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At my bank, there is a $3,000 daily limit and $10,000 weekly limit on Interac e-Transfers. Will the bank or regulatory authorities be suspicious if I decide to use Interac e-Transfer to send $10,000 (or more) to one person by dividing the amount into daily transfers of $2,500 each? Are there any reporting requirements?

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  • Note that the limits are set by your bank, and are not set in stone. If you call up your bank and say you want to make a 10K transfer, they might remove that limit.
    – user3757614
    Commented Jun 29, 2021 at 6:47

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If the bank decides that you are "structuring" your transactions to avoid going over a reporting limit, they can report all the transactions as suspicious. Whether they do so is a subjective decision up to the bank. For example, if you are a pizza parlor that has been doing business with them for 30 years, they would probably not report it as suspicious. If you are a new customer with no other obvious legitimate business transactions, then they might report it. It's up to them.

With larger sums of money, it is generally recommended to use EFT transfers rather than Interac. Interac is intended for transfers below the stated limits.

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  • If Interac is anything like Zelle, it's the simplest way to send money to family.
    – RonJohn
    Commented Jun 29, 2021 at 6:36
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    Doesn't "structuring" apply only to cash (physical currency) transactions? Note that this bank's $3k daily limit for Interac appears to be a policy limit (where larger transactions are simply not allowed), not a "reporting limit" (where larger transactions are allowed but reported).
    – nanoman
    Commented Jun 29, 2021 at 7:01
  • @nanoman Yes, I know, but frankly a bank can report any transaction they regard as suspicious. The OP asked if the bank will "be suspicious" which is an impossible-to-answer psychological question. How do I know what crazy thoughts spin around in the head of the OP's bank manager? The bottom line here is that they CAN report it if they want to, so the best policy is not to screw around using Interac for purposes for which it was not intended, and it was not intended for transfers of the size the OP is wanting.
    – Five Bagger
    Commented Jun 29, 2021 at 7:36
  • @FiveBagger asking whether something is suspicious is suspicious by itself. But I imagine the OP wants to know whether their account will be locked or police will come to their house.
    – Criticizing Israel not allowed
    Commented Jul 5, 2021 at 16:05

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