Interac e-Transfer is a widely used method for transferring money in Canada. However, what do you do if you’ve made a mistake or sent the money to the wrong recipient? Can you cancel an e-Transfer after it’s been sent? The answer is yes, but there are some important conditions to consider. Let’s explore how to cancel an e-Transfer and how long it takes to get your money back.
In general, once an e-Transfer has been accepted and the funds have been deposited, it cannot be reversed. Instead, you’ll need to make arrangements with the recipient to resolve any issues. However, if the recipient has not accepted the funds yet, you can still cancel the transfer.
The key point to remember is that cancellation is only possible when the e-Transfer funds are still pending and have not been deposited in the recipient’s bank account. If you cannot find an option to cancel the e-Transfer, it likely means that the recipient has already accepted the funds, and cancellation is no longer possible. Additionally, if you sent the money to an Autodeposit account, you won’t be able to cancel it because the funds are automatically deposited into the recipient’s account.
The process for cancelling an e-Transfer may vary slightly depending on your bank. Here are the general steps for some of the major Canadian banks:
To cancel an e-Transfer at RBC, sign in to RBC Online Banking, go to the “Accounts Summary” page, find and select “Payment History,” choose the Interac e-Transfer you need to cancel, and click “Cancel Payment.” If you’re using the RBC mobile app, open it, tap “Move Money” in the Navigation Bar, select “Send Interac e-Transfer,” and go to the “History” tab. Find the e-Transfer you want to cancel, scroll to the bottom, and tap “Cancel Transfer.”
TD Bank allows you to cancel an Interac e-Transfer through online banking or the mobile app. To cancel the transfer via online banking, sign in to EasyWeb, TD Bank’s financial services site, select “Interac e-Transfers,” and click “History.” Find the e-Transfer you wish to cancel and click “Cancel Transfer.” Select the account for the funds transfer and confirm the transaction. If you’re using the mobile app, click the menu, then “Transfers” and “History.” Find the e-Transfer you want to cancel, scroll to the bottom of the screen, and click “Cancel Transfer.” Choose your preferred deposit account and confirm the cancellation.
Please note that banks do not allow cancellations of e-Transfers made to Autodeposit and Direct to Accounts because these transfers automatically deposit the money into the recipient’s account.
Here’s a summary of cancellation fees for some of the major banks:
After you initiate the cancellation of an e-Transfer, the funds will be automatically returned to your account. The time it takes for the funds to be returned may vary, typically within 30 minutes or several business days, depending on the bank. For example, at Scotiabank, once you cancel the transfer, the bank will automatically deposit your funds back into your account. At TD Bank, if your recipient declines the money you sent, the funds will also be automatically returned to your account.
