What are Transfer Limits?
Transfer limits are the maximum amount of money that you can send or receive in a single transaction. These limits are typically set by banks or payment providers and exist to help prevent fraud and protect customers. When it comes to Wise, there are two types of transfer limits that you should be aware of: account limits and per-transaction limits. Keep in mind that, in general, no matter how much you transfer, the Wise fees stay the same.
Your Wise account has an overall limit that determines how much money you can send or receive in a day, week, or month. This limit is based on a variety of factors, including your account history and the level of activity in your account. You can view your current account limit by logging into your Wise account and navigating to the "Limits" tab.
In addition to your account limit, there are also limits in place for individual transactions. These limits are typically set by the banks or payment providers involved in the transaction and can vary depending on the amount of money being sent. For example, if you're sending money from your Wise account to a friend's bank account, the per-transaction limit will be determined by his or her bank's rules.
It's important to note that these two types of limits are separate from each other. This means that even if you have a high account limit, you may still be subject to per-transaction limits when making certain types of payments.