How much can you e-Transfer with RBC? A closer look

Interac e-Transfers are a fast and easy way to send or receive money in Canada — but depending on your bank, you may encounter usage limits.

In this article, we’ll take a deep dive into RBC’s Interac e-Transfer limits, including how much you can send depending on your account type and further details on restrictions and fees.

We’ll also look at Wise, an alternative for sending money abroad in over 40 currencies and to over 150 countries.

How much can you send with Interac e-Transfers at RBC?

RBC, one of Canada’s major banks, offers Interac e-Transfers for both personal and business clients, making it easy to send money online.

If you have a Personal Account with RBC, you can send Interac e-Transfers of up to 10,000 CAD per day¹. You can make up to and including 999 transactions per month for free from a personal chequing account¹ — after 999 payments, RBC will charge you a $1 fee for Interac e-Transfers until the monthly limit resets¹. Any Interac e-Transfers sent from a personal savings account will always incur a 1 CAD fee².

RBC clients with a Business Account can send up to 25,000 CAD per transaction³. If you need to make multiple Interac e-Transfers at once, you can upload details and instructions for up to 10,000 transactions³ in a single file. RBC will also track the status of your payments in real time — with updates every 3 hours³ — so that you know exactly when your money is received.

What are the e-Transfer limits for RBC’s personal account users?

RBC has limits on Interac e-Transfers for personal accounts, including the number of free e-Transfers you can send from your personal account and how much money you can send or request. Here’s a summary of some key restrictions:

What are the e-Transfer limits for RBC’s business account users?

RBC Business Accounts include access to several additional features for Interac e-Transfers, like the ability to send transfers using the recipient’s bank account details, in addition to email addresses and phone numbers³.

With a business account, you can send higher amounts than with a personal account, though additional limitations and fees may apply. Here’s an overview of what you need to know:

Is it possible to increase e-Transfer limits at RBC?

RBC allows you to temporarily increase the limits on your card for ATM withdrawals and in-store purchases. However, Interac e-Transfers are included under limits for Third Party Payments, which RBC only allows you to manually decrease⁹.

If you need to make an e-Transfer over your daily limits, you may be able to complete it using 2-Step Authorization¹⁰:

Step 1. Start your transfer.
Step 2. Select your mobile phone number or email address when prompted — RBC will send a verification code there.
Step 3. Enter your verification code on the screen within 5 minutes.
Step 4. Complete your transaction.

If 2-Step Authorization isn’t available, you can call RBC at 1-800-769-2555 to request a one-time increase to your e-Transfer limit.¹⁰.

How can you send money abroad with RBC?

You can’t use Interac e-Transfer to send money abroad with RBC. Instead, you can use their International Money Transfer service.

The transfer limits for an RBC International Money Transfer are higher than an e-Transfer within Canada — you can send up to 50,000 CAD abroad per day¹¹ — but the funds can take longer to reach their recipient and intermediary financial institutions involved in the transaction may charge additional service fees¹¹.

Here’s a summary of the fees and limitations you can expect when making an International Money Transfer with RBC:

Like many banks, RBC charges higher foreign exchange rates than the mid-market rate. This means that, in addition to any potential unexpected fees, some of your money will be lost in the transfer due to exchange rate markups.

While RBC offers a foreign exchange calculator online to help you get an idea of how much money your recipient will actually get, you’ll only know the exact rate at the time you make the transaction¹².

Send money abroad at the mid-market rate with Wise

Wise helps you get fair and transparent rates when sending money abroad. Compared to banks like RBC, which sell foreign currencies at a higher rat than what’s set by the market, Wise uses the mid-market exchange rate — with no hidden markups.

Signing up for a Wise account is free, and fees for sending money start at just 0.48%¹³. You’ll see all costs up front before you make your transfer, and you can choose between making a transfer using the live exchange rate or a rate that’s guaranteed for a specific amount of time while your money is in transit¹⁴.

You should be aware that while Wise lets you send money from your bank via Interac e-Transfer, you won’t be able to use this option when sending money from your RBC account. You can pay with Visa Debit using your RBC card instead¹⁵.

Final thoughts on RBC's e-Transfer limits

Interac e-Transfers are great when you need to make quick domestic payments, like splitting the cost of something with a friend or setting up recurring payments for your business.

If you’re sending money overseas, Wise is a great alternative to your bank that won’t add any markups on foreign transactions and will help you get the best value for your money. Sign up for Wise today to get started!

Sources:

1. RBC | Send Money With Interac e-Transfer
2. RBC | Learn more about Interac e-Transfer fees
3. RBC | Interac e-Transfer® for Business
4. RBC | About Interac‡ e-Transfers
5. RBC | Request Money From Someone
6. RBC | Autodeposit
7. RBC | Business accounts and services
8. RBC | Small Business and Corporate Bank Accounts
9. RBC | Client Card Daily Limits
10. RBC | How can I go over my daily limit to make a larger online transfer?
11. RBC | RBC International Money Transfers
12. RBC | Foreign Exchange Currency Converter
13. Wise | Wise Fees & Pricing
14. Wise | What's a guaranteed rate?
15. Wise | Paying by Interac e-Transfer Request Money