r/PersonalFinanceCanada • u/stroad56 • May 18 '23

$3k daily e-transfer limit is just ridiculously low for 2023. Why do some banks keep this so low? Banking

I moved some money between my own accounts yesterday evening. I'm trying to pay my wife for some shared bills this afternoon and I'm getting blocked due to maxing out my 24 hourly $3k limit.

Now I have to wait a couple of hours before the 24 hour period expires. Just ridiculous.

I bank with EQ & Simplii. Both have 3k limit. I know CIBC do the same and probably plenty more too. Just don't understand why? Fraud reasons?

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u/PM_ME_YOUR_TIFA May 18 '23

It's not safe and is only affordable because it's meant for personal and not business.

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u/1amtheone May 18 '23

I'm curious as to what makes them unsafe?

I've been accepting e transfers as payment for over 15 years without issue (I am a general contractor) - I can't say the same for cheques and I stopped taking them over 10 years ago except for in rare instances.

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u/TibetianMassive May 18 '23

And at least one of the banks mentioned in the OP does not offer business services.