TD Reduces Interac e-Transfer Fees: Ranging From $0.00 to $1.00

Looks like a previous move from RBC to lower Interac e-Transfer fees is catching on, as TD Canada has also recently lowered their fees.

Previously the cost to send money was $1.50 per transaction, but now it has lowered to free (if you have a TD All-Inclusive Banking Plan), or $0.50 for transfers up to $100. The fee for sending over $100 is $1.00. These reduced rates took effect on July 1, 2016:

Td bank interac e transfer

TD Canada customers can easily send and receive Interac e-Transfers via the bank’s iOS app. Now if only we had Touch ID support for logging in (we’re hearing it’s coming soon).

RBC axed their Interac e-Transfer fees altogether back in May, acknowledging over 50% of transfers now take place on mobile. Looks like TD hasn’t exactly matched RBC, but it’s a start. BMO and CIBC still charge $1.50 and Scotiabank charges $1.00 to send Interac e-Transfers.

As of June 1, all of Canada’s Big 5 banks had launched support for Apple Pay.

Founder and Editor-in-Chief of iPhoneinCanada.ca. Follow me on Twitter, and @iPhoneinCanada, and on Google+.

  • Mohammed Al Sarraf

    I believe there is a typo in the title
    It should be from $1 to free

  • Tangerine is 1$ as well

  • Darren B.

    Holy sh*t this article has bad grammar. From the title to the body, there all all kinds of issues and the general presentation of the information is confusing. You’re better than this, Gary.

  • Darren B.

    I made a boo boo too (“all all”).

  • Geoffrey Spencer

    This is still too much. All fees should be eliminated. It is machine to machine with no human interaction. There should be NO fees. Just greedy banks charging fees for no reason except to fatten their wallets.

  • Larry

    Wonder why it costs double over $100. Does it use extra bandwidth for more money or require a computer with greater processing power? Or perhaps just GREED?