Sometimes you need to send money in a hurry, whether that’s to help out family back home in an emergency or to pay an urgent bill.
In those moments, knowing when the funds will arrive can make the situation a lot less stressful. Unfortunately, though, transfer times aren’t always the same.
Depending on where the money is going, when you send it, and the payment method you use, how long an e-transfer takes can vary dramatically. In this Remitly guide, you’ll learn typical e-transfer times, factors that influence transfer speed, and practical ways to make transfers faster.
What is an e-transfer?
An e-transfer (short for electronic transfer) is essentially an online transfer: a quick, convenient way to move money digitally from one bank account to another. This nifty process, which was introduced in Canada in the early 2000s, has replaced the need for exchanging paper cheques and cash.
You can use an e-transfer to send money both domestically and internationally. The most popular service for sending money to recipients within Canada is Interac e-Transfer. It enables near-instant transfers between participating banks, facilitated by email or text instructions.
International transfers, on the other hand, are for sending money across borders. These include wire and ACH transfers, and involve details like IBANs and SWIFT codes. They’re slightly more complex than domestic transfers, but are still more efficient than traditional international transfer methods.
When you initiate an e-transfer, you essentially authorise your bank or other financial institution to debit funds from your account and send them on to the recipient.
The process is fast and secure by design. Funds are debited from the sender’s account immediately, which reduces the risks of payments not clearing or being delayed. Plus, everything is managed via secured online banking channels.
Typical e-transfer times: What to expect
E‑transfer times can vary depending on where the money is going and which banks are involved. Some can be completed within minutes, while others might take a little longer:
- Same-bank transfers are instant or completed within minutes.
- Domestic e-transfers usually take 30 minutes or less, but can take up to 24 hours.
- International e-transfers typically take 1 to 5 business days.
In most cases, the funds will appear in the recipient’s account long before the maximum quoted timeframe. That said, it’s always best to use a reliable money transfer service to ensure that your transfer gets where it needs to go on time, especially when you’re sending money internationally.
Factors that affect how long an e-transfer takes
While most e-transfers will go through within a day or two, there are a few variables that could slow things down. Understanding these factors can help you to set realistic expectations for your transfer timeline.
Time of day
The time of day that you action an e-transfer can make a big difference to how quickly it’s processed, particularly for international transfers.
Interac e-Transfers within Canada usually move 24/7, but wires and ACH transfers are often limited to standard banking hours. This is typically Monday to Friday, from 9:00 a.m. to 5:00 p.m. local time (i.e. the time in the place where you’re making the payment).
Sending money outside of these hours means that your payment is unlikely to be reviewed or released until the next business day. The same goes for transfers made on weekends or public holidays.
For example, a transfer sent on a Saturday morning might not be processed until Monday morning. Plus, there may be processing delays at the beginning of the week as systems have to handle all payments made over the course of the weekend.
Destination country
Where you’re sending money also has a big impact on how long an e-transfer could take. There are two major factors at play here:
- the maturity of the banking system in the destination country; and
- how common it is for money to be sent to that country from Canada.
Countries with mature, digitally connected banking systems tend to process transfers more quickly than those with limited infrastructure.
For example, transfers from Canada to Europe, the US, and the UK, often go through in a matter of hours because local banks are integrated within international financial networks and automated clearing systems.
Transfers to places like Ethiopia, Nepal, or Patagonia, on the other hand, might take a little longer. That’s often due to the fact that Canadian institutions have fewer partner banks at these destinations and because manual processing might be required.
Money also tends to move more quickly when you’re sending it along a well-travelled transfer path.
For example, sending money abroad from Canada to the Philippines or India is often quick because of the high volume of transactions and the resulting relationships that financial institutions have across borders.
Payment method
The way that you fund your e-transfer is yet another factor that can affect how long it will take. Here’s a breakdown of the most popular transfer methods and how fast or slow they are relative to one another:
- Domestic bank transfers often use real-time or near-instant systems, and travel from the sender to the recipient via established banking channels. This makes them one of the fastest transfer methods around.
- Debit card payments are generally pretty fast, too, since authorisation happens electronically and funds are immediately debited from your account.
- Credit card payments tend to be slower than both bank transfers and debit cards because issuing banks (the institutions that provide the cards) view them as higher-risk and implement extra checks during processing.
- Digital wallet payments—e.g. those made via Apple Pay, Google Pay, or PayPal—are usually quick for domestic payments, but can be relatively slow for cross-border transfers.
- Remittance services like Remitly make it easier and faster to send money internationally. Plus, they often offer express transfer services that reduce transfer time from days or hours to minutes.
If you’re making an international transfer and speed is a priority, it’s best to use remittance services like Remitly to send money. For domestic transactions, bank transfers and debit card payments work well.
Transfer amount and verification requirements
The amount of money you’re sending will have an effect on the checks and processes a transfer needs to go through before leaving Canada—and upon arriving in the destination country—which naturally affects processing times.
Smaller transfers usually move through the system quickly and with minimal delay. But it’s common for additional verifications and other checks to be required when you’re sending larger amounts.
These aren’t designed to cause friction and delays, but are rather in place to protect both you and the recipient. For instance, anti-money laundering (AML) and anit-terrorist financing (ATF) regulations require financial institutions to verify the identity of both the sender and recipient when a transfer exceeds a certain amount.
This might involve requesting you to submit your own identity documents, provide a reason for the transfer, or prove the identity of the recipient. The process could take anything from a few minutes to a few days, depending on how quickly the information is provided and reviewed.
The most common causes of e-transfer processing delays
Although most e-transfers will arrive quickly, there are a few common speedbumps that can slow things down:
- Compliance and security reviews: Large amounts are often flagged for extra checks, in line with AML, fraud-prevention, and ATF regulations.
- Incorrect recipient information: A wrong account number, email address, or other detail of yours or the recipient’s can see the payment bounce back or require additional verification.
- Banking holidays and weekends: Payments sent outside of standard business or banking hours are unlikely to be processed until the next working day.
- Technical issues: System outages or connectivity issues are rare, but they do have the potential to hold up transfers.
- First-time transfers: Sending money to a new recipient or country might trigger the need for additional verification steps.
While these delays can be frustrating, they’re pretty easy to remedy, and your financial institution will usually notify you about them promptly.
How to make your e-transfer faster
You can’t always control how long a transfer takes, but there are a few things you can do to speed things up. The tips below can help to ensure that your money gets where it needs to go with minimal delays.
Send during business hours when possible
Initiating transfers during regular banking hours is more likely to see them processed quickly. Plan ahead and keep your eye on the time (and holiday calendar) to ensure that you avoid sending transfers at night, over weekends, or on public holidays.
Ensure all recipient details are accurate
Double-check account numbers, email addresses, and other contact details before you hit “send.” A single out-of-place digit could cause a transfer to bounce back—or require time-consuming manual interventions.
Have required documentation ready for verification
Regardless of how much money you’re sending, be sure to have at the ready all the documents you need to prove your or the recipient’s identity. This will help to minimise delays during compliance checks.
Choose faster payment methods when available
Funding a payment with your debit card will usually see it go through more quickly than if you use your credit card. And using Remitly to facilitate your international money transfers speeds things up significantly when you’re sending money abroad.
It’s easy to make e-transfers work for you
E-transfers are designed to make moving money simple and fast. And they do, in most cases. That said, occasional delays can happen.
The good news is that these holdups are usually due to security measures that have been put in place to ensure that your money stays safe in transit—and reaches the right recipient.
Fortunately, ensuring that the funds you send get to where they need to be on time is simple. Just be sure to action transfers during business hours, double-check all the details before hitting “send,” and have all the documentation you might need to verify yourself or the recipient on hand.
FAQs
How long do domestic e-transfers take in Canada?
Most Canadian e-transfers between banks that use the Interac system arrive almost instantly or within about 30 minutes, depending on your bank. In some cases, though, this timeline might be a little longer.
What’s the fastest way to send an international e-transfer?
Depending on the destination you’re sending the funds to, the fastest way to send an international e-transfer is to use Remitly’s Express international transfer service. It can help you to send money from Canada to countries abroad quickly and reliably.
Why is my e-transfer taking longer than expected?
Your e-transfer may be delayed for a number of reasons. For example, if you’ve actioned a transfer outside of working hours or on a weekend of public holiday, it won’t be processed until the next working day. There might be additional checks required for larger or first-time transactions, which can also delay the process.
Do e-transfers work on weekends and holidays?
With the exception of Interac e-Transfers, which usually operate 24/7, international transfers that are initiated on weekends or public holidays in Canada are typically held until the next business day. To ensure that the money you’re sending gets where it needs to be as quickly as possible, try to send the transfer during business hours.
Can I cancel an e-transfer if it’s taking too long?
This will depend on your bank or the financial institution through which you’re actioning the transfer. In some cases, you can cancel an e-transfer if it hasn’t yet been processed by your bank or if it hasn’t been accepted by the recipient’s bank.
Are there fees for faster e-transfer options?
Many banks and remittance providers offer express or expedited transfer services. However, these usually come with a small fee, as all of the usual processes that need to be followed during a transfer still need to take place—just much faster.