Understanding Interac e-Transfer Limits in 2024

A breakdown of per-transaction and daily limits, how to request higher limits, and what changes are coming.

The chargeback process was designed to protect consumers, but it has become a significant source of revenue leakage for merchants. Building a robust dispute management programme — with clear policies, strong evidence packages, and timely responses — is essential for any business processing significant card volume.

The Regulatory Dimension

Any significant change to your payment infrastructure needs to be evaluated through a compliance lens from the outset. Engaging your legal and compliance teams early — rather than treating them as a final gate — reduces the risk of costly rework and ensures that your implementation meets all applicable requirements.

Cross-border payments remain one of the most underserved areas of the payments market. FX spreads, correspondent banking fees, and settlement delays all erode value. New rails — from stablecoins to ISO 20022-enabled wires — are beginning to address these pain points.

Industry Context

Canada's payment market is distinctive in several ways. The dominance of Interac debit, the high penetration of contactless payments, the bilingual regulatory environment, and the particular importance of cross-border commerce with the United States all shape the strategic choices available to Canadian merchants and payment businesses.

Open banking represents a fundamental shift in the relationship between financial institutions, technology companies, and consumers. When implemented thoughtfully, it enables richer products, better pricing, and a more competitive market — all of which benefit Canadian businesses.