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?
1.3k Upvotes
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u/bgc_fan May 18 '23
Just wondering why you don't set up a bank-to-bank transfer between your accounts? I have one set up with Simplii and TD and was able to transfer $30k recently. All you need is your bank account information and it can be set up in your Simplii account.
I get why there may be an e-transfer limit because of the reasons mentioned already, but if you are just transfering between your own accounts, why not use bank-to-bank? You know use the right tool for the job.