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 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.