PayID Transfer Limit

Which bank has largest transfer limit for PayID per day?

My bank allows only 5K, I read some other bank only allows 2K per day…

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Comments

  • +2 votes

    You can talk to your bank and get your limit increased.

    •  

      I did and they said that that is the limit from PayID.

      • +1 vote

        If PayID doesn't work, input the receiving account's actual BSB and account number. The PayID limit and "daily payment limit" are two separate limits.

  •  

    Why is there a limit on how much money people can send to someone else?

    We're living in the 21st Century. Technology allows for the transmission of data across the world in milliseconds. Imagine a world where people can use their money as they please.

    Some time ago, the largest transaction ever in terms of dollar value was made on the Bitcoin blockchain.

    It was a transaction involving 161,500 BTC, worth over $1.1 billion.

    In any event, the fee for this transaction was only about $0.70, which is absolutely insignificant compared to the transferred value.
    https://en.cryptonomist.ch/2020/05/06/bitcoin-largest-transa...

    • +4 votes

      Why is there a limit on how much money people can send to someone else?

      Because… FRAUD! (And when it happens, people expect the bank to wear the cost!).

      You can contact the bank and request for a temporary increase on the limit.

  • +1 vote

    Are you saying that banks should treat OP and all their other customers as dodgy scammers because they want to send more than $5k to someone else?

    The truth is the banks own the deposits while it's under their control.

    BEIRUT — Lebanon’s central bank said Tuesday that depositors will be allowed to withdraw limited monthly amounts from their foreign currency accounts, nearly 20 months after banks denied them access amid a severe financial crisis.

    According to the new central bank circular, depositors will be allowed to withdraw up to $400 a month in cash and another $400 in local currency at a rate eight times higher than the official rate.

    https://abcnews.go.com/International/wireStory/lebanon-grant...

    "Not your keys, not your money (Bitcoin)".

    • +2 votes

      Are you saying that banks should treat OP and all their other customers as dodgy scammers because they want to send more than $5k to someone else?

      I'm assuming you were trying to respond to my earlier comment about fraud. It's not fraud by the customer I'm talking about. It's fraud by someone else other than the account owner that I'm referring to. If someone gets into a customer's account and transfers a large sum of money elsewhere, the bank is often held responsible for it so it's a wise move on their part to limit their exposure. It actually happens quite frequently because some customers don't secure their passwords or they become a victim of a phishing scam. The banks have procedures in place to increase that limit on the customer's request upon verification of their identity. There's a balance between risk management and convenience for their customers.

    •  

      Learn how to reply to comments.
      But, yes. Everyone is a fraudster.

  •  

    I found Ubank the quickest but unable to see the limit.

  •  

    You can transfer up to $100k per day using PayID
    with Macquarie if you also have their Authenticator App.

    •  

      *$10,000. $100,000 total limit

      •  

        You're correct. Apologies.
        I have transferred more than $10k using PayID with ANZ before

  •  

    Is there a limit on PayID NAB?

    The default Pay anyone access daily limit is $5,000. You can apply to increase your daily Pay anyone limit up to $40,000 via internet banking so long as you are registered for SMS security.

    https://www.nab.com.au/personal/online-banking/nab-internet-...

  •  

    I have my limit at $20k and have done plenty of these. I assume i could increase if needed.

    Westpac

  •  

    BoM has the 5k limit that can't be increased. I just transfer to NAB, then PayID.

  •  

    Thanks guys for the information, looks like I need to call them again and hope this time I get someone bit better than last person who sounded bit unsure.

    Daily withdrawal limit is different to PayID limit so I'm not sure how some of you guys are able to withdraw 20 and 40K, don't think any bank allows that much via PayID specifically.

    •  

      I can confirm the NAB limit of 40k can definitely be done via PayID. I tried a few of the different methods, including the old regular transfers. PayID gave me the most confidence since it was processed within minutes (so you can send a test transaction), and because you are given your own account tag/number at the institution you are sending to.

      •  

        Thanks, might have to open account with them then. :)