Personal Finance

CIBC Lowers Interac E-Transfer Minimum Amount from $10 to $0.01

  • Last Updated:
  • Apr 24th, 2017 9:23 pm
[OP]
Deal Addict
User avatar
Dec 17, 2008
1705 posts
500 upvotes
Winnipeg

CIBC Lowers Interac E-Transfer Minimum Amount from $10 to $0.01

Hello, I am not sure what the minimums are at all banks, but I know most banks the minimum for Interac E-transfer was $10. It appears that CIBC has now lowered that amount to $0.01. Saw this as a message in online banking today;


Interac e-Transfers® no longer require a minimum of $10 per transfer

Enjoy more flexibility when sending an Interac e-Transfer®. The minimum transfer amount has now been reduced from $10 to $0.01.

The limits for sending an Interac e-Transfer are as follows:

Each individual transfer must be for a minimum of $0.01 and a maximum of $3,000.

For any 24-hour period, a maximum of $3,000 may be sent
For any 7-day period, a maximum of $10,000 may be sent
For any 30-day period, a maximum of $30,000 may be sent

CIBC may use its discretion to block an Interac e-Transfer sent to a recipient if the total of all transfers received by the recipient would exceed $10,000 in any 1-day period, $70,000 in any 7-day period or $300,000 in any 30-day period. CIBC may change the limits for recipients, or establish additional limits without notice.
*Do you like someone's idea, post, or response? Why not consider giving them "thanks" and clicking the thumbs up to give them the credit they deserve.*
16 replies
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3788 upvotes
BC
TD and BMO were both $10 - $3000 last time I checked (less than a week ago), while EQ and my credit union both let me do small ones <$10 ... I don't know exactly how small since I wasn't trying to transfer a penny, but just transfer over some straggling couple bucks. I think $1.xx worked for both.

If they give you free transfers it would be nice to have no lower limit.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
User avatar
Feb 25, 2014
2130 posts
307 upvotes
Mississauga
Icing on the cake ! I love CIBC LOC with Free unlimited e-transfers. But they need to raise it from 3000 to 5000 per day.
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Newbie
May 24, 2010
67 posts
26 upvotes
Be wary. I send myself a 14 cents interac transfer to Tangerine 3 days ago.

Tangerine didn't want to take it, since the amount was too low for them.

I needed to redeposit inside cibc since it seems there's only cibc that can accept those low interac amount.
Deal Addict
User avatar
Feb 19, 2014
1194 posts
266 upvotes
Toronto
What is the point of sending such low amounts, curious?
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3788 upvotes
BC
jellytime wrote:
Apr 20th, 2017 5:32 pm
What is the point of sending such low amounts, curious?
If you owe someone $7.50 for some item they paid for you, you can just Interac e-Transfer them now... or if you moved money from one account to another bank and then the end of the month interest comes up as $0.27 ... instead of transferring with EFT that takes a few days you can send it by Interac :)

You can also annoy people by spamming them with pennies.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Member
User avatar
Dec 20, 2015
301 posts
114 upvotes
Nunavut
ace604 wrote:
Apr 20th, 2017 7:45 pm
If you owe someone $7.50 for some item they paid for you, you can just Interac e-Transfer them now... or if you moved money from one account to another bank and then the end of the month interest comes up as $0.27 ... instead of transferring with EFT that takes a few days you can send it by Interac :)

You can also annoy people by spamming them with pennies.
Please spam me with pennies. Lots of them. I already wrote the script to auto-accept them.
😃😃😃
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3788 upvotes
BC
Ytterbium wrote:
Apr 20th, 2017 8:08 pm
Please spam me with pennies. Lots of them. I already wrote the script to auto-accept them.
The security answer will be a complex hash calculation involving 500,000 iterations of SHA-256, e.g. 2c6abad4e ... your script might explode. ;)
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Member
User avatar
Dec 20, 2015
301 posts
114 upvotes
Nunavut
ace604 wrote:
Apr 20th, 2017 10:36 pm
The security answer will be a complex hash calculation involving 500,000 iterations of SHA-256, e.g. 2c6abad4e ... your script might explode. ;)
Well, if you can calculate it in the first place, it's possible. Let's save some electricity and cpu time and you just give me the hashed value.
😃😃😃
Moderator
User avatar
Mar 23, 2004
35785 posts
3090 upvotes
Markham
MehtabS wrote:
Apr 19th, 2017 4:16 pm
Icing on the cake ! I love CIBC LOC with Free unlimited e-transfers. But they need to raise it from 3000 to 5000 per day.
Strange, I was told by reps and fsr that it's not suppose to be free...good for you that you got it free.
「もし、奇跡を起こせたら……」
Newbie
Feb 24, 2017
16 posts
4 upvotes
angel_wing0 wrote:
Apr 23rd, 2017 11:54 am
Strange, I was told by reps and fsr that it's not suppose to be free...good for you that you got it free.
ditto. i applied for a cibc loc recently and the terms did not say it was free.
Deal Addict
User avatar
Feb 25, 2014
2130 posts
307 upvotes
Mississauga
angel_wing0 wrote:
Apr 23rd, 2017 11:54 am
Strange, I was told by reps and fsr that it's not suppose to be free...good for you that you got it free.
wadesj wrote:
Apr 24th, 2017 8:53 am
ditto. i applied for a cibc loc recently and the terms did not say it was free.
Yea, they said the same to me but apparently it's free. You have to try it out.
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
[OP]
Deal Addict
User avatar
Dec 17, 2008
1705 posts
500 upvotes
Winnipeg
MehtabS wrote:
Apr 24th, 2017 9:24 am
Yea, they said the same to me but apparently it's free. You have to try it out.
Yet PCF LOC is the same setup as the CIBC one and run by CIBC... And that one charges for e-transfers... So enjoy the free interac e-transfers at CIBC while they last.
*Do you like someone's idea, post, or response? Why not consider giving them "thanks" and clicking the thumbs up to give them the credit they deserve.*

Top