Interac e-Transfers® For Businesses

Interac e-Transfer® is a Canadian electronic payment service that enables fast, secure money transfers between Canadian accounts, often in just seconds. While it's commonly used by consumers for personal transactions, Interac e-Transfer® is also a powerful tool for businesses that need to send or receive payments with Canadian partners, vendors, or contractors.

Instead of requiring account numbers or physical checks, an Interac e-Transfer® lets you move funds using the recipient’s email or phone number. The actual transfer occurs through participating financial institutions, not through email itself. The email or SMS merely acts as a secure notification with instructions.

For domestic transfers between Canadians this method is faster and cheaper than wires, especially for payments under $25,000,  and it's already embedded in most business accounts.

Businesses using Venn can send Interac e-Transfers® directly from their CAD accounts, no delays, no need to visit a branch. And unlike some platforms (e.g., Loop or Float), Venn supports both sending and receiving Interac e-Transfers® as part of your core business account setup.

Why Use Interac e-Transfers® for Your Business?

Speed and Availability

Funds are typically received within minutes, including evenings and weekends. For time-sensitive payments, such as contractor invoices or urgent reimbursements, this allows businesses to act quickly without waiting on manual approvals or banking hours.

Cost-Effective for Canadian Transactions

Most business accounts include free incoming Interac e-Transfers®, and platforms like Venn offer free or low-cost outgoing transfers as part of their plan structure. This helps businesses avoid the fees typically associated with wire transfers or couriering cheques.

Simplicity and Accuracy in Reconciliation

Each transfer includes sender and message details, which makes reconciliation simpler for finance teams. When paired with Venn, these transactions can be automatically categorized and synced with accounting systems like QuickBooks or Xero, reducing manual entry and bookkeeping errors.

Auto-Deposit Support

With auto-deposit enabled, funds are delivered directly into your business account without requiring a password or manual acceptance. This is particularly valuable for repeat transactions or collecting payments from clients and partners.

Common Business Use Cases

• Paying Canadian contractors or vendors up to $25,000
• Issuing employee reimbursements
• Accepting client payments without merchant processing fees
• Instantly funding your Venn business account for payroll, AP, or card spend

How to use Interac e-Transfers® for Your Business

Most Canadian financial institutions support Interac e-Transfers® for business accounts, but the experience varies significantly depending on your provider.

Traditional banks like RBC, TD, and CIBC offer business e-Transfer capabilities through their higher-tier accounts. These typically include:

• The ability to send and receive funds via email or phone number
• Optional auto-deposit registration for faster receipt of funds
• Per-transfer limits that vary from $3,000 to $25,000
• Additional fees or thresholds depending on the plan

However, businesses often encounter friction with these options, such as delays in onboarding, limited included transactions, or needing to manually reconcile each payment in their accounting software.

Fintech providers add another layer of complexity. While some, like Float or Loop, offer modern interfaces, they do not support Interac e-Transfers® at all, meaning you’re forced to rely on slow wires or EFT payments for simple domestic transactions.

Venn offers a purpose-built alternative. As a Canadian platform built for business payments, Venn enables you to send and receive Interac e-Transfers® directly from your CAD account with no manual setup, no visit to a branch, and no additional fees to receive. Auto-deposit is supported out of the box, and every transaction can be synced with your accounting platform for faster reconciliation. That’s why it’s the best business account for sending e-Transfers in Canada.

For businesses that move funds frequently or want a reliable tool for vendor payments, reimbursements, or instant account funding, Interac e-Transfers® through Venn offer both convenience and control, without the overhead of a legacy business banking setup.

If you're interested in learning more about the best banking account for Canadian businesses read our blog Best Business Bank Accounts in Canada for Small Business (2025)

How to Set Up Your Account for Interac e-Transfers®

To start sending and receiving Interac e-Transfers® as a business, you’ll need an account that supports business-grade payment features. Most Canadian banks offer e-Transfer functionality as part of their business account packages, though access may vary depending on your account tier or service provider.

Here’s what’s typically required:

1. A Business Account With a Participating Institution

Ensure your account is set up as a registered business account, not a personal or sole proprietorship account. Most banks and platforms require a legal entity (corporation or partnership) to enable full Interac e-Transfer® functionality for business use.

2. Online or Mobile Banking Access

You’ll need digital access to your business account. This enables you to send, request, and manage e-Transfers directly from your dashboard, whether via web or app.

3. Contact Details for Sending and Receiving

Set up at least one email address or phone number associated with your business account to send and receive e-Transfers. This is what recipients or payers will use to identify your account.

4. Optional: Enable Auto-Deposit

Auto-deposit allows funds to be delivered directly to your account without requiring you to answer a security question. Most providers offer this as an optional setup under e-Transfer or “Request Money” settings. This is especially useful if you're receiving frequent or high-volume transfers.

Setting Up Interac e-Transfers® With Venn

With Venn, setup is even faster. Once your business is onboarded and your CAD account is live, you can start sending and receiving Interac e-Transfers® immediately, no manual activation or in-person visit required.

You’ll be able to:

• Send e-Transfers from your CAD balance with same-day processing
• Receive funds into your account with auto-deposit enabled by default
• Sync incoming and outgoing transactions with accounting platforms like QuickBooks or Xero for seamless reconciliation

This allows you to use Interac e-Transfers® not just as a payment method, but as an integrated part of your financial operations.

Interac e-Transfer® Fees and Limits for Businesses

The cost and limits of using Interac e-Transfers® can vary significantly depending on your financial provider, the account type, and whether you're using a traditional bank or a fintech platform.

Fees: What to Expect

• Traditional banks often include a fixed number of free outgoing transfers per month, with additional transfers costing between $1.00 and $1.50 each.
• Some fintech platforms don’t offer Interac e-Transfers® at all or may pass on per-transaction fees without clear thresholds.
• With Venn, sending and receiving Interac e-Transfers® is free for all plans, there are never any fees to receive or send out funds.

Limits: Transaction Caps and Volume

Most business accounts place limits on how much money can be sent via Interac e-Transfer®, often governed by per-transaction, daily, and monthly caps. Examples include:

• Per transaction: Up to $25,000
• Daily limit: $10,000 to $25,000 depending on the institution
• Monthly cumulative limit: Varies by provider and plan tier

These limits are usually sufficient for common business use cases such as vendor payments, reimbursements, and small-sum payroll items.

With Venn, eligible businesses can send up to $10,000 per transaction, making it viable for larger vendor payments or high-volume transfers, all with near-instant processing and no hidden intermediary fees.

Declining and Cancelling Interac e-Transfers®

Interac e-Transfers® provide flexibility, but there are important rules around cancelling or declining transactions, especially for businesses managing multiple payments or recipients.

Declining an Interac e-Transfer®

If your business receives an e-Transfer that it does not wish to accept (for example, a duplicate payment or an incorrect sender):

• You can simply ignore the transfer. If it’s not accepted within 30 days, the funds will be automatically returned to the sender.
• Alternatively, most banking platforms allow you to explicitly decline a pending transfer by selecting “Decline” instead of “Accept” within your online or mobile banking portal.

Note: If your business has auto-deposit enabled, incoming funds are deposited immediately and cannot be declined.

Cancelling an Interac e-Transfer®

You can cancel an e-Transfer if:

• It has not yet been accepted by the recipient.
• Auto-deposit is not enabled on the recipient’s end.

To cancel, log in to your business account, navigate to your Interac e-Transfer® history, and select the pending transaction. You should see an option to cancel the transfer. Some institutions may charge a cancellation fee (typically $3–$5).

Important: Once a transfer has been accepted, either manually or through auto-deposit, it cannot be reversed or cancelled. In cases of error, businesses must contact the recipient directly to arrange repayment.

Interac e-Transfer® Cheat Sheet

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Frequently Asked Questions About Business Interac e-Transfers®

Can I send an Interac e-Transfer® from my business account?

Yes. Most Canadian business accounts support sending Interac e-Transfers®. However, some providers limit the number of free transactions or require additional setup steps. With Venn, sending and receiving e-Transfers from your CAD business account is included and can be done immediately upon onboarding.

Are there limits on how much my business can send via Interac e-Transfer®?

Yes. Limits vary by institution, but most allow up to $25,000 per transfer. Daily and monthly limits may also apply. Venn supports high-limit e-Transfers (up to $10,000 per transaction) with same-day processing.

Does my business have to pay to receive e-Transfers?

Typically, no. Most financial institutions, including Venn, do not charge to receive incoming Interac e-Transfers®.

Can I request payments from clients using Interac e-Transfer®?

Yes. Many providers, including Venn, support the “Request Money” feature. This allows you to send a formal payment request via email or SMS, simplifying client payments without needing invoices or card processing tools.

What happens if a client sends money to the wrong address?

If auto-deposit is not enabled, and the recipient doesn't claim the transfer within 30 days, the funds are returned to the sender. If auto-deposit is enabled, the funds are immediately deposited and cannot be reversed. Always confirm the payment email before sending.

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_{This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.}

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