Interac will introduce a flat wholesale fee of 4 to 8 cents per e-transfer by November 1, replacing its current volume-based pricing model that charged financial institutions between 6 and 43 cents per transaction. The Competition Bureau, which launched an investigation following a 2024 parliamentary hearing, says it will monitor the rollout.
Critics argued the prior system disadvantaged smaller banks and credit unions. The Bureau welcomed the change, noting it could level the playing field and foster innovation. Interac’s e-transfer system is one of Canada’s most widely used digital payment tools for sending, receiving, and requesting money.
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