Is there a limit to how large a bill I can pay from a bank account?
If I have a checking account, can I use it pay large bills using online banking without encountering any difficulties? I intend to pay a bill of k+ to an educational institution. It will be a bill payment, and not a wire transfer or Interac e-Transfer. I know that Interac e-Transfer has daily dollar limits, but is there any limit for bill payments? Could there be difficulties (e.g. questions from the bank, blocked transaction, daily limits, etc.)?
(Beginner here. This is my first time trying to pay a "large" bill using online banking. Please be gentle.)
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Any such limit would be at the institutional level, not through systematic limitations on Canada's underlying electronic payment system. Risk of fraud through 'bill payments' in Canada is greatly limited compared to wire payments or other payment methods, because the receiving party needs to register in advance as a known recipient with the bank, and so some more vetting is involved than simply opening a bank account.
You can ask your bank if your personal account has such limitations, but I'll add that corporations use the same bill payment feature and routinely pay far larger bills than that!
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