The amount of money you wish to transfer online depends entirely on the purpose of your payment. While some send money online to make mortgage repayments or pay overseas employees, others may want to simply send money as a birthday gift or to split the cost of a bill. There are a number of reasons why you may need to familiarize yourself with the limits of your money transfer, and in this guide, we will outline online money transfer requirements.
Recognizing how the destination impacts your transfer limits will give you a better understanding of what sort of minimum and maximum amounts can be sent and received. Below, we have outlined the key differences between a domestic and international money transfer.
These types of payments can take a matter of minutes to reach the recipient’s account because the benefactor and beneficiary are both in the same place, and sometimes you are transferring money between bank accounts with the same institution. As well as being quicker than international transfers, domestic money transfers are typically much cheaper. This is because you are sending money to someone else – either an individual or a business/organization – who is located in the same country as you. Domestic transfers can be made using your online banking or through a money transfer company, and the provider will outline details regarding the minimum and maximum limits. Please read our guide to transferring money between
An international money transfer refers to the process of sending money to someone overseas. This can be completed online through your bank or with the help of a specialist provider. Either way, it will take longer than a domestic money transfer, depending on your chosen service. International money transfer specialists make it their business to send money abroad instantly, but this type of transfer is determined by the destination country/currency involved. Find out more about the rules and regulations that apply to international money transfers.
The most popular methods of transferring money online include:
Each of these methods will have its own specifications regarding limits to funds transferred through their platform. Learn about the various pros and cons of these 3 online money transfer methods.
No matter which online method you use to move money from A to B, every provider will allow different daily payment amounts. To give you a better understanding of how much money you can transfer online, we will present the guidelines of 4 top companies in each sector.
|Minimum amount (CAD)||No minimum||No minimum||No minimum||No minimum|
|Maximum amount (CAD)||Up to $3,000 per day||Up to $3,000 per day||Up to $3,000 per day||Up to $5,000|
|Minimum amount (CAD)||$100||$1||$10||$100|
|Maximum amount (CAD)||No limit||No limit||$12,000 for card payments|
$250,000 for SWIFT payments
|$300,000 (or equivalent)|
|Minimum amount (CAD)||$1||$1||$1||No minimum|
|Maximum amount (CAD)||$1,000,000 (or equivalent)||$4,000 to $40,000 depending on payment method||Up to $60,000 (or equivalent) depending on payment method||No limits for most currencies; $500,000 per day limit for UK domestic transfers|
The amount of money you wish to transfer online depends entirely on the purpose of your payment. While some send money online to make mortgage repayments or pay overseas employees, others may want to simply send money as a birthday gift or to split the cost of a bill. There are a number of reasons why you may need to familiarise yourself with the limits of your money transfer, and in this guide, we will outline online money transfer requirements.
Although there is no legal limit to the amount of money that you can transfer online from Canada, different providers will have their own limits. It’s therefore a good idea to check the full terms and conditions for your chosen remittance company. If you are sending a large payment over CA$100,000 you should also be aware that moving money in and out of Canada is covered under the Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations and enforced by the Canadian Border Services Agency and FINTRAC. This means that when transferring large amounts online, your online money transfer provider will make the necessary reports to FINTRAC and the Canadian Revenue Agency.
The provider sets the minimum and maximum amount of any online money transfer. It’s essential to ensure that the service you pick suits your needs and supports secure transfers in your currency. Some companies specialize in transferring larger sums of money, while others are better equipped to facilitate recurring, midsize money transfers. No matter what the size of your transfer, there will always be a reliable company to assist you. Use our comparison tool today and find out how much your chosen provider can transfer for you.
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.