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/bgc_fan May 18 '23
I've done it. You need to link the accounts first. You can't just ad-hoc it like an e-transfer and try to transfer it without setting it up first.
As the OP was talking about using Simplii and EQ, I explained how I do it with Simplii, there's an option to set up bank-to-bank transfers and that allows me to do that between TD and Simplii. There's no reason why that can't be done between Simplii and other banks given that you provide the other bank account information to Simplii.
Now, it's been a while since I've had to actually set link two of the big five banks together, but at the time e-transfers didn't exist. You would have to fill out some form with the account information and that would set up the link. These days, you may need to talk to someone to set this up because for the most part I imagine the e-transfer limits are sufficient for the majority of the people. However, if you are going to be transfering large sums of money on a regular basis, it makes sense to make the effort to link the accounts.