slightly more likely to be flagged for additional review.
Stay on top of your e-Transfer income
Biller.ca parses your Interac e-Transfer notification emails and helps you track income, clients, and generate receipts. Built for Canadian small businesses.
Get Started FreeHow to Cancel an EQ Bank e-Transfer
You can cancel a pending outgoing e-Transfer as long as the recipient has not yet deposited the funds:
- Open the EQ Bank app or log in to EQ Bank online.
- Navigate to your transaction history and find the pending e-Transfer.
- Select the transfer and tap Cancel.
Refunds are typically returned to your account within a few minutes, though it can occasionally take up to one business day. If the recipient has Autodeposit turned on, the money is deposited the moment you send it, which means cancellation is not possible. In that case, you will need to contact the recipient directly to arrange a return.
EQ Bank for Business Use
EQ Bank does not currently offer a dedicated business chequing account. However, many freelancers, sole proprietors, and micro-business owners use EQ Bank's personal accounts for business purposes because of the zero-fee structure and high transfer limits.
If you are using EQ Bank to receive client payments, the $25,000 incoming limit per transaction and $50,000 monthly outgoing cap should cover most small business needs comfortably. That said, mixing personal and business transactions in the same account makes record-keeping more difficult, especially as your revenue grows.
How EQ Bank Compares to Other Banks
EQ Bank's combination of high limits and zero fees puts it ahead of every Big Five bank on a pure value basis for personal e-Transfer use. The $5,000 per-transaction cap beats TD's $3,000 and RBC's $3,000, while the $50,000 monthly ceiling is more than double what most competitors offer. Wealthsimple matches the $5,000 default daily limit but caps monthly sends at $30,000. The only trade-off is the lack of physical branches and the inability to request limit increases. Here is a full comparison:
| Bank | Per Transfer | Daily | Monthly | Fee |
|---|---|---|---|---|
| RBC | $3,000 | $10,000 | — | Free |
| TD | $3,000 | $3,000 | $20,000 | Free |
| Scotiabank | $3,000 | $3,000 | — | $1.00 |
| BMO | $3,000 | $3,000 | $20,000 | Free |
| CIBC | $3,000 | $3,000 | $30,000 | $1.50 |
| Tangerine | $3,000 | $3,000 | $20,000 | Free |
| Simplii Financial | $3,000 | $3,000 | $30,000 | Free |
| EQ Bank (this page) | $5,000 | $5,000 | $50,000 | Free |
| Wealthsimple | $5,000 | $5,000 | $30,000 | Free |
| National Bank | $4,000 | $4,000 | — | $1.25 |
| Desjardins | $5,000 | $5,000 | — | Varies |
| ATB Financial | $5,000 | $5,000 | $150,000 | Free |
Limits shown are defaults for standard personal accounts. See our complete bank comparison for full details. Last verified March 2026.
Frequently Asked Questions
What is the EQ Bank Interac e-Transfer limit?
EQ Bank offers some of the highest sending limits among digital banks: $5,000 per transfer, $5,000 daily, $20,000 weekly, and $50,000 monthly.
Are EQ Bank e-Transfers free?
Yes. EQ Bank includes free e-Transfers on all accounts with no monthly fee.
Can I increase my EQ Bank e-Transfer limit?
EQ Bank does not currently offer the ability to increase limits beyond the generous defaults of $5,000 daily and $50,000 monthly.
How long does an EQ Bank e-Transfer take?
With Autodeposit, transfers arrive within minutes. Standard transfers are typically available within 30 minutes.
Can I cancel an EQ Bank e-Transfer?
Yes, cancel through EQ Bank Online Banking before the recipient deposits the funds.
Does EQ Bank offer business accounts?
EQ Bank primarily serves personal banking customers. They do not currently offer dedicated business accounts, though many freelancers use EQ Bank for its high limits and free transfers.
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The information on this page is for general informational purposes only and does not constitute financial, legal, or tax advice. While we strive to keep this content accurate and up to date, we make no guarantees about its completeness or reliability. Always consult your bank, a qualified professional, or the relevant authority for advice specific to your situation. Last updated March 2026.