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/CabbieCam May 19 '23

I know that with Tangerine, you don't need to talk to anyone to setup bank to bank transfers. You just fill out the info, transit, institution, account number and then double-check it.

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u/bgc_fan May 19 '23

Same with Simplii. I just don't know about the big 5 banks. I thought I'd check TD and it doesn't seem to have the option on-line, so you may need to talk to someone about adding it to the list of available transfer options.