One of the first questions you may ask when signing up for the electronic money transfer method is, “How much can you e-transfer in TD?”. E-transfer is a fast and safe way to send money or make payments to persons banking with Canadian financial institutions. However, there is a limit to the amount of money you can send.
The sending limits for e-transfers for TD customers are $3000 per transfer, $3000 within 24 hours, $10,000 within seven days, and $20000 within 30 days. These limits also apply when you accept incoming requests for money. But you cannot request over $3000.
Understanding Interac E-Transfer Limits and TD Bank
Interac e-transfer allows Canadians and businesses banking with Canadian financial institutions to receive money. The money transfer method charges a small fee to the senders, but it is free to TD student chequing, TD everyday chequing, and TD unlimited chequing accounts users.
But how much can you e-transfer TD? While you might not know this as a first-time TD Interac e-transfer user, there is a limit to the amount you can send. For example, personal and business customers can transfer a maximum of $3000 per transfer.
Once you send $3000 in a single transfer, the next time you can e-transfer is after 24 hours. Interac e-transfer also allows you to transact $10000 in seven days. However, business and personal customers are limited to a $20000 cash transfer within 30 days.
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Since the sending limits are also affected when you receive an incoming request for money, you can only accept requests within your sending limits. Also, note that you could have different limits from those set by the bank, and e-transfer limits are not similar for all banks.
If you own a business or do huge daily transactions, you can increase your e-transfer limits by increasing your daily debit limit. Call your bank or visit the nearest branch to learn how to do it. However, note that the daily e-transfer limit for most banks is $3000.
How to Use Interac E-Transfer
Interac e-transfer allows you to send money to persons and businesses without using cheques, cash, or money orders. Besides, the money transfer method has collaborated with MasterCard and Western Union to allow its users to send money overseas.
Using Interac e-transfer to send, receive money, or request a payment is easy.
How to Send Money
- Log into your TD mobile banking app and tap on Account
- From the Interac e-transfer menu, click on Send money
- Put the recipient’s email address or phone number
- Enter the Amount
- Set the security question
- Tap on Send
Avoid setting a security question using personal details like your name, email address, or password. You should also set hard-to-guess questions to ensure the money doesn’t land in the wrong hands.
You can call the recipient to tell them the correct answer. Please do not send it via social media platforms or their emails, as these are easy to hack. You can also use text messages to send the security answer.
To Receive an Interac E-Transfer
- Check the authenticity of the e-transfer text message or email received. If you doubt it is legitimate, contact your bank for help.
- Once you confirm the email is authentic, follow the instructions to receive the cash.
- You must log into your mobile banking account and answer the security question correctly.
- Next, select the Account to deposit the funds and tap on Accept.
Auto-Deposits Make Things Simpler
A safer and quicker way to receive Interac e-transfers is by using auto-deposits. Activating auto-deposits ensures you get money directly into the Account once the sender sends it. Therefore, you won’t need to answer a security question. Auto-deposits also reduce the chances of Interac e-transfer internet scams.
How Much Money Can You E-Transfer Once TD?
TD bank allows customers to send $3000 per transfer, which is also the 24-hours limit. If you want to send more, you must wait for the next day. However, note that the limit for seven days is $10000, which accumulates with every small transaction done.
Note that TD bank charges for sending Interac e-transfers. If you send money using your Personal Account, you will incur a $0.50 fee per transfer for up to $100. If you transact over $100, you will pay $1.00 per transaction.
Business accounts are awarded two free monthly transfers and will pay $1.50 for every transfer. However, sending or requesting money is free for some personal accounts like Student, every day, and unlimited chequing accounts.
Free transactions are also available for TD All-inclusive Banking Plan and Wealth Private Banking Accounts.
Cost of Canceling An E-Transfer
Sometimes you will put an incorrect email address or mobile number of the receiver and press the send button. If it happens, do not worry because Interac e-transfer allows its users to cancel the transaction.
Before guiding you on how to cancel Interac e-transfer transactions, note that you will incur a cancellation fee. Transactions that happened less than 45 minutes ago are free to cancel. However, if you want to cancel an older transaction, you will pay a $5 fee.
You can only cancel e-transfers that have not been accepted. However, you cannot cancel a transaction sent to a recipient if they have an auto-deposit or Direct to Account transfer.
TD bank also offers free Interac e-transfer cancellation to TD wealth Private Banking Account, Line of Credit, and TD Unlimited Business Plan.
How to Cancel an Interac E-Transfer
- On EasyWeb, go to Interac e-transfer History
- Look for Money Sent or Money Requested
- Select the transaction to cancel and follow the instructions.
Besides the sending fee Interac e-transfer charges, you will incur an extra fee if you transact with a different currency. Banks and money exchange agencies charge high exchange fees, but you can save some dollars with Knightsbridge FX.
Ways to Avoid E-Transfer Scams
Interac e-transfers are safe, but you could fall victim to internet cyber criminals if you are not careful. For example, use a secure internet connection to log into your bank account. Also, avoid public Wi-Fi, because it’s extremely vulnerable with low security measures, and cybercriminals know how to hack systems and steal data from these connections.
You should also confirm the email address from the Interac e-transfer. Check for spelling and other tiny mistakes in the name. That is because cybercriminals make fake emails to steal from people.
Avoid transacting with strangers. Consider using E-transfers with people you know and businesses you purchase from frequently.
Also, do not give out your details to strangers. That includes emails, bank account numbers, or your mobile number. Note that a bank representative will not call to ask for your passwords, so be aware of such calls.
Final Words
How much can you e-Transfer TD is a most-asked question by TD’s new customers. TD bank allows customers to e-Transfer $3000 per transfer, the maximum amount of money you can send in 24 hours. After that, the limit goes up to $10000 for seven days and $20000 for 30 days. You will also incur transfer charges between $0.5-$1.0, depending on the amount you send.
