Interac e-transfers for Canadian businesses : A complete guide

Interac® e-Transfer is a popular payment method for Canadian businesses. You can use an Interac business account to send safe, fast and direct online transfers in Canada.

We’ll take a look at how to use Interac e-Transfer for business, including key features, fees, limits and how to send an Interac e-Transfer from your business account. We’ll also look at Wise Business – your global transfer alternative. Send, request and receive international payments across the world. Let’s dive in!

Discover Wise Business

What are Interac e-Transfers for Canadian businesses?

An Interac e-Transfer is a safe way to send money from your business bank account. You can make payments via Interac’s secure transfer network, with options for small- or medium-sized businesses in Canada.

You don’t need any bank information to send an Interac e-Transfer. Simply use your recipient’s email address or mobile number to send money to your payee. Your recipient will receive a secure notification to answer the security question. They can then deposit your funds straight into their bank account.¹

Benefits of Interac e-Transfers for small businesses:

• Convenient, flexible and easy to use
• Send money to individuals or businesses
• Fast – real-time transfers available
• Request money from customers and clients¹

Interac e-Transfer is available via many popular banks in Canada, including RBC® and CIBC®. However, some transfer fees and limits may apply.

Different banks offer variations in features, limits and fees. For example, TD Bank® Interac e-Transfers for business cost 1.50 CAD. If you have an Every Day A, Every Day B or Every Day C account, you’ll get 2 free transfers each month.²

How do businesses use Interac e-Transfers?

You can use Interac e-Transfer to support your business needs. Use your Interac business account to:

• pay suppliers and vendors
• receive customer payments
• set up payroll and contractor earnings

You can send funds to other businesses, pay employees or collect payments from your regular customers and clients.³

Interac business account features and limits

Interac e-Transfer for business offers a range of exclusive features for small business owners in Canada. You can make fast bulk payments to multiple recipients or generate and send invoices via Interac e-Transfer Request Money.³

You can also use Interac Autodeposit to receive funds automatically into your business bank account. You won’t have to answer a security question every time you receive an e-Transfer – and you can take regular payments from contractors or clients.⁴

Small business Interac e-Transfers are different to personal transfers. You can use your business account for paying employees, for example, whereas your personal account is better suited to sending money to friends and family.

Interac e-Transfer limits and fees by bank

Your Interac e-Transfer fees and limits will depend on which bank you choose. Let’s take a closer look at some providers, including RBC, BMO® and CIBC’s business account Interac e-Transfer limits.

How to send and receive Interac e-Transfers from a business account

It’s easy to send an Interac e-Transfer to and from your business account. Simply follow these steps:

Step 1. Sign into your bank’s online banking system
Step 2. Navigate to the Interac e-Transfer section and select “Send money”
Step 3. Select your business bank account
Step 4. Choose a recipient – if this is your first time sending money to your payee, you’ll need to add them to your list of recipients
Step 5. If your recipient doesn’t have Interac Autodeposit, you’ll need to add a security question and answer
Step 6. Enter the transfer amount and any additional details, such as your invoice number
Step 7. Confirm the transaction details – both you and your recipient will receive a real-time notification once the payment is complete⁷

You can also set up Interac e-Transfer Autodeposit to receive deposits straight into your business account. Let’s take a look.

Step 1. Sign into your bank’s online service
Step 2. Navigate to the Interac e-Transfer section and select “Autodeposit”
Step 3. Enter the email address and mobile number associated with your bank account
Step 4. You’ll receive an email or text notification to confirm registration – select “Complete registration” to receive automatic deposits into your account⁴

It’s important to protect your Interac business account against scams and fraud. Make sure to set up multi-factor authentication for all of your accounts.

Use strong passwords and only accept Interac e-Transfers from people or businesses you trust. If you receive a link from an unknown sender, double-check before using it.

When Interac e-Transfers aren’t enough: International payments & business growth

You may find that Interac offers limited capabilities for businesses that regularly conduct business overseas.

To send or receive an international Interac e-Transfer, you may need to use a partner provider like Western Union®. This service isn’t the most convenient, as your recipient may need to pick up their funds in person.⁸

You’ll likely face charges for sending money abroad. Many banks and financial providers add an exchange rate markup to foreign transfers.

Interac e-Transfers may also offer limited currency availability. For example, Scotiabank only issues Interac e-Transfers in Canadian dollars to recipients with online CAD accounts.⁶

If your business works with global clients, customers and employees, you’ll need an international transfer service that’s flexible and convenient. You’ll need fast global transfer solutions, favourable foreign rates and integrated accounting software to make running your business as simple as possible.

How Wise enhances international business payments

Wise is your easy international alternative! You can send and receive money around the globe – all from just one digital account.

Wise Business account features:

• Access ‘real’ exchange rates – no markups or hidden fees
• Hold over 40 local currencies in your account
• Manage your finances with software like QuickBooks® or Xero®
• Pay up to 1000 people at once

Many banks charge for Interac e-Transfers. Although these fees may only be small, they can add up, especially if you run a global business.
Use Wise to send low-fee transfers abroad, including transparent local currency payments to over 160 countries worldwide.

Wise vs. banks for international payments: A quick comparison

Let’s take a look at how Wise stacks up against using your bank for international business transfers – everything you need to know.

^** Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions

Using Wise with Interac

You can use Wise to send money via Interac e-Transfer. Send quick transfers in the Wise app or set up Interac Autodeposit.

You can even request money via Interac to send Canadian dollars to your Wise account. This is a convenient way to fund fast, flexible transfers around the world!

Wise offers global transfer solutions that complement Interac’s limited international functionality, including solutions for personal and business account holders.

Get your Wise business account
in a few clicks >>>

Final thoughts on Interac e-Transfers for Canadian businesses

Interac e-Transfer is an efficient way to send and receive money for your business. You can pay employees or set up bulk payments to your suppliers.

However, Interac may be best suited to transfers within Canada. You’ll likely need an intermediary platform to send money overseas – and global payments may come at a cost. As a business owner, you’ll need to evaluate which business account is best for you. Consider handy integration options and how you can save on overseas transfers.

To set up invoicing, send funds abroad and manage your money alongside Interac, check out Wise Business.

Sources:

1. Interac - Solutions for small businesses
2. TD Bank - What are the fees and limits to send or request money using Interac e-Transfer
3. Interac - Interac e-Transfer for business
4. Interac- How to set up Interac e-Transfer Autodeposit
5. Wowa - Interac e-Transfer limits of Canadian banks and credit unions
6. Scotiabank - Interac e-Transfer for business
7. Interac - How to get started with Interac e-Transfer for business
8. Interac - Western Union money transfers via Interac e-Transfer