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Increase in Interac Limits (reciving)
August 23, 2021
10:30 am
Loonie
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This came in a newsletter from DUCA today by email:

"Increase to receiving e-Interac transfer limits
(Personal & Business)
If you regularly receive large electronic transfers through Interac, i.e., large business or personal payments, we think you will appreciate the new increased e-transfer limits on receiving Interac payments.

Effective now, the Interac e-transfer limit for incoming funds has increased to $25,000 per transaction. In addition, there are now no limits on transactions conducted within one-day, seven-day, or 30-day time frames."

I rarely use Interac and know little about it, but perhaps this will be helpful to some of you.

August 23, 2021
11:07 am
canadian.100
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Loonie said
This came in a newsletter from DUCA today by email:

"Increase to receiving e-Interac transfer limits
(Personal & Business)
If you regularly receive large electronic transfers through Interac, i.e., large business or personal payments, we think you will appreciate the new increased e-transfer limits on receiving Interac payments.

Effective now, the Interac e-transfer limit for incoming funds has increased to $25,000 per transaction. In addition, there are now no limits on transactions conducted within one-day, seven-day, or 30-day time frames."

I rarely use Interac and know little about it, but perhaps this will be helpful to some of you.  

Yes it will be useful because DUCA's Me to Me transfer system is not functional today and they are trying to fix the glitch and do not know when it will be working.

I gather DUCA is not allowing a $25K outgoing interac e-transfer. That would be useful too.

August 23, 2021
11:35 am
Loonie
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Yes, there was no mention of outgoing. I thought that a bit odd, but, as I said, I don't know much about it.

Peter: could you please corrcet my spelling mistaake in the title?

August 23, 2021
12:14 pm
smayer97
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Loonie said
This came in a newsletter from DUCA today by email:

"Increase to receiving e-Interac transfer limits
(Personal & Business)
If you regularly receive large electronic transfers through Interac, i.e., large business or personal payments, we think you will appreciate the new increased e-transfer limits on receiving Interac payments.

Effective now, the Interac e-transfer limit for incoming funds has increased to $25,000 per transaction. In addition, there are now no limits on transactions conducted within one-day, seven-day, or 30-day time frames."

I rarely use Interac and know little about it, but perhaps this will be helpful to some of you.  

The bigger issue is the SENDING limits from OTHER FIs, which are typically a lot lower, e.g. $3000/day, $10K/wk and $$20K/month from MANY FIs, or $2,500/day max woith no other limits (e.g. RBC).

Please write your comments in the forum.