• Ideas

  • Feature request: allow €50K+ payments

I recently learned that bunq places a €50K limit on IBAN (SEPA) transfers. Why? It turns out that paying someone more than that requires either:

(i) two separate transfers to my own bank account with any other bank (which then allows me to transfer the sum in one transfer to the recipient); or

(ii) transferring the payment to the recipient from my bunq account, but splitting the payment into sub-€50K amounts.

And the split payment cannot be made on the same day! Is that really necessary?

While not a huge deal, neither of these options is particularly practical. It increases the risk of errors. (Both of the transferor and the transferee.)

Even less practical was the advice I received from bunq in a private chat in the app: open a bunq business account and you're good to go. Well, not really. This post here (https://together.bunq.com/d/6635-what-are-my-daily-limits) seems to make clear that even a bunq business account doesn't allow one to transfer more than €50K in a single transfer. (It does seem to allow multiple payments up to €1mio per day.)

In this thread here (https://together.bunq.com/d/3721-why-is-the-maximum-limit-50-000) John Do suggested that "To reduce the liability risk bank almost always set a limit. In most cases this limit is set to 50k (for instance IDEAL). If I'm not mistakes these limits is what banks have agreed together."

Surely that is mistaken for business accounts. ING for example lets users of business accounts transfer up to €5mio in one go (with the same maximum per day). The default is €250K, but user-increasable up to €5mio per transaction (and per day). That seems more reasonable. I'd be happier if bunq ups the maximum to be more in line with other banks. I'd take the bunq business account if bunq did this.

The €50K limit appears to be in line with market practice for consumer banking.

But still, why not remove it? (Other than creating a reason for people to get a bunq business account, obviously, if bunq were to increase the limit for those accounts.) I called ING to find out, and they told me that ING is working on implementing the function for their online banking to go up to €1mio for personal accounts. Not sure when tho, but not too shabby if they do. Will bunq beat them to it?

    @Johannes-Violet-Butterfly-2021242625#108589 I don't think it's bad that they have such a limit, but maybe bunq could give their support a "button" to temporarily allow a higher payment.
    This way if you want to transfer more you need to contact bunq and they can make a "security check" before they allow you to do the transfer.

      @Johannes-Violet-Butterfly-2021242625#108589 Ik heb dit luxeprobleem niet, maar als je meerdere overboekingen wil maken dan kan je wel heel simpel de "redo" knop gebruiken om de overboeking te herhalen. Dus je hoeft dan niet zo bang te zijn dat je bij de derde keer een verkeerd IBAN in geeft. Je komt dan trouwens nog steeds langs alle schermpjes heen, dus je kan wel zaken aanpassen als je wil. Bijvoorbeeld het bedrag van de laatste overboeking.

        I wish I had this problem :(

          Ik wil ook wel zo'n probleem !

            I got 99 problems, but this is ain't one 😂

            But anyway, I can imagine that it can come in handy to be able to transfer a large amount, for example to pay for a house. But I think these cases are relative rare and most of the time there are workarounds. For instance splitting it up, like also some other banks advice you to do.

            bunq 🌈 is a relative new and small bank, so I can imagine such large amount doesn't fit their risk appetite. But who knows what the future brings.

              @JohnDo#108669 bunq 🌈 is a relative new and small bank, so I can imagine such large amount doesn't fit their risk appetite. But who knows what the future brings.

              Maybe Ali knows how to do it?

                Ik wou dat ik tegen dit probleem aan liep, helaas niet het geval 😂😂

                  @Purple-Lion#108676
                  When you'll grow up and have worked for 10-20 years you'll have that issue. Hehe

                    @Heiko-Hartwig#108677 Kijk, dit geeft motivatie 👌🏻💪🏻

                      If you’d ask me, it is a good idea to keep this limit in force. Now it seems handy, but by time you have 500.000 on your bank account and you can easily book let’s say 250.000 in one time, it means also persons who somehow get access to your account can so this.

                      The liability will be with bunq and I think in order of risk aversion, bunq would not want to change this.

                      I know banks like ING allow bigger sums, but not completely without coincidence, they are the banks that attract huge fines for lack of controlling money laundering and such. :-))

                        I just created a business account and found out here about this problem. We need to be able to pay the belastingdienst > 50k. This is a huge issue for business accounts. We can not cancel our ING account like this and fully move to bunq. With suppliers we can split the payment in multiple transactions but this is not possible when we pay tax.

                          @Rens-Navy-Panther#108811 Zover ik weet kan je de belastingdienst gewoon in meerdere 'termijnen' betalen, gewoon bij elke transactie het zelfde betalingskenmerk geven en dan moet het werken.

                            Laat time I tried that we simply got the money back on our account. Maybe it depends on what kind of tax payment it is.

                            I wonder what the reason is for this limit. You can make 20x 50k transactions within the same day, so as a security measure it does not make much sense either.

                              I wonder how many bunq users have this problem. I sure as hell don’t. One problem I wouldn’t mind having though.

                                @Robert-Silver-Turtle-4265395482#108912 This topic was opened by a business account user. These users might have this problem where as a private might not.

                                  @Heiko-Hartwig#108914 Ahhhh
                                  Makes more sense then.