An e-Transfer fee is a charge that banks may apply when you send money electronically through services like Interac e-Transfer in Canada. Some accounts include free transfers, while others charge per transaction.
How It Works
When you send an e-Transfer, your bank may deduct a fee (often $1–$2) from your account. Receiving money is usually free, but in some cases, if the recipient’s bank does not support e-Transfers, they may need to pay a small fee to deposit the funds.
Ways to Avoid It
- Choose an account with free e-Transfers: Many premium or student accounts include unlimited transfers.
- Look for promotions: Some banks waive the fee for a limited number of transfers each month.
Final Thoughts
While small, e-Transfer fees can add up if you send money frequently. Choosing the right account type can eliminate these costs and make everyday banking more affordable.