How Long Does An E-Transfer Usually Take

There are many different options available for sending money to loved ones, merchants, and employees nowadays. While the use of cash and cheques are still valid options, many consumers prefer to use methods that get their funds sent over as quickly as possible. Methods such as money transfer apps, wire transfers, and e-transfers are all very popular choices.

E-transfer is a particularly common form of sending money between accounts for Canadian consumers. However, if you need to have funds sent over or received as quickly as possible, you may wonder: How long does an e-transfer take? 

We’ve created a quick guide to help you figure out some of the ins and outs of e-transfer and how long it takes to send and receive money. 

What is e-transfer, and how does it work? 

If you’ve never used e-transfer before as a means of sending money, you may wish to become more familiar with the service before using it for any transactions. 

E-transfer is a method of sending funds electronically with the aim of depositing the money directly into the recipient’s bank account. After you fill out the transaction forms, the money will simply be sent off and the recipient will receive a notification via email or text that they have received an e-transfer from you. 

You can send an e-transfer either from your mobile banking app or your bank’s online banking portal. The process for sending an e-transfer is as follows:

1. From your phone, computer, or mobile device, open your bank’s mobile banking app or launch your web browser and log in to the online banking portal. 

2. Go to your Accounts page and select the Send Interac e-Transfer option. 

3. Select which account from which you’d like to send the funds (chequing or savings). 

4. From the Contacts option, select which recipient you’d like to send the money to. 

5. Enter the amount of money you’d like to send, 

6. Review the information to ensure it’s all accurate, and click the Send feature. 

If your recipient has a regular Interac account, you will have to set up a quick security question and answer for them to accept the money into their account. However, you will not be required to do so if they have auto-deposit set up on their account. 

How long does it take to receive an e-transfer? 

Sending and receiving an e-transfer is typically very quick, only requiring a few minutes to complete. If you’re sending the e-transfer, you simply have to fill out the transaction form, click send, and wait for your recipient to receive the notification that they have been sent a sum of money.

Recipients should get the notification of your e-transfer within seconds after you complete the transaction. However, note that it can sometimes take up to 30 minutes for a notification to be sent if the sum of money you’re transferring is quite substantial. 

So, how long does it take to get an e-transfer? If you are on the receiving end, once you receive the notification that there is money waiting to be deposited into your account, you simply have to answer the security question and answer portion before the money is added to your account. This should only take a minute or so to complete. 

However, make sure to coordinate with the sender so that you have the security answer ahead of time, as this will quicken the process. 

Is auto-deposit faster than regular e-transfer?

If you or your recipient has signed up for auto-deposit, the process of sending and receiving funds is much quicker. While the sender is given the option to set up a security question and answer if they so choose, they are not required to for those who have auto-deposit.

If they opt out of the extra security step, once the transfer has been sent out, the recipient will receive the funds instantaneously. They won’t have to go through any extra steps to accept the funds, but will simply be notified that the money has been deposited into their account. 

How long does an e-transfer take? Other related FAQs

Now that you’re aware of how long an e-transfer takes to send and receive, you likely have a few other questions related to this topic. 

If you’ve never used e-transfer before, how can you set it up on your account? Does Interac charge any fees when you send an e-transfer? If you’d like to learn the answers to these questions, keep reading below:

How can I set up Interac e-transfer on my bank account?

If you have an account with a bank that is compatible with Interac, you don’t have to set up e-transfer manually, as it’s a readily accessible feature for online and mobile banking.

However, If you would like to have auto-deposit set up on your account, it’s very easy to do and only takes a couple of minutes to complete. To set up auto-deposit, follow the steps below:

1. From your computer or device, log in to your personal bank account via the mobile app or the online banking portal. 

2. On the Accounts page, navigate to the Interac e-Transfer option and click on it. 

3. Once on this page, locate the Autodeposit option and click on it. 

4. Next, type in the email address you wish to link to your account to register it for auto-deposit. 

5. After registering, you’ll receive a confirmation email. Once you receive it, click Confirm Registration. 

Does Interac charge a transaction fee for sending an e-transfer?

Interac does not charge any transaction fees when bank account holders use e-transfer to send and receive funds. However, some individual banks may place a small charge on e-transfers that are sent from Savings accounts or Business accounts, typically ranging from $1.00 to $5.00, depending on the account type.

You can find out if your bank charges for e-transfers by checking out the Frequently Asked Questions page of their website or by speaking to a customer service representative directly. 

Can I send an e-transfer to a foreign bank account?

While a number of other countries have a version of e-transfer available to their bank account holders, the Interac e-transfer service is only available to Canadian bank account holders. Therefore, you cannot send an e-transfer from your account to a foreign bank account.

However, if you need to send funds to a recipient outside of Canada, but don’t want to pay hefty transaction fees or exchange rates, you can do so through Knightsbridge Foreign Exchange. This service is fast and efficient and boasts much lower exchange rates than any other bank in Canada. To utilize this service, visit our Get Started page. 

Conclusion

So, how long does an e-transfer take? Hardly any time at all. Sending an e-transfer only takes a few minutes; receiving an e-transfer, on the other hand, is instantaneous. 

Once an e-transfer has been sent, the recipient simply has to answer the security question to deposit the funds into their account. If they have auto-deposit set up, they will receive the funds into their account automatically within seconds of the transfer being sent. 

Setting up Interac auto-deposit is also simple and only requires you to register your email address with the service. Overall, sending and receiving e-transfers is very quick and simple, and is one of the most efficient methods of money transfer available for Canadians.