Personal Finance

E-Transfer varying delays?

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  • Jul 28th, 2021 2:30 pm
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[OP]
Deal Fanatic
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Mar 28, 2005
7668 posts
1815 upvotes
Cornwall, Ontario

E-Transfer varying delays?

I use E-Transfer on a regular basis to move money between my accounts at various financial institutions.
Basically send an E-Transfer to myself and then deposit it whereever it needs to go.

I was wondering if anyone knows why there is such a difference in the timing of sending the transfer to the recipient.

From some banks the E-Transfer is pretty much immediate, within a minute or two, others take the full 30 minutes (which seems to be the guaranteed maximum)
Anyone know the reason for the delay? The money certainly disappears from the account right away!
30 replies
Deal Addict
Jan 1, 2017
1811 posts
1832 upvotes
It depends on the amount of the etransfer mostly. Larger amounts take longer as Interac and the banks fraud departments vet these to ensure there is no fraudulent activity such as account takeover.
[OP]
Deal Fanatic
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Mar 28, 2005
7668 posts
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Cornwall, Ontario
Makes sense!

It's just odd that the transfer is either sent immediately or with a delay of exactly 30 minutes, nothin in between.
I would have thought if the reason is reviewing the transfer to prevent fraud, some would have happened between 0 and 30 minutes.
Deal Addict
Oct 27, 2012
2817 posts
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Toronto
My experience has been exactly that it’s either instant, or 30 minute delay.

With CIBC, HSBC and Scotia, it is instant if I send to a existing contact and it’s under a certain amount (around $500 or so). Anything above that or a new contact, 30 minutes on the dot.

TD and RBC have been instant, even to a new contact and up to the $3,000 limit.

Motive, B2B, EQ have been on a 30 minute delay for me no matter the amount.
Sr. Member
Feb 18, 2019
569 posts
789 upvotes
For me, RBC and TD are instant, no matter the amount (I've tried up to maybe $2000 or so).
Simplii is fast, but not instant under $500. And about a 30 min delay over $500. Don't have experience with other banks.
Deal Guru
Dec 5, 2006
13061 posts
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Markham
I remember tangerine need one or two business days before. Not sure now
Deal Addict
Jan 1, 2017
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Existing vs new contact definitely has an impact too, it’s not just amount. There are complex fraud engines and people reviewing the transactions based on past history, behavior and etc. the 30 mins is the standard SLA for all this work to be done and the etransfer to be released, provides a consistent experience for users.
Deal Expert
Aug 22, 2011
37850 posts
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Center of Universe
RBC and TD are instant.
Simplii takes on average 30min, but over the weekend, I had one that transferred instantly.
Deal Guru
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Aug 20, 2012
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Pacific Ocean
I find it depends on the time of day and the type of contact I'm sending money to... If it's a contact with auto deposit I get the interac confirmation email right away within 1-2 minutes max that they have received the money. It it's STACK I find it depends on the time of the day. Normal business hours, the money gets transferred within 3 min like clock-work. From midnite on it slows the eff down for some reason. Can take anywhere from 15-20 min to an hour+. STACK says it's not them. If everything is automated why wud it matter that it's after midnite? Any1 explain this?? Bank - HSBC.
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Sr. Member
Aug 26, 2008
509 posts
317 upvotes
Toronto, ON
It's all excuse bullshit, because there is no way to detect the very first fraud transaction, and there is usually a daily limit for etransfer, so the damage is contained by design. I wish there is a way to lodge complaint about violated SLA, I would do it every time I wait an hour to clear for my own e-transfer to myself.
Newbie
Oct 23, 2020
7 posts
3 upvotes
From personal experience, amounts of less than 400$ are transferred instantly, while higher amounts may take up to 45 minutes max.
[OP]
Deal Fanatic
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Mar 28, 2005
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Cornwall, Ontario
vkrasov wrote: ......every time I wait an hour to clear for my own e-transfer to myself.
Which FI is that?
I'm with several banks and CU's and E-transfer is either immediately or exactly 30 minutes - absolutely never ever over 30 minutes.
Sr. Member
Aug 26, 2008
509 posts
317 upvotes
Toronto, ON
krs wrote: Which FI is that?
I'm with several banks and CU's and E-transfer is either immediately or exactly 30 minutes - absolutely never ever over 30 minutes.
I transfer from Tangerine to family nembers, and it is slow on large amounts. Transfers from TD to me are often slow without good reason.

I think I remember one case the transfer show up the next day.

It is very annoying when it happens during Kijiji transactions. (People send before driving to the meeting place, and - nada at the meeting time).
Deal Addict
Feb 2, 2007
1011 posts
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GTA
vkrasov wrote: It's all excuse bullshit, because there is no way to detect the very first fraud transaction, and there is usually a daily limit for etransfer, so the damage is contained by design. I wish there is a way to lodge complaint about violated SLA, I would do it every time I wait an hour to clear for my own e-transfer to myself.
Please quote the relevant section from the Service Level Agreement which you feel was violated. :twisted:
Deal Addict
Jan 2, 2015
1633 posts
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Toronto, ON
vkrasov wrote: I transfer from Tangerine to family nembers, and it is slow on large amounts. Transfers from TD to me are often slow without good reason.

I think I remember one case the transfer show up the next day.

It is very annoying when it happens during Kijiji transactions. (People send before driving to the meeting place, and - nada at the meeting time).
Tangerine has a free not-quite-e-transfer that's a lot slower. Could you be talking about that?

(I have a Tangerine account but have never sent an e-transfer there or sent one from there. I have used their account link feature, but that's not the same thing.)
[OP]
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Mar 28, 2005
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Cornwall, Ontario
adrian2 wrote: Please quote the relevant section from the Service Level Agreement which you feel was violated. :twisted:
E-Transfers are guaranteed to happen within 30 minutes max.
Deal Addict
Jul 30, 2003
2014 posts
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Toronto
In my experience, Tangerine takes half a day to a day; TD and CIBC within an hour, somtimes minutes.
Deal Addict
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Jan 16, 2007
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krs wrote: E-Transfers are guaranteed to happen within 30 minutes max.
According to what? The Interac e-Transfer terms of use state:

1.13 Funds Delivery Time:
You acknowledge that there are a number of factors outside of the control of Interac that affect the timing of when funds are transferred to your account, such as internal rules of your financial institution regarding the transfer of funds. We make no representations or warranties regarding the timing of any deposit of funds into your account. You agree that Interac is not be liable for any actions taken or which are not taken by third parties including by your financial institution in relation to the timing of delivery of funds, whether or not the timing was in the control of Interac, and that Interac is not liable for any direct, indirect or consequential damages relating to the same.
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Sr. Member
Aug 26, 2008
509 posts
317 upvotes
Toronto, ON
FoFai2015 wrote:
Tangerine has a free not-quite-e-transfer that's a lot slower. Could you be talking about that?
No, Tangerine offers free etransfer since mid-2020, I believe.

Their email transfer was indeed slow and extremely unfriendly to other bank users, asking to enter all banking numbers, in order to accept the transfer.
Sr. Member
Aug 26, 2008
509 posts
317 upvotes
Toronto, ON
krs wrote: Which FI is that?
I'm with several banks and CU's and E-transfer is either immediately or exactly 30 minutes - absolutely never ever over 30 minutes.
I was recently e-transferring from Tangerine to RBC, I can look up at email timestamps...
e-transfer confirmation email 9.16pm, e-transfer email received 9.41pm - not hours in this case, but not exactly 30 min.

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