Simplii Financial includes unlimited free Interac e-Transfers on all accounts. The standard per-transaction limit is $3,000, with a daily cap of $10,000 and a 30-day rolling limit of $30,000. For amounts above $3,000, Simplii’s EFT (External Transfer) feature handles larger transfers between linked accounts.
Simplii e-Transfer Limits
| Limit Type | Amount |
|---|---|
| Per transaction (outgoing) | $3,000 |
| Daily limit (outgoing) | $10,000 |
| 30-day rolling limit | $30,000 |
| Per transaction (incoming) | Set by sender’s bank |
| Fee | $0 (unlimited) |
| EFT per-transfer limit | ~$25,000 |
e-Transfer vs EFT: When to Use Each
| Method | Best For | Limit | Speed |
|---|---|---|---|
| Interac e-Transfer | Person-to-person; any Canadian bank | $3,000/transaction | Minutes to hours |
| External Transfer (EFT) | Large amounts; your own linked accounts | ~$25,000 | 2–5 business days |
Use e-Transfer for sending money to another person or business quickly. Use EFT for moving large amounts between your Simplii account and another bank account you own.
How to Send an e-Transfer from Simplii
- Log in to the Simplii app or simplii.com
- Go to Send Money → Send Interac e-Transfer
- Select the account to send from
- Choose an existing recipient or add a new one (email or phone number)
- Enter the amount and a security question (unless they have Autodeposit)
- Review and confirm
How to Set Up Autodeposit
- Go to Send Money → Interac e-Transfer → Autodeposit
- Register your email address or mobile phone number
- Confirm via the link or verification code sent to that contact
Once active, e-Transfers to your registered email or phone deposit automatically to your Simplii account. The same email or phone cannot be registered for Autodeposit at multiple institutions simultaneously.
Simplii vs Competitors: e-Transfer Limits
| Bank | Per Transaction | Daily | 30-Day | Fee |
|---|---|---|---|---|
| Simplii Financial | $3,000 | $10,000 | $30,000 | $0 |
| Tangerine | $3,000 | $10,000 | $30,000 | $0 |
| EQ Bank | $3,000 | $10,000 | $30,000 | $0 |
| RBC (unlimited plan) | $3,000 | $10,000 | $30,000 | $0 |
| CIBC Smart Account | $3,000 | $10,000 | $30,000 | $0 |
| CIBC Everyday (basic) | $3,000 | $10,000 | $30,000 | $1.25/transfer |
e-Transfer limits are standardised across the Interac network. The difference is cost: Simplii includes them free, while basic Big Five plans charge $1.25 per e-Transfer.
Linking an External Account for EFT
To transfer amounts above $3,000 between Simplii and another bank:
- Go to Send Money → Manage External Accounts → Add Account
- Enter the external bank’s transit number, institution number, and account number
- Simplii sends two micro-deposits (typically under $1.00 each) to verify the account
- Confirm the deposit amounts in Simplii within 5 business days to activate the link
Once linked, EFT transfers can move funds in either direction. Processing takes 2–5 business days. Only Canadian bank accounts can be linked.