How to Transfer Money Between Accounts

You can transfer money between accounts through your bank or financial app.

The easiest method depends on whether both accounts belong to you, whether they are at the same financial institution and how quickly you need the money to arrive.

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How Do You Transfer Money Between Your Own Accounts?

If both accounts are with the same financial institution, the process is usually simple.

You generally:

1. Sign in to your banking app or website.

2. Select Transfer Money.

3. Choose the account the money is coming from.

4. Choose the account receiving the money.

5. Enter the amount.

6. Review and confirm the transfer.

Transfers between your own accounts at the same institution are often completed immediately.

How Do You Transfer Money Between Different Banks?

If your accounts are at different financial institutions, you have several options.

Link the accounts

Some financial institutions let you connect an external bank account.

Once linked, you can transfer money electronically between the two accounts.

Transfers may take a few business days depending on the institutions involved.

Use Interac e-Transfer

You can also send yourself an Interac e-Transfer.

Send the money to an email address or phone number connected to the account where you want the funds deposited.

This can be convenient when you need to move money between accounts at different Canadian financial institutions.

Use another electronic transfer

Some institutions offer direct bank-to-bank transfers or electronic funds transfers.

The availability, fees and processing times depend on the provider.

How Long Does a Bank Transfer Take?

Transfer times depend on the method.

Transfers between accounts at the same financial institution may happen immediately.

Interac e-Transfers can often arrive within minutes, although some transactions may take longer.

Transfers between linked accounts at different institutions can take several business days.

Check the expected processing time before sending money if you need it by a specific date.

Are There Fees for Transferring Money?

There may be. Possible fees include:

• Interac e-Transfer fees

• External transfer fees

• Wire transfer fees

• Currency conversion fees

• Transaction fees

Many Canadian accounts now include free Interac e-Transfers, but this depends on your account.

Can You Transfer Money From Savings to Chequing?

Yes.

You can normally transfer money between your savings and chequing accounts through online or mobile banking.

For example, you might move money from savings into chequing before paying a large bill.

Check whether your savings account limits withdrawals or charges transaction fees.

Is There a Limit on How Much You Can Transfer?

There can be.

Financial institutions may set:

• Daily transfer limits

• Weekly limits

• Monthly limits

• Interac e-Transfer limits

Larger transfers may require another method or additional verification.

Check your account limits before attempting a large transfer.

What Should You Check Before Sending Money?

Before confirming a transfer:

• Check the destination account

• Confirm the amount

• Review any fees

• Check your transfer limit

• Confirm the expected arrival time

For transfers to another person, verify their email address, phone number or banking details carefully.

It can be difficult to reverse a transfer once the recipient has deposited the money.

What Is the Easiest Way to Transfer Money Between Accounts?

If both accounts are yours and held at the same institution, an internal transfer is usually the easiest option.

For accounts at different Canadian financial institutions, linking the accounts or using Interac e-Transfer can be convenient.

The best method depends on how quickly you need the money, how much you are sending and whether any fees apply.