Interac e-transfer is a great, convenient way of sending money back and forth to friends and family and can be used as a form of payment when purchasing goods and services. With e-transfer, money exits and deposits into bank accounts instantaneously, and it is a great alternative to paying with cash or cheque.
However, one downside to e-transfer is that most banks place a limit on how much money a customer can send at once. This may cause an issue if you’re looking to make a large purchase and need to send the money in one lump sum.
Fortunately, many banks, such as the Royal Bank of Canada, offer a way for customers to raise their e-transfer limit. If you’re an RBC customer, you’re likely wondering how to increase an e-transfer limit at RBC. To learn the answer to this question and other related facts, keep reading below!
What is RBC’s daily e-transfer limit?
Currently, RBC’s daily limit for sending and receiving e-transfers and direct deposit is a maximum of $5,000 per day. This is the amount of money that can be processed in total on any business day, meaning that you can’t send multiple separate e-transfer payments of $5,000 in one day.
Rather, in order to pay for a product or service that costs over $5,000, you’ll have to make the purchase in increments over a period of a few days, or you’ll have to get your transfer limit increased.
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6 simple steps to Increase your e-transfer limit in RBC
Fortunately, while RBC does place a $5,000 daily transfer limit on their customer’s bank accounts, there are a few easy steps you can take to temporarily increase the transfer limit.
First, in order to be eligible for a transfer limit increase, you must be of legal age and have made less than three changes to your RBC transfer limits within the same year.
If you’re eligible for this transfer increase, follow the steps below to learn how to increase an e-transfer limit on RBC:
- Open up your RBC account online and sign into Online Banking.
- Once signed in, you’ll be led to the “Accounts Summary” page. On the right-hand side of your screen, select the “Daily Transfer Limits” option, where all the different account limits for different transaction types will appear.
- On the right-hand side of the page, select the “Edit Limits” option
- Next, enter your new desired transfer limit to the nearest multiple of 10, choose your expiry date, and select “Next”
- Finally, review the information to ensure you entered everything correctly, and tap “Confirm.” After you complete these steps, the new transfer limits you set will be active until your chosen expiry date.
- Note that this method will only change your transfer limits temporarily, but if you’d like to change them permanently, you can phone an RBC Advisor at 1-800-769-2555 to see if you’re eligible for such an adjustment on your account.
Is it possible for RBC account holders to process bills and payments over the daily withdrawal limit?
According to RBC’s ACH Web, customers who have a SecurID token can have their daily withdrawal limit changed from $5,000 to $25,000 in order to process certain bills and payments.
To learn more about the SecurID feature, contact RBC’s customer service to see if you qualify for this change to your account and/or if it’s currently available.
Other related FAQs
Now that you’re aware of how to increase an RBC e-transfer limit, you likely have a few other questions related to this topic. To learn more about RBC’s different account withdrawal limits and other similar facts, continue reading below:
Why does RBC have a daily e-transfer/transaction limit?
RBC places a daily e-transfer and transaction limit on all customer accounts as an added level of protection against theft and fraudulent activity.
When banks like RBC set a transfer limit, it deters thieves and fraudsters from infiltrating customer accounts, knowing they won’t be able to access the entire sum of money available to send to other banks.
While these limits may be inconvenient for those who want to make larger purchases, they allow account holders to rest easy knowing that their funds are safe from tampering.
Can I increase my RBC client card limit?
To increase the limits set on your RBC client card, follow the steps outlined above for raising transaction limits on your RBC account.
The method used for increasing the e-transfer limit can also be used for increasing ATM withdrawals, purchase limits, and client card limits, as listed on the Edit Limits section of your accounts page.
How can I view my RBC account limits?
To view the transaction and withdrawal limits on your RBC account, follow the steps below:
- Sign in to Online Banking from your computer or device
- After signing in, you’ll enter the “Accounts Summary” page. From here, select the “Daily Transaction Limits” option on the right-hand side of your screen
- On this page, you’ll be able to view all the current limits placed on your account
Does RBC have a daily deposit limit?
Currently, RBC allows customers to make deposits of up to $500,000 into their accounts, either through ATM machines or through the RBC Mobile Banking app.
Note that while this amount of money may be deposited at once, it may take up to five business days for the funds to appear in your account.
Does RBC have a daily cash withdrawal limit?
Your daily cash withdrawal limit from RBC is the same as your daily transfer limit, which currently sits at $5,000 per day. If you’d like to temporarily change this limit, you can follow the directions outlined above for increasing e-transfer limits.
Does RBC have a bill payment limit?
Currently, RBC allows customers to pay bills no larger than $99,999 in one transaction. This limit applies to payments made through RBC ATMs, online banking, the RBC Mobile Banking app, and paying over the phone with RBC customer service.
How can I send an e-transfer through RBC?
To send an e-transfer from your RBC account, follow the steps below:
- Go to your “Accounts Summary” page and click the “Quick Payments & Transfers” box
- Select the account you’d like to send an e-transfer to, and press “Interac e-transfer” from the drop-down menu
- Enter the amount of money you’d like to send, and click “Submit”
- After reviewing the terms and conditions, click “Continue”
- Enter the name and email of the recipient, choose a security question and answer for them to accept the payment, and press “Continue”
- Finally, review all the information you’ve entered to ensure it’s accurate, and press “Confirm”
Conclusion: how to increase your e-transfer limit on RBC
To learn how to increase the e-transfer limit on RBC, follow the steps outlined above through the RBC online banking function. Note that your transfer limit will only be changed temporarily through RBC. For how to increase an e-transfer limit permanently, contact an RBC Advisor at 1-800-769-2555 to see if you qualify.
Further, some account holders may be eligible for SecurID, which changes your daily withdrawal limit from $5,000 to $25,000. To learn whether this feature is available for your account, contact the customer service number above.
