How to make an international Interac e-Transfer: A Full Guide 2024

If you have a Canadian bank account you’re probably familiar with Interac transfers - the fast and easy way to send payments using your online banking system. CAD payments between local Canadian accounts can be instant - with most arriving within under 30 minutes. However, Interac is somewhat more limited if you want to make an international transfer - which means it’s worth weighing up your options before you get started.

This guide covers all you need to know about international Interac e-transfers, and also introduces how specialist alternatives like Wise and OFX can help you get a cheaper and more flexible service for overseas transfers.

Key points: Interac e-transfer international

• Interac payments are mainly used for domestic transfers in CAD

• You can send money with Interac internationally through their partnerships with Mastercard and Western Union

• Not all banks support international Interac payments - fees can vary a lot depending on the details of the transfers

• Western Union Interac payments must be collected in cash

• Alternative providers like Wise and OFX might offer lower overall costs and a more flexible service for overseas payments

Can you send an e-transfer internationally?

Yes. You can send money with Interac internationally through their partnerships with Mastercard and Western Union.

However, it’s important to note that the international services offered by Interac aren’t as comprehensive as the options available for domestic payments - not all banks will let you send money abroad with Interac.

What is an Interac e-Transfer?

Interac e-Transfers allow anyone with an account at a participating Canadian bank to send fast payments electronically. All you’ll need to do is log into your normal online banking system to set up a payment.

Interac is a good way to settle up with friends for a night out, or pay your rent quickly and easily. There are also a few additional features available like Autodeposit, and ways to request money if you’re waiting for a payment.

If you have an account with a participating bank you may also be able to send an Interac payment internationally thanks to their partnership with Mastercard and Western Union. We’ll explore this in more detail later.

How does Interac e-Transfer work?

Interac e-Transfers are processed by participating Canadian banks through their online banking networks.

Interac is so popular because local CAD payments can be made without needing to find all your recipient’s banking information. Instead all you’ll have to enter to get started is their email address or phone number - which means no hunting round for bank account numbers when you just need to split a bill with a friend.

How can I make an Interac e-Transfer?

The exact process to send a domestic CAD Interac e-Transfer may vary slightly depending on who you bank with. But in general it’s pretty simple. The basic steps are:

• Log into your normal online or mobile banking service

• Select the account you want to make a payment from

• Choose or add your recipient’s email or mobile number

• Enter the amount and a security question

The security step may not always be needed if the recipient has signed up for additional Interac services, making this an even faster process.

It’s worth noting at this point that the process may vary significantly if you want to send a payment overseas. More on that later.

What information is needed?

To send an Interac payment locally all you need is the phone number or email the recipient has registered with their bank. Easy.

Who is Interac transfers good for?

To make use of Interac firstly you’ll need a bank account at a participating Canadian bank, and a local phone number. Depending on your specific bank you may need to register for Interac before you can make a payment. After that, Interac can suit a broad range of people:

• Anyone who needs to make a quick CAD payment to friends or family

• People requesting money to be deposited into their bank in CAD

• Business owners looking to offer extra payment options to Canadian customers

• Anyone who wants Interac payments to be instantly deposited into their accounts through the Autodeposit feature

• CAD account holders who want to send international payments - although cross border Interac services are limited, so you can often find cheaper and more flexible ways to send money overseas. We’ll explore that more later

Alternative ways to send money internationally

It’s worth comparing a few alternatives before you arrange your overseas transfer. Interac isn’t always available for overseas payments - and even where it is, it may not be the cheapest option.

Here are some of the best international money transfer apps:

• If you would prefer to transfer money with the mid-market rate check out Wise - you can send payments to 160+ countries, often quickly or instantly. Fees start from 0.33% and vary depending on the payment details.

• You may also want to check out OFX which has no fee for high value transfers, and can also offer a very good selection of destination countries,

• WorldRemit has varied ways to receive money including cash collection. Here’s a quick Interac alternative summary;

*Information correct at time of research – 6th November 2024

Wise 

Open a Wise account online or in app, to send payments to 160+ countries, quickly or even instantly.

Currency conversion uses the mid-market rate with low fees from 0.33%. Set up your payment with just your phone, and pay from your bank or with your card. While the amount you can send does depend on how you pay, you could arrange transfers up to the value of 1.5 million CAD if you need to send large payments.

If you send and receive payments a lot you may also want to open a Wise account, and order a Wise card.

Accounts can hold and exchange 40+ currencies and let you receive international transfers with local and SWIFT account details in a selection of currencies.

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

Learn more: Wise money transfer review

OFX 

OFX lets Canadian customers send 50+ currencies all over the world, by phone, in the app or online. Transfers can arrive quickly, and are usually in the recipient’s account in 1 or 2 days.

There’s a transfer fee of 15 CAD for payments under 10,000 CAD in value. This fee is waived for higher payments. In all cases,  a small exchange rate markup is applied to the mid-market rate to calculate the exchange rate used to convert your CAD to the required currency.

OFX lets business customers receive payments in Canada through the Global Currency Account - several major currencies are supported so you can use this to take payments from customers globally.

WorldRemit

If you need your money to be collected in cash by the recipient, an Interac alternative like WorldRemit might be a good bet. You can send money to 130+ countries, and there are several different ways to have the money delivered to your recipient - including bank and mobile money deposit, cash collection and airtime top up. This can mean that you can get money to someone who doesn't have access to a bank more easily.

If someone is sending you money through WorldRemit you can choose from different ways to collect your payment which can include bank or mobile money deposit, or cash collection. Fees vary and exchange rates include a markup.

Can I make an international e-Transfer online?

Yes. You can send payments with Interac to over 75 countries as long as you bank with a participating institution.

You can either send an international Interac payment through their partnership with Mastercard, or using Western Union if your account is at one of a handful of different institutions including BMO.

It’s worth noting that the fees involved in these payments will be set by the bank or payment provider, and can include transfer fees, exchange rate markups and third party charges.

How to send an Interac international payment with Mastercard 

Here’s what to do if you want to send international Interac transfers through the Interac partnership with Mastercard:

1. Log into your eligible bank’s online or mobile banking

2. Select the account you want to pay from

3. Select Send Money, then International

4. Add the payment details and review the fees and exchange rates available

5. Enter the recipient’s destination and banking information

Unlike with local CAD Interac payments you’ll need to have all your recipient’s banking details for overseas payments. Make sure you get these before you make your payment, and do compare the costs against some alternative providers like Wise and OFX to see if you can get a lower fee or better exchange rate. That way you’ll know you’re getting the best available deal whichever provider you choose.

How to send an Interac international payment with Western Union

Interac also works with Western Union - one of the largest international payment providers in the world.

With Western Union you’ll be able to send money from your CAD account to be collected in cash by a recipient - even if they’re on the other side of the world. Here’s how:

1. Log in to your online banking

2. Look for Interac e-Transfer and then Western Union money transfers

3. Enter the recipient’s information and the payment details

4. You’ll see a quote so you can review the fees and exchange rates available

5. You will receive a MTCN (Money Transfer Control Number) when you confirm the payment

6. Give the MTCN to the recipient so they can collect their money at a Western Union location

Sending a payment for cash collection can be a good option if you’re sending money to someone who doesn’t have access to a bank account easily. However, it’s often the most expensive payment type because of the amount of labour involved. Compare the costs and rates you’re offered against some alternatives to see what works best for you.

Which banks offer international Interac e-Transfers?

To send a payment with Interac and Mastercard you’ll need to have an account with National Bank.

To use the Western Union service you’ll have to bank with one of the following:

• BMO

• First Calgary Financial

• Summerland Credit Union

• Tandia Financial Credit Union

• The Energy Credit Union

How much will an international e-Transfer cost?

The fees you pay for an international Interac e-Transfer can vary depending on your own bank, and the exact service you select. You’ll need to double check your bank or credit union’s fees to understand the overall costs.

Whenever you send money internationally it’s worth looking at 3 potential costs which can creep in:

• Transfer fees - paid to the provider you choose

• An exchange rate markup - an extra fee added to the rate you’re quoted

• Third party costs - like fees deducted by the recipient's own bank

You may find you pay all three of these types of charges when you send a payment through your bank to someone overseas. While the transfer fees can often look low, the exchange rate markup can really push up the costs overall - as well as making the entire pricing structure less transparent.

Banks and money transfer services often use a markup in the region of about 3%. It may not sound like much, but here’s how a 3% margin would mount up over a few different transfer values:

• Sending 1,000 CAD - the exchange rate markup adds 30 CAD to the total

• Sending 5,000 CAD - the exchange rate markup adds 150 CAD to the total

• Sending 50,000 CAD - the exchange rate markup adds 1,500 CAD to the total

Before you choose to send your payment overseas with Interac, compare a few alternatives like Wise and OFX to see if you can get a lower overall fee and a better exchange rate. Specialist providers like these often support a broad range of countries and currencies, and may well be able to get your payment wherever it needs to be faster and cheaper compared to a bank.

Do Interac e-Transfers have transfer limits?

International Interac e-Transfer limits can vary depending on your own bank and the provider or partnership the payment is arranged through.

Limits apply on a per transaction, daily, weekly and monthly basis. Some banks also take into account the specific card you hold with them - here’s a summary of the Interac limits with some major banks:

*Information correct at time of research – 6th November 2024

If you need to send a high value transfer, Interac might not be a good choice. You may decide to use an alternative non-bank service instead, such as Wise or OFX.

Here are the limits for a few international money transfer specialists for you to compare:

• Wise: Send up to 1.5 million CAD in many cases - limits vary a little by currency. Learn more on Wise transfer limits.

• OFX: Payments are often unlimited

• WorldRemit: Send up to 40,000 CAD

How to send Interac large transfers internationally 

The amount you can send using Interac - either domestically or internationally - will be set by your bank. As we've seen, most banks do not offer Interac as a method for sending high value payments, with the limit set at around 3,000 CAD to 5,000 CAD per payment.

If you need to send a large amount of money internationally, you may be better off with an alternative like Wise or OFX.

How long do international Interac e-Transfers take?

The time taken for your international Interac e-Transfer will vary based on where you’re sending money to, the value of the transfer and the recipient’s own bank’s processes.

Domestic Interac payments are often received more or less instantly. However, when it comes to international Interac payments delivery times may be longer.

Interac does not state an expected delivery time in its marketing, so you’ll need to get in touch with Interac or your own bank directly to learn more about how long your payment is likely to take. Or, check out the alternative providers we’ve looked at in this guide, which can often offer fast and reliable payments:

• Wise: 90% of payments arrive in 24 hours, many are instant

• OFX: Payments are often available in 1 - 2 days

• WorldRemit: Payments are often available within 24 hours or even instantly

  Go to WiseGo to Worldremit

How to receive an Interac e-Transfer internationally?

Interac payments are sent from Canadian bank accounts. When you send money to someone overseas, they’ll need to give you their banking details which you can use to send funds either to their international bank account using the Interac tie-up with Mastercard, or for cash collection if you’re using Western Union.

If you’re sending money to a bank account overseas, the recipient does not need to do anything more - once you've initiated the payment the money is deposited to their bank automatically. The recipient’s bank might charge a fee for receiving this payment.

If you’re sending money through Western Union, the recipient will need to visit a Western Union agent with their government issued ID document and the transfer MTCN (Money Transfer Control Number) which you’ll have been given when you arranged the payment. The recipient can get the money in cash from an agent, in their preferred currency.

How to receive Interac e-transfer with Wise

If someone is sending you money and you want to receive it using Interac, you can do this with Wise. You’ll need to first register your Wise account with Interac, following these steps:

1. Open your Wise account online and click on your CAD balance

2. Click Request then Receive with Interac

3. Select Register email with Interac, and follow the instructions in the email you receive to register

4. You’ll receive a confirmation email that your Interac account is registered with People’s Trust - a Wise banking partner - and you can receive payments using Interac

There’s no Wise fee to receive a payment through Interac.

How to receive Interac e-transfer without a bank account?

If you’re sending money to someone else overseas they may be able to receive the payment without a bank account if you set up the transfer through Western Union and Interac. However, if you’re receiving money in Canada, the payment is usually deposited to your Canadian bank account.

Conclusion

Interac offers fast and easy payments for anyone paying in CAD from an eligible Canadian bank account. Sending money is as simple as adding your recipient's email or phone number, and the payment could arrive instantly. However, if you’re looking to send money overseas or in a foreign currency, Interac may not be the best option.

Interac international e-Transfers are available through partnerships with Western Union and Mastercard. However there are drawbacks - including the fact that the selection of banks which support Western Union payments is fairly limited. Western Union payments can only be collected in cash - which can be fast and handy if your recipient doesn’t have access to a bank account, but which usually pushes up the costs significantly.

Instead of an international Interac e-Transfer, consider alternative specialist providers like Wise and OFX which offer fast payments to a broad range of countries, with overall fees that can often be very low. Payments can be arranged easily online or in a mobile app - making them every bit as easy as Interac, with more flexibility, too.

Interac international transfers FAQs

Are Interac e-Transfers safe?

Yes. Interac is a trusted payment process which works alongside major banks, and uses multiple layers of security to keep customers and their money safe.

Can Interac e-Transfers be reversed?

You can not normally reverse an Interac transfer once it has been accepted by the recipient.

Is Interac e-transfer international?

Interac payments are mainly used for domestic transfers in CAD - however, you can send money with Interac internationally through their partnerships with Mastercard and Western Union if you have an account with certain banks.

Can you send an etransfer from Canada to the US?

If you need to send money from Canada to the US you can do so using Interac’s international service which is operated through partnerships with Mastercard and Western Union.