Shopping Discussion

How long does it take for an interac e-transfer?

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  • Mar 14th, 2017 9:47 pm
[OP]
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Mar 28, 2005
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How long does it take for an interac e-transfer?

I'm wondering how long it takes people to receive an e-transfer, and....
if it's not pretty well instantaneous - where is the money in the meantime?

When I send an e-transfer the money is taken out of my account as soon as I hit "send" or "confirm" but the other party doesn't have access to the funds from it seems anywhere from 30 minutes to up to a whole day.
So someone is using that money to make money in the interim.

But I also rceived an e-transfer from RBC and that showed up in my email within a minute or so of being sent.

So the system is capable of transferring the funds immediately, seems someone else is holding up some transfers.
Anyone have a clue what is going on?
If I ask my bank they claim it's the other bank and vice versa.
28 replies
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Aug 22, 2006
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30 minutes up to a day is about right.
Most of mine have been around an hour.
krs wrote: So someone is using that money to make money in the interim.
You're seriously worried about $50 being used by someone for a few hours to make money?
Even a grand (aka the maximum limit) isn't even that bad.

It's a bank. You want a faster transfer, use something else.
Oh wait. There isn't anything else. Even Bitcoin is about that time frame even with a huge fee attached.
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Dec 28, 2007
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On average about 30min to receive an email. Money is taken out of your account and is on hold until the e-transfer is accepted. You can also cancel an e-transfer before it is cashed. If receiving from Tangerine, it could take up to 2 days before the money is deposited into your account. With the big 5 banks, almost instant.
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Aug 3, 2014
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RBC is free and instant.
Other banks usually take 30 minutes. BNS and Tangerine are sometimes instant, but I don't know when and why.
death_hawk wrote: Even a grand (aka the maximum limit) isn't even that bad.
It's a bank. You want a faster transfer, use something else.
Except $1000 is not the maximum limit.
[OP]
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death_hawk wrote: You're seriously worried about $50 being used by someone for a few hours to make money?
Even a grand (aka the maximum limit) isn't even that bad.
I'm not worried - I just want to know who has my money.
My bank claims it's gone as soon as I make the transfer, so I don't have - the person I send it to doesn't have it, both banks involved claim they don't have it.
Electrons don't take a rest while moving from one location to another.

Judging by the fact that I received an e-transfer from RBC immediately, it seems obvious to me that my bank must debit my account but then delay transferring the funds.

And btw - that's how many money services make their money - use the customers money for free to charge interest to someone else - it's the sheer volume of transactions each year that makes that work.
[OP]
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jackrabbit000 wrote: Money is taken out of your account and is on hold until the e-transfer is accepted.
That makes sense - no point transferring the funds until the transfer is actually accepted.

But it then begs the question why sending of the interac email is delayed at some institutions.
It's obviously not a basic interac system issue if RBC can do it essentially instantly.
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krs wrote: That makes sense - no point transferring the funds until the transfer is actually accepted.

But it then begs the question why sending of the interac email is delayed at some institutions.
It's obviously not a basic interac system issue if RBC can do it essentially instantly.
I think with the big 5 banks, it's almost instant. You have to remember, not everyone sends the e-transfer when they say they would. Also, it depends on when you send, the bank could be doing a daily backup or maintenance or how many servers it gets routed through, eg Yahoo Mail. I know I always send the e-transfer asap when I buy something.
[OP]
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The e-transfers I was wondering about were either sent from me to myself to move money to a different bank or sent by my son who happened to be visiting and was sending the transfer from his computer but in my house.
So in these cases I know exactly when they were sent (or better requested to be sent)
From RBC it was instantly - just delayed for the time an email typically takes - from the Credit Union it always takes exactly 30 minutes, right on the button as if they have set a timer.

Until I posted here today I thought the 30 minute was some interac processing time, so I was really surprised when the transfer from RBC (from my son) showed up immediately
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TD is actually pretty good too. I know the Credit Unions and Tangerine always take the longest. Hard to say what each bank does for processing the e-transfer.
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krs wrote: I'm not worried - I just want to know who has my money.
My bank claims it's gone as soon as I make the transfer, so I don't have - the person I send it to doesn't have it, both banks involved claim they don't have it.
Electrons don't take a rest while moving from one location to another.

Judging by the fact that I received an e-transfer from RBC immediately, it seems obvious to me that my bank must debit my account but then delay transferring the funds.

And btw - that's how many money services make their money - use the customers money for free to charge interest to someone else - it's the sheer volume of transactions each year that makes that work.
Lol so you think money actually magically teleported to another bank account and for 30 mins they are stuck in the "wormhole" or that someone is using that 30 minutes gap to make money off??

What actually happen is nothing got exchanged...its all just numbers and ledgers on your side and the other side's. The transaction delay are just probably systemic risk management, tendering, and clearing happening behind the scene.
[OP]
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Redsanta wrote: Lol so you think money actually magically teleported to another bank account and for 30 mins they are stuck in the "wormhole" or that someone is using that 30 minutes gap to make money off??

What actually happen is nothing got exchanged...its all just numbers and ledgers on your side and the other side's. The transaction delay are just probably systemic risk management, tendering, and clearing happening behind the scene.
Of course there is no actual "paper money" that gets transferred, but from the comments here I see some people have no clue how the financial world operates.

How do you think paypal makes their money when you transfer funds for free.
I also transfer funds to Europe regularly via XE trade - it's also "free" and the exchange rate is much better than any other way but trust me, they are not a charity organization.
Transfer usually takes two days and those two days with my money and millions of others not only pays for the operation and their staff but also gives them a tidy profit.
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Aug 22, 2006
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hvwozq wrote: Except $1000 is not the maximum limit.
Oh hey, most banks raised it.
It was $1000 at one point.

Now it looks like $3000ish per transaction (still bank dependent) with $10000 as a daily limit.
[OP]
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Mar 28, 2005
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Thanks everyone for their comments.
Certainly answered my original question and gave me a better idea what actually happens with an e-transfer.

I would like to close this thread but I guess only the mods can do thast, not the OP.
At least I don't see that option.
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Aug 13, 2011
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Scarborough southwes…
jackrabbit000 wrote: On average about 30min to receive an email. Money is taken out of your account and is on hold until the e-transfer is accepted. You can also cancel an e-transfer before it is cashed. If receiving from Tangerine, it could take up to 2 days before the money is deposited into your account. With the big 5 banks, almost instant.
It takes two days if you use the FREE Tangerine money transfer but the Tangerine Interact e-transfer is normally pretty instant for me.

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