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How much money can you transfer online?

The amount of money you can transfer online depends on the provider you use, although there are no international rules that set any worldwide limits. Some providers don’t set any limits at all - although many do have daily, weekly, and monthly restrictions as well as limits per transaction. To make sure your money transfer arrives promptly and that you don’t pay more than you need to, however, it’s a good idea to look closely at your options.

Sarah Edwards
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Sarah Edwards
7 minutes
November 29th, 2023
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Understanding online money transfer limits

The National Automated Clearing House Association (NACHA) limits ACH deposits to $1 million per transaction. While there aren’t laws regulating how much money you can send via a wire or money transfer provider, different providers set their own limits.

Online money transfer limits can vary based on several factors, including:

  • Where you’re sending the money

  • What currency you send funds in

  • What transfer method/provider you use

  • How you pay for the transfer

Before sending money, make sure you know whether you need to report the transfer for tax purposes. For example, in the USA, all transactions over $10,000 must be reported.

International transfers involve sending money overseas, so they’re sometimes more costly. Since domestic transfers only send money within the country, they’re often less expensive.

Note that for our purposes, “banks” are financial institutions with banking licenses, while remittance companies are businesses that specialize in transferring money (but don’t operate like banks).

How much can you transfer online internationally?

International money transfer limits can differ greatly. In most cases, the law doesn’t set limits — the banks and transfer providers set them themselves.

International bank transfer limits

Bank wire transfer limits aren’t imposed by any regulatory body. The banks themselves will usually limit bank transfers to reduce the risk of money laundering or other illegal activity. Because there’s no legally mandated limit, each bank is able to set a limit based on its own risk tolerance and the needs of its clientele.

Since each bank sets its own fee schedule, larger transfers aren’t always more expensive. When it comes to wire transfers, most banks have a flat fee for all wires, regardless of the amount.

BankBank of AmericaCharles SchwabWells FargoChase Bank
Minimum TransferNo minimum listed$0.01 on Client Central; $1 on Schwab.com$25No minimum listed
Maximum Transfer$1,000 for individuals; $5,000 for businesses$100,000$5,000$250,000

International money transfer limits

Remittance companies limit international transfers for the same reason banks do — to discourage money laundering and fraud.

However, not all remittance companies limit international money transfers. Some specialize in large transfers, and many of these have no limit to the amount you can send.

Larger transfers don’t always cost more, but you’ll want to be mindful of the exchange rate, as exchange-rate markups can add up quickly.

CompanyWiseWorldRemitOFXRemitly
Minimum TransferLess than $1No minimum listed$1,000No minimum listed
Maximum Transfer$1,000$5,000 per transaction and $9,000 per 24 hoursNo maximum$2,999 daily, $10,000 monthly, or $18,000 per six months

When comparing money transfer providers, double-check the total amount your recipient gets. It’s an easy way to determine which providers charge you the least.

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Mobile money transfer limits

You can also transfer money internationally with some mobile wallets, though many only allow domestic transfers, meaning your options are somewhat limited.

Mobile wallets are designed for everyday convenience, and they usually see a huge volume of small daily transactions. They can be easily overwhelmed by multiple large transfers, so most impose fairly low transfer limits.

CompanyPayPalGoogle PaySamsung Pay
Minimum TransferNo minimum listedNo minimum listedNo minimum listed
Minimum Transfer$60,000 per transaction (some accounts limited to $10,000)$5,000 with verified identity; $500 if your identity isn’t verifiedMaximum is determined by the credit/debit card you use

Keep track of how much you send and who you send it to. To avoid getting in potential legal trouble, always report transfers of more than $10,000 to the IRS.

How much can you transfer online domestically?

It’s possible to commit financial fraud without sending money internationally, so most financial institutions and transfer providers will limit what you can send. As you can see in the tables below, those limits vary drastically by bank. Payment apps are a quick solution, but most have lower limits than banks.

Bank transfer limits

Different banks set different transfer limits. However, those limits may vary depending on how the money is transferred. In most cases, wire transfers have higher limits than ACH transfers.

BankBank of AmericaCharles SchwabWells FargoChase Bank
Minimum TransferNo minimum listed$0.01 on Client Central; $1 on Schwab.com$25No minimum listed
Maximum Transfer$1,000 for individuals; $5,000 for businesses$100,000$5,000$250,000

Payment app limits

Payment apps like Zelleand Venmoare great for sending money to family and friends, but they usually have lower transfer limits than banks or money transfer companies.

Some apps allow you to send larger amounts. Don’t forget to check how much you’ll be charged for a transfer, as many charge relatively high fees.

AppZelleVenmoCash AppApple Cash
Minimum TransferNo minimum listedNo minimum listedNo minimum listed$1
Maximum TransferIf your bank uses Zelle, the bank sets the maximum; if it doesn’t, the maximum is $500 per dayCan be up to $60,000 per week, depending on payment methodUp to $2,500 per day and $7,500 per weekUp to $10,000 per message

Money transfer company limits

Money transfer companies can be a great way to wire money without a bank account. As you can see, the limits these companies set are high, but they’re still lower than the transfer limits set by most banks.

CompanyRiaWestern UnionWorldRemit
Minimum TransferNo minimum listedNo minimum listedNo minimum listed
Maximum TransferUp to $1,000 per day and up to $14,999.99 per 30 daysUp to $3,000 without verification and up to $50,000 with verificationUp to $5,000 per transaction and up to $9,000 per 24 hours

What online method are you using?

As you can see, there’s no shortage of options when it comes to sending money online. Each option has its advantages and disadvantages.

Banks

Using your bank to transfer funds can be convenient, especially with online banking, but remember few wire transfers are completed on the same day. Just check your bank’s transfer limits before you choose this option.

Wire transfers tend to be more costly than other transfer methods, which is why we’d always recommend money transfer providers.

Money transfer companies

Money transfer companies specialize in sending money. Because they don’t provide the services a traditional bank does, they can focus all their efforts on facilitating quick, secure transfers.

Because some providers have no transfer limits, these companies are often great for larger transfers.

Payment apps

Payment apps are ideal for smaller transfers. Many charge low fees (or none at all) to send money. However, they usually have low transfer limits.

Your top options for large online money transfers

Under certain circumstances, you might find that you need to transfer a large amount of money online (either domestically or internationally). Here are some of the main reasons you may need to do so:

  • Making a down payment on a home

  • Sending money for tuition

  • Giving a large cash gift

  • Transferring your pension

Fees and exchange rate markups can add up quickly with large sums, so if you need to transfer a substantial amount, consider using a provider that specializes in larger transfers:

CompanyMaximum LimitTransfer TimeFee for $50,000 TransferFee for $100,000 TransferVisit
OFXNo maximum1–2 business days for major currencies; 3–5 business days for less popular currenciesNo fee except exchange rateNo fee except exchange rateVisit OFX
TorFXNo maximum, but personal transfers over $50,000 need to be arranged through a business managerSame day to 2 business daysNo fee except exchange rateNo fee except exchange rateVisit TorFX
XE$500,000At least 24 hoursExchange rate (some transactions include a small send fee)Exchange rate (some transactions include a small send fee)Visit XE
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FAQs

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Sarah Edwards
Sarah is a proficient Content Writer who specialises in the financial sector. Her expertise lies in delivering clear, informative articles that help readers navigate the complex world of financial transactions and currency exchanges.