The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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The best GIC rates in Canada for 2025 + MORE Oct 20th
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The best GIC rates in Canada for 2024 Jul 25th
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The best high-interest savings accounts in Canada for 2025 + MORE Jan 26th
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The best GIC rates in Canada for 2025 + MORE Dec 16th
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The best low-interest credit cards in Canada for 2023 Nov 16th
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You’ve probably used an Interac e-Transfer to pay a friend back for dinner, split the rent with a roommate, send birthday money to your nephew or put money into your account at another bank. This service is quick and convenient if you’re a customer at a major bank or a credit union—but if you sign up with a neobank or fintech, your e-transfer options are generally more limited. You might not get the same nearly instant processing time or be able to transfer as much money as you want to.
That may change in the near future. On Sept. 29, Interac announced that it is expanding access to e-Transfer services among different types of financial institutions in Canada. Wealthsimple is the first of these to be “provisionally accepted.” Before the announcement, only federally licensed financial institutions (like banks), provincially licensed credit unions and some challenger banks were direct participants in Interac e-Transfer services, says Will Keliehor, Interac’s chief commercial officer…
