Sending money via e-transfer to friends and family or as a form of payment is a great and simple way to send funds with minimal delay. By sending money with Interac, you can complete payments within minutes, or even seconds if your recipient has auto-deposit.
However, if you make a mistake in your e-transfer, such as sending the wrong amount of money or entering incorrect contact information, you may wonder: How can I cancel an e-transfer and deposit the money back into my account?
To learn how to cancel an e-transfer at RBC, keep reading below for 4 easy steps to reclaim your funds!
RBC account holders can cancel an e-transfer either through RBC’s online banking portal or the mobile app. However, note that the only way to cancel an e-transfer is if the recipient has yet to accept the funds into their account.
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If they have already deposited the money, you’ll have to arrange a refund with the recipient by having them send an e-transfer, or repay you through a money transfer app, a cheque, or cash.
Further, if your recipient has auto-deposit set up on their personal bank account, the funds sent through e-transfer will be immediately deposited into their account. In this instance, you will not be able to cancel the e-transfer and will have to employ one of the above-mentioned methods to have the funds returned to your account.
However, if your recipient hasn’t accepted the funds yet and doesn’t have auto-deposit on their account, you can cancel your e-transfer by following the steps below:
To cancel an RBC e-transfer through online banking, follow the steps below:
1. Go to RBC’s website and sign in to your Online Banking account from your computer or device.
2. Go to your Accounts Summary page, and select the Payment History option from the right-hand side of your screen.
3. Locate the e-transfer you’d like to cancel and click on it.
4. Once you’ve located the right e-transfer, select Cancel Payment. Once you’ve done this, follow instructions on the screen to complete the cancellation.
To learn how to cancel an e-transfer on RBC Mobile, follow the below steps:
1. On your phone or mobile device, open the RBC Mobile app and log in to your account.
2. From the Navigation Bar, select the Move Money option from your account.
3. Next, select the Send Interac e-Transfer option and click on the History tab.
4. Locate the e-transfer you wish to cancel. Once you’ve found the correct payment, select Cancel Transfer and follow the instructions to complete the cancellation.
After you have cancelled an e-transfer from your RBC account, the funds will be re-deposited into your bank balance immediately. Recipients have 30 days to accept the e-transfer before you can re-deposit the funds into your account.
If the e-transfer you sent was funded by your RBC Avion Points, the money will be re-deposited into your Avion Rewards account automatically after 30 days have passed.
Therefore, if it’s been several days or weeks since you sent the e-transfer and the money still hasn’t been accepted, you can simply wait for the 30-day deadline to pass by and the money will be added back to your bank balance automatically.
After 30 days have passed and your e-transfer has expired, you will have 15 days to deposit the money back into your account. While e-transfers are re-deposited automatically after the 30-day deadline if funded by Avion Points, you will have to complete the process manually if the money was sent from your bank account.
To reclaim the funds to your account, follow the steps below:
Now that you’re aware of how to cancel an Interac e-transfer on RBC, along with how to reclaim the funds, you may have a few other related questions.
For instance, is there a fee for cancelling an e-transfer? Can you remove an e-transfer contact? To learn the answer to these and other related questions, keep reading below:
Currently, there is no cancellation fee for cancelling and reclaiming an RBC e-transfer, provided you do so before the 15-day expiration date. However, if you reclaim your funds after the 15-day reclaim period, you will have to pay a $5.00 reclaim fee.
Once you cancel an RBC transfer and reclaim the money, the funds will be re-deposited into your personal bank account immediately.
If you’ve checked your account and the funds still haven’t reappeared, you may need to refresh your internet connection. If you’ve done so and you still haven’t received your money, contact RBC’s customer service for additional assistance.
Unfortunately, Interac e-transfers cannot be cancelled if the recipient has auto-deposit set up on their account. If someone has auto-deposit set up through Interac, any money sent is immediately added to their account upon completing the transfer.
Therefore, the only way to reclaim your funds in this instance is to contact your recipient personally and arrange a refund. This can be done by having your recipient send another e-transfer to your account, writing you a cheque, paying in cash, or transferring the funds through a money transfer app.
If you have an e-transfer contact in your RBC account that you no longer need or wish to remove, you can do so by following the steps below:
1. From your phone or mobile device, open your RBC Mobile app and sign in to your account
2. At the bottom of your screen, select the Move Money option
3. Next, select Send or Cancel e-Transfer and click on the Contacts tab
4. From the Contacts list, select the name of the person you wish to remove
5. Click on the Edit button and select Remove Contact
If you accidentally remove a name from your e-transfer contact list, you can easily rectify the situation by selecting Add Contact and re-inputting their contact information.
If you’re wondering how to cancel an RBC e-transfer, it’s not as difficult as it may seem. However, you can only cancel an e-transfer provided your recipient doesn’t have auto-deposit set up on their account.
Also, if your recipient hasn’t deposited the funds into their account after 30 days and you’ve yet to cancel the transfer, you will have 15 extra days after the transfer expiration to reclaim your funds. Note that a $5.00 reclaim fee will be applied to your account if you wait after the transfer expiration date to deposit the funds back into your account.
Perhaps you need to cancel an e-transfer because you mistakenly sent it to a foreign bank account. If you need to transfer funds to another country, you can do so using Knightsbridge Foreign Exchange services. To learn more, check out the Get Started page and convert your funds today.
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