I am planning to buy a house next year, which is likely to cost $500k+. To fund the purchase, I’ve been selling stocks that I’ve acquired or been given by my employer over the course of many years. Everything is split across a few brokerage accounts currently, so I need to transfer it all to one account, then eventually use it to buy a house.
However, I recently realized my account seems to have daily and monthly inbound/outbound limits that would make it impossible to accumulate funds for a large purchase…
Taking Citibank as an example, if I understand correctly their limits are:
- $100k/month inbound
- $50k/month outbound
Also CapitalOne checking:
- $250k limit on cashiers checks
- $100k limit on “bill pay”
If I look around at other banks, most seem to have limits that look like they would get in the way…
What am I missing?
- Do I need to call the bank and increase the limits by 5x?
- Am I expected to write a check for these kinds of transfers? I can’t see any explicit limits in checks.
- Would a wire transfer still be subject to the limits mentioned above?
- Do I somehow need to upgrade to some special type of account?
- Am I expected to split transactions up over weeks or months?
- Are payments to eg. an Escrow account somehow not subject to these limits?
Ultimately I’d prefer to make these transfers online in the most secure way possible.