Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this9:51 am
December 20, 2019
Offline
I just got a notification from Wealthsimple informing me of my higher e-transfer limits.
I have a generational account and this was an unsolicited notification.
e-transfer limits have long been a thorn in my side and I often have to use numerous accounts at numerous financial institutions to meet my needs.
This is welcome news and should be good enough to prevent me from breaking my e-transfers into multiples every time I have a need to send a higher denomination.
At last, some good news, been bugging my legacy banks forever for this.
PS. I used $6000 today which is why it says 144k available instead of 150k
11:15 am
September 24, 2019
Offline
I did two bank to bank transfers last week on the same day. One transfer initiating from EQ to transfer funds from Tangerine HISA to them and the other initiating from Oaken to transfer from Tangerine HISA to my Oaken Account.
My "limit" for a one day transfer with Tangerine is $25K apparently. The two transfers combined out of my account with them was more than twice the allowable limit. I forgot about the limit...another age thing.....but both transfers went through and seemingly no problem with Tangerine. The transfer to EQ was to my savings account and the transfer to Oaken was a direct GIC purchase.
11:44 am
January 25, 2024
Offline
KamWest said
e-transfer limits have long been a thorn in my side and I often have to use
e-transfer is not the same as moving money between linked accounts, correct?
11:47 am
December 20, 2019
Offline
CAD said
KamWest said
e-transfer limits have long been a thorn in my side and I often have to usee-transfer is not the same as moving money between linked accounts, correct?
Correct, moving money between accounts is unlimited but larger e-transfer limits can come in handy if you want to move larger amounts from one bank to another without any holds or delays.
So if I want to move 25k from wealthsimple to cibc I can do that in an instant instead of the few days it usually takes to do a bank to bank transfer.
Plus I can technically e-transfer payment for a small used car if needed.
12:28 pm
April 27, 2017
Offline
E-transfers are irreversible and can expose one to scums/phishing attacks - or just sending lots of cash to the wrong person.
I keep the slider well below max but can increase the limit if needed. Money pushed from WS via EFT to linked accounts arrives same day anyway. I am sure there is a limit on transfers to linked accounts but its more than $100K.
3:27 pm
September 29, 2017
Offline
This conversation needs to be cleared up as it may mislead many due to lack of context. There are multiple types of e-transfers, EFT and Interac being two most common forms. They each have limits, and very different ones at that.
For EFT, the banks are the ones that most often determine the limits and conditions. There are also MANY differences if the EFT is being initiated as a push vs a pull.
EFTs are used predominantly when linking external accounts to the same owners of the accounts.
For Interac, there are max daily, weekly and monthly limits, set by Interac, but then the banks can impose their own limits that may be below what Interac sets as a max for each. These limits are far lower than EFT limits.
Interac is used to perform transfers to anyone that has an online bank account, and the link does not have to be predetermined.
The limits by the OP are clearly EFT limits.
3:37 pm
December 20, 2019
Offline
I'm talking about INTERAC e-transfer limits
I do sometimes use them to transfer money from bank to bank if I need to do it quickly.
I'm pretty sure I was fairly specific on that, but hopefully that clears it up.
3:38 pm
April 27, 2017
Offline
The limits by the OP are Interac e-transfer limits.
Wealthsimple offers these (via email) as well as push/pull to/from linked accounts.
Interac via email is close to instantaneous but potentially can take 30min. Pull from a linked account is also instantaneous but only some of the funds are available right away; the remainder can take 5 days to clear. Push from Wealthsimple ends up in my destination account by the end of the same day but I am not sure what the limit is as I never hit it.
3:50 pm
October 27, 2013
Offline
Something is different then about the Interac - WS relationship since Interac e-transfers are supposed to be fully instant and available. A 5 day hold on certain sums is not an Interac e-transfer feature. https://www.interac.ca/en/resources/personal-resources/personal-faq/interac-e-transfer/
4:00 pm
December 20, 2019
Offline
AltaRed said
Something is different then about the Interac - WS relationship since Interac e-transfers are supposed to be fully instant and available. A 5 day hold on certain sums is not an Interac e-transfer feature. https://www.interac.ca/en/resources/personal-resources/personal-faq/interac-e-transfer/
There are two things being discussed by @mardco
The 5 day hold is on pulls, we are saying we prefer e-transfer because there is no hold period.
I think Motus has 30 min on larger amounts, same with pc and both of those irritated me. E-Transfers should always be near instant because I have paid via e-transfer at a mechanic who did not take credit cards and I did it with simplii which was almost instant.
4:36 pm
April 27, 2017
Offline
AltaRed said
Something is different then about the Interac - WS relationship since Interac e-transfers are supposed to be fully instant and available. A 5 day hold on certain sums is not an Interac e-transfer feature. https://www.interac.ca/en/resources/personal-resources/personal-faq/interac-e-transfer/
AltaRed said
A 5 day hold on certain sums is not an Interac e-transfer feature. https://www.interac.ca/en/resources/personal-resources/personal-faq/interac-e-transfer/
It isn’t and nor did I say that it was. “Pulling” relates to the transfer from linked accounts initiated from WS. If I am “pulling” into WS investment account then all the funds are available to invest right away. If I am “pulling” $100K from a HISA into WS chequeing then only $10K is available to transfer out right away (the number is an example). Full amount earns interest right away and shows in the account but they might put a 5-day hold on $90/50/30K.
4:39 pm
October 27, 2013
Offline
Okay. Thought this thread was specifically about Interac e-transfers.
1:13 am
April 21, 2022
Offline
AltaRed said
Okay. Thought this thread was specifically about Interac e-transfers.
Yes, that is entirely correct. Why EFT was brought into the conversation is beyond me.
3:04 am
April 27, 2017
Offline
JohnnyCash said
Yes, that is entirely correct. Why EFT was brought into the conversation is beyond me.
Let me try to explain:
1. E-transfer is a type of EFT.
2. Other types of EFTs discussed from post 2 onwards.
3. Comparing alternative forms of EFT strikes me as reasonable rather than completely crazy.
4. Personally, I don’t find WS offering to jack up daily e-transfer limits to $25K useful as transfers to/from WS and linked bank accounts are a) unlimited b) either instantaneous or fast and c) safer.
That said, if all of a sudden I need to increase e-transfer limit, the option is there and (I assume) it can be reversed after use. Guess it's not a bad thing.
10:03 pm
September 29, 2017
Offline
I guess I am a little puzzled because I was led to believe that Interac was the one that set the absolute max for each transaction, and daily, weekly, monthly limits.
Note and be aware that some banks also set a limit to the amount you can receive in transaction, and other receiving limits.
8:13 am
April 6, 2013
Offline
$25,000 maximum per e-Transfer is the only limit Interac Corp. has.
The daily, weekly, and monthly limits are up to each financial institution and how much risk each is willing to take.
8:26 am
February 7, 2019
Offline
smayer97 said
I guess I am a little puzzled because I was led to believe that Interac was the one that set the absolute max for each transaction, and daily, weekly, monthly limits.Note and be aware that some banks also set a limit to the amount you can receive in transaction, and other receiving limits.
I just checked 3 of them ...
TD: 1-Day=3k, 7-Day=10k, 30-day=20k
BMO: 1-Day=7.5k, 7-Day=15k, 30-day=30k
TNG: 1-Day=3k, 7-Day=10k, 30-day=20k
| CGO |
10:30 am
December 20, 2019
Offline
I tested it and sent 25k yesterday and it deposited at the receiving bank with no problems.
Will do another 25k today to test the 50k weekly limit.
PS. My rep tells me they can increase it to 250k per month if you maintain a 1 million balance with 2.75% interest plus a 1% bonus for bringing the cash in but the bonus is paid out over 12 months.
10:54 am
December 20, 2019
Offline
Norman1 said
$25,000 maximum per e-Transfer is the only limit Interac Corp. has.The daily, weekly, and monthly limits are up to each financial institution and how much risk each is willing to take.
I did not know that, thank you for sharing.
Please write your comments in the forum.