July 12, 2025
Gatineau, QC — The Competition Bureau of Canada has announced it will closely monitor Interac’s planned overhaul of its e-transfer pricing system, a move set to take effect November 1, 2025, that could significantly impact competition in the Canadian financial services sector.
Under the new pricing model, Interac will replace its existing volume-based fee structure with a uniform flat fee charged to all financial institutions—regardless of size or transaction volume. The current model provides steep discounts to the country’s largest banks, which process hundreds of millions of e-transfers annually, while smaller banks and credit unions face disproportionately higher costs.
The Bureau said that this change is expected to “level the playing field” by reducing barriers for smaller institutions and fostering more competition and innovation in the marketplace. Increased competition, officials say, can lead to better choices, lower costs, and improved services for Canadian consumers.
“Flat-fee pricing for e-transfers, where financial institutions of all sizes pay the same rate, will help level the playing field,” the Bureau said in a statement. “This will support more competition and innovation in Canada’s financial services sector.”
The Competition Bureau’s involvement follows an inquiry that began in October 2024, prompted by concerns raised at the House of Commons Standing Committee on Industry and Technology (INDU). Commissioner of Competition Matthew Boswell addressed the committee in November 2024, where Interac’s pricing practices were a key topic.
While Interac does not charge fees directly to consumers, banks and credit unions often pass on e-transfer costs to their customers through their own fee structures or banking packages.
The Bureau cautioned that although volume-based discounts are not inherently anti-competitive, they can raise concerns when used by dominant market players to suppress competition. Interac, as a central player in Canada’s payment system, falls under this scrutiny.
The agency affirmed it will continue to monitor Interac’s business practices to ensure compliance with the Competition Act. It also encouraged Canadians to report any signs of anti-competitive behaviour through its online complaint portal.
For more information about Interac’s e-transfer pricing structure, consumers are advised to visit Interac’s official website.
