How To Cancel An e-Transfer in Canada: Easy Step-By-Step Instructions

Do you know how to use e-Transfer in Canada? Most of us do. It’s a quick and convenient way to send money. But mistakes can still happen. You might write the wrong email address or send an incorrect amount. The transaction itself could also change after you hit the “send” button. In these situations, what are your options? The answer to this question ultimately depends on timing. In this guide, we’ll explain how to cancel an e-Transfer, when it’s allowed, what fees may apply and how to avoid common mistakes.

Can You Cancel an e-Transfer in Canada?

In Canada, you can usually cancel an e-Transfer if the recipient has not yet accepted the transfer or deposited the funds. If the transfer is still pending, you may be able to cancel it using your online or mobile banking. The key, though, is acting quickly because the cancellation window can be short. This is the case especially with Autodeposit. When a recipient has Autodeposit set up, it means that the money goes directly into their account without requiring them to answer a security question. In that case, the funds get deposited automatically. As Interac writes, “once a deposit has been made there is no way to reverse the transaction.”

It is important to note that different financial institutions use different terminology when it comes to the process of cancelling an e-Transfer. Some will use the word “stop,” while others say “cancel” or “reclaim.” While the wording differs, the goal does not, which is preventing the funds from being deposited.

When You Can and Cannot Cancel an e-Transfer

Your ability to cancel an e-Transfer depends largely on its status.

You can usually cancel an e-Transfer if:

• The transfer shows as “pending” in your online or mobile banking
• The recipient has not accepted the payment yet
• The recipient does not use Autodeposit

In these situations, you can sign into your bank account and try to cancel or reclaim the transfer before the recipient deposits the funds.

You usually cannot cancel an e-Transfer if:

• The recipient has already deposited the money
• The recipient uses Autodeposit and the transfer goes through automatically

If the transfer is never accepted:

If the recipient has not accepted the transfer and 30 days have passed, then the transfer has expired. At this point you can “reclaim the funds” by following the instructions from your bank. 

How To Cancel an e-Transfer: Step-by-Step

Is your e-Transfer still pending? If so, you may be able to cancel it through your online or mobile banking. While the exact process depends on the financial institution, the overall process is usually quite similar across the biggest banks in Canada.

Step 1: Sign in to your online or mobile banking

Begin by logging into the bank account where you sent the e-Transfer from. You can cancel the transfer from your bank account rather than through the Interac website.

Step 2: Open your Interac e-Transfer history or payment history

Open the section called either “Interac e-Transfers” or “payment history.” Sometimes it can also have the name “pending transactions.”

Step 3: Select the transfer you want to stop

Choose the transfer you want to cancel, confirming the recipient’s name, email address or mobile number, and transfer amount. Also, check the status to confirm eligibility.

Step 4: Choose cancel, stop, or reclaim

If the transfer is eligible, you should see an option to “cancel,” “stop,” or “reclaim” the transfer. Click on the suitable option and follow the prompts.

Step 5: Review any fees and confirm

Some banks charge a cancellation or stop-payment fee. Review the details in this step carefully before you confirm the request.

Step 6: Check that the money was returned to your bank account

After you place the request, confirm that the transfer status has updated and the funds are back in your bank account.

Does It Cost Money to Cancel an e-Transfer?

In Canada the cost of cancelling an e-Transfer depends on your financial institution and the type of bank account you use. For example, CIBC charges $3.50 for a successful stop payment while RBC doesn’t charge a fee to cancel a pending e-Transfer if you cancel before 15 days has passed. Because policies and pricing vary, we recommend that you check directly with your bank for the applicable cost of cancelling your e-Transfer.

How Long Do You Have to Cancel an e-Transfer?

Time is of the essence here because you can only cancel an e-Transfer while it is still pending. If the transfer is not yet deposited, then you typically have up to 30 days before it expires. During this period, you can try to cancel the e-Transfer using the steps above. After 30 days, most e-Transfers will expire and, at that point, you will get instructions on how to reclaim the money.

Tips to Avoid Sending an e-Transfer You’ll Need to Cancel

You can lower your risk of needing to cancel an e-Transfer by slowing down and reviewing the details before you send the payment. Errors tend to happen when the sender rushes through the process or relies on saved contact information without checking it first. Taking an extra minute before pressing send can help you avoid needing to cancel later on.

Here are a few other ways to reduce your chances of a problem:

• Double-check the recipient’s contact details. Even a small typo in an email address or mobile number can send money to the wrong person.
• Confirm the amount carefully. If you send an incorrect amount then you may need to cancel the transfer later on or send an additional one to make up the difference.
• Send money to trusted contacts. Interac warns you to “only send money to people or organizations you know and trust.”
• Stay alert for scams and suspicious requests. Be wary of any unexpected requests or payments by e-Transfer. For example, the Canada Revenue Agency (CRA) writes that they will never “send refunds or payments by e-Transfer.” If you receive a transfer from the agency, it is likely a fraudulent one.
• Understand how Autodeposit works. While Autodeposit is convenient for the recipient, it reduces your ability to stop the payment, as the funds will deposit into the account automatically.

Takeaway

Cancelling an e-Transfer in Canada often comes down to timing. You can usually stop the payment, but you must do so while the transfer shows as “pending.” Once the recipient accepts the funds or Autodeposit moves the money into their account, your options become limited. Taking a moment to review contact details and payment amounts before sending can help you avoid needing to cancel a transfer in the first place.