To common users of banking services, money transfers are money transfers. As in, you don’t consider them complex: just a tool to send and receive funds. But then, you face a plethora of terms like bank transfers, wire transfers, electronic payments, online transfers, and so on. And you start to wonder – “is there a difference between all of these?” and “what should I use?”. Well, let’s figure it out together! In this article, Genome will primarily focus on bank transfers and wire transfers and how they differ and compare wire payments to other transfer options as well. Wire transfer:
With a gradual shift to online banking, all financial operations are now done via the Internet. No matter whether you’re paying for the purchase with the bank card or digital wallet, or wiring funds to another country, all this happens online.
To order a transfer (both domestic and international ones) you can use any available device. Just a few clicks in your banking application – and you’re all done. However, it often happens that even with mobile banking there can be some issues. One of them is banking transfer limits: transfers can be canceled or simply won’t go through because you tried to send the amount that exceeds the existing maximum. Moreover, sometimes, you even have to pay the fee even if the transfer was canceled. That’s why today Genome is cracking transfer limits in this blog post.
International bank transfer limits
International money transfers are generally more expensive and take longer than domestic transfers. No wonder that transfer limits for wiring money overseas are higher: usually you will need to send as much as possible at one time for the receiver to get all sum promptly.
The rule here is that different banks and providers impose their transfer limits, setting them individually, as it relates to their internal AML processes and risk assessments. There can also be daily and monthly limits on how much you can send.
One more important thing here is that your bank can stop the transactions on large amounts anytime. They will ask to provide any proof (usually some documents) showing the reasons for such transfers. It’s usually done for your safety and to avoid any fraudulent transactions.
Although the standard limits set by the financial institution always apply, a customer can request to change them or even set the limits themselves.
International money transfer limits
You can send wire funds internationally in numerous ways: via mobile banking app or online banking, with the help of wire transfer companies, or by visiting your bank’s branch. For all of them, you will likely have different transfer limits.
Be careful with checking your transfer limits – don’t forget about transfer fees and monthly charges (if any). Only after gathering all this information, you will be able to decide what bank or provider offers the best pricing for you.
Mobile money transfer limits
When it comes to sending money online, transfer limits remain the same. In fact, there’s no difference between making a transfer from your mobile application or by visiting a bank’s branch. With most modern financial providers, you won’t be able to instruct a transfer online for the amount that exceeds the limit. The best advice here is to double-check what’s the maximum amount beforehand. You can do this on the official website of your bank or by contacting them directly.
How much can I send if I live in Europe?
If you’re sending money within Europe (both internationally and within one country), you’re probably making SEPA transfers. It’s the fastest and the most reliable way to wire funds in-between most European countries. SEPA system also has its own limits:
- SEPA Credit Transfers (SCT) – maximum 999,999,999.99 euros
- SEPA Instant Credit Transfers (SCT Inst) – up to €100,000 at a time
- SEPA Direct Debit Transfers (SDD) – no fixed limits
How much can I send if I live in the United States?
The sum you can transfer if you’re in the US will also differ from provider to provider. Some of them have higher maximum amounts for international transfers, while others focus on increasing limits for domestic transactions.
You can check fees and transfer limits for the necessary currency and countries you will wire money to, before starting banking with a particular financial provider. Luckily, there’s plenty of them to choose from, so you can select the one that fits your needs.
With Genome, you can make SWIFT* and SEPA transfers from mobile and web applications. They are available for business and personal accounts users. One more perk for our clients is instant and free transfers in different currencies within the Genome network.
*SWIFT transfers are temporarily unavailable.
How do I increase my sending limits?
With some banks, you can request to increase your sending limits. Your financial provider will review your financial history and will make a decision. Transfer limits can also depend on your plan (higher plan – higher maximum amounts for wiring money).
Is there a limit to how much money you can transfer?
Yes, banks and financial providers impose transfer limits to ensure a smooth and safe process of wiring funds. You can get familiar with the maximum amounts on the official website of the provider you’re banking with.
How much money can be transferred online in a day?
This amount is different with each bank and also depends on the type of transfer you’re making. For example, SWIFT and SEPA transactions will have different maximum amounts for sending money.
How much money can I transfer online from one bank to another?
Online transfers work in the same way as sending money directly in a branch: each provider has its own transfer limits.
How much can you transfer online in the UK?
These also differ based on few factors:
- Whether you’re wiring money within the UK or to some other country
- Whether it’s a transfer to a user of the same bank
- Your bank’s transfer limits.