Feature request - increase e-transfer limit

Building Neo
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I’ve had an issue in the past where I need to transfer a large amount of cash rather quickly, and since the e-transfer limit with NEO is quite small it has caused very big time delays as I just had to do a normal bank transfer which can take up to a week. I’d love the option to increase the e-transfer limit either temporarily or forever. I know with other banks you can do this for the same reason. Hopefully open banking will take off relatively soon and this won’t be needed, but I wouldn’t hold my breathe for it.

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Definitely agree with you! Wealthsimple recently increased my etransfer limit to $20,000 so hoping we’ll see an increase with Neo.

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Hi @Justin, welcome to the community, and thank you for reaching out! I’ve shared your feedback (and @tsutlovic as well) with our team. I agree, this feature would be really valuable for people who prefer not to use electronic fund transfers for larger amounts.

That said, there are some added risk factors when higher e-Transfer limits are involved, so it’s something our team would need to carefully consider.

Thanks again for taking the time to share your thoughts, feedback like this really helps us grow!

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I understand the risk factors, that’s why I suggested a temporary lift because for me, I mainly use e-transfers to transfer between my various accounts with different banks

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I think control over limits could be a great option. Out of curiosity, how often do you find yourself doing this? Is it always the same use case? Same to @Justin

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This is one of those moments when you hate the regulations lol especially, if transferring within your own accounts and Neo is your main bank

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Is the limit affecting you? Do you move money a lot between Neo and your other accounts?

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Sometimes.

You don’t feel restrictions, until you experience them. I think it applies to everyone and everything in life

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I guess that’s the nature of things. I feel like crime is similar, no one really cares about fraud, for example, until they or someone in their life has to deal with it.

Are you able to use EFTs or direct debits or anything, or is it only the possible to make those transfers with Interac?

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I agree with your point.

I use whatever is available at the given moment and would love to have that “limited & verified” sending limit lifted if requested.

Do you think this is something Neo could implement? If yes, I’d bring it up during my speech for Neo Calgary team on Nov 4th.

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It’s not quite often but sometimes. I’ve had it before where I needed it in cases where I needed to put in a house offer or other large purchases that I had in the savings accounts at NEO. That’s why I suggested a temporary thing. And with the announcement of RTR coming soon from the government, hopefully that can get past some of these hurdles

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I would like to hear more about the risks and reasons for the limits. While I don’t transfer larger amounts between my banks that often, I have had occasions where I have to make multiple transfers over several days. Somewhat annoying but not earth shattering. Would just like to understand the limit requirements.

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I would love to talk about e-transfers when you’re here! Line up your thoughts in advance, and we’ll try and set up a warmup chat as well. I’m going to be moderating the panel.

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We at Neo are absolutely thrilled to get real time rails! I think you’re right about limits and things though, it would be good to have better workarounds available, so we can accommodate emergency situations. I remember buying a home and running into issues all over the place with moving all the money last minute.

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There are a bunch of reasons, I’ll just drop a couple. I’m sure other people can build on them.

  • When a criminal takes over an account, they are trying to drain it before they get caught.
  • Sometimes, if they have the card info, they can make a bunch of payments, but then they have to choose what they want to buy super fast and each transaction has the risk of getting them caught. Especially if they are in a foreign country, where a sudden surge of transactions will look result in a card getting frozen.
  • Otherwise, they can try and empty the account with an EFT, but that takes 3-7 days and if they’re caught in the middle it can be canceled.
  • Huge e-transfers are also likely to get flagged. So they often try to make a bunch of small transfers instead.

Fraud happens, and it sucks.

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