The amount of money you can transfer to another account varies significantly depending on the type of transfer and the specific financial institution you use. Banks and financial services set these limits for various reasons, including security and fraud prevention.
Understanding Bank Transfer Limits
Different types of transfers and different banks have distinct maximum limits. These limits can be daily, weekly, or even per transaction. It's important to be aware of these caps when planning to move funds.
Common Transfer Limits by Type and Bank
Here's a breakdown of typical transfer limits, based on common transfer methods and specific major banks:
| Type of Transfer/Bank | Transfer Limit |
|---|---|
| ACH Same Day transfer | Up to $1,000,000 |
| Bank of America Corp. | $3,500 per day or $10,000 per week |
| JPMorgan Chase & Co. | Up to $25,000 per day |
| Citigroup Inc. Standard ACH | Up to $10,000 per day |
- ACH Same Day transfers are a fast and reliable way to move money, often used for larger sums, hence their higher limit.
- For specific banks, limits apply to daily and sometimes weekly totals, restricting the cumulative amount you can send within those periods. For instance, Bank of America has both a daily limit and a weekly cap, which means even if you don't hit your daily limit every day, you could still reach your weekly maximum.
For more details on bank transfers, including how they work and their various types, you can refer to resources like Square's guide on Bank Transfers: What They Are and How to Do Them.
