e-Transfer is sure to cut down your burden to write a check and deposit money to a person. You can just enter the relevant details of the person and they will receive the amount. All the e-Transfers are powered by Interac. And almost every Canadian bank has integrated the service into their applications.
So, you can just open up your bank application select Interac transfer and enter the recipient’s details and transfer money. So, if you are wondering what the limits are on e-Transfers from TD Bank accounts, you are on the right page. Scroll down to read about it.
Is there a limit on e-Transfers from TD?
Short Answer: Yes, there are limits on e-Transfers from TD.
Interac does not put any restrictions on e-Transfers but the banks definitely do. So, TD Bank to has a minimum and maximum limits for the transactions or e-Transfers from the bank accounts.
All the limits are rolling. This means if you make an e-Transfer at 9:30 AM today, the clock will reset tomorrow at 9:29 AM.
What is the maximum amount you can e-Transfer from TD?
Short Answer: The maximum amount you can e-Transfer from TD is $3,000. The $3,000 limit is per transfer limit. And you can send $3,000 in 24 hours, $10,000 in a week, and $20,000 in 30 days.
So, if you are sending larger amounts, you need to divide them. So that you do not exceed the upper limit and the time frame in any of the cases.
What is the minimum amount you can e-Transfer from TD?
Short Answer: The minimum amount you can e-Transfer from TD is $0.01.
Although there might be a possibility of this situation happening, I cannot think of a situation of a person sending $0.01. But limits are limits and that is the least amount of money you can send, literally.
Can you increase the e-Transfer limit for your TD bank account?
Short Answer: Yes, you can increase (or even decrease) the e-Transfer limit for your TD bank account.
You have to contact your TD branch and ask them to increase the e-Transfer limit. Because as I have previously stated, Interac doesn’t have a say in the limits. The banks do.
You may try to call them and get the whole process done on the phone itself. But they might call you down to the branch and ask you the reason you are requesting an increase in the limit. And you might need to provide the required proofs and documents.
Also, there are other limits than the maximum and minimum limits. For example, there are sending limits, receiving, and requesting limits (the request limit is also set to $3,000). So, you have to be clear in explaining to them why you are requesting the increase of that particular limit.
Whenever you make a transfer online you should know the limits of those transactions. Knowing that information helps you from getting stuck trying to transfer funds that exceed the limits. It is good to be aware of them than be completely oblivious.
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Sri Sahith is passionate and writes his articles by ensuring attention to detail. During his graduation study, he has taken elective subjects like Business Economics and Financial Analysis. These gave him the interest, knowledge and passion to write articles related to Finance-Tech. Also, he loves to read books and talk about them as long as possible.