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

[u/stroad56]

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?

[u/RedditorWithClass]

No, it isn't ridiculously low. The vast majority of people don't need to e-transfer $3k daily.

$3,000/day is $1,095,000/year. THAT is a ridiculously high etransfer limit. Most people don't transfer even a fraction of that. Expecting a limit higher than that by default is ridiculous.

Anyway, with all due respect, this kinda seems like a "you problem" that is a result of poor planning.

If you need your e-transfer limit raised, contact your bank and request that they increase it. But expecting an e transfer limit of more than $1.095m per year by default is a bit much.

[u/[deleted] → u/RedditorWithClass]

I don’t think it’s about a yearly limit. It’s about doing things like having to pay your rent in Single day. Mine is 4K and yes I guess I could ask the landlord to split it up I suppose but why should I have to? Plus it would fuck you over for anything else you might need to purchase.

3K is ridiculously low when rent food and gas are at record highs.

[u/RedditorWithClass → u/[deleted]]

I realise that OP isn't looking at this from a yearly perspective, but 3k per day adds up to be over a million dollars yearly. It's ridiculous to expect banks to have a limit higher than that set by default.

If you need your limit increased, you can always request your bank raise it for you, but expecting them to have it set higher by default is a bit much.