Yes, Forwardly has platform-wide transaction limits based on the financial health of the connected business, but we can work with you to provide a tailored experience.
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What's the difference between sending instant transfers and standard transfers?
Instant transfers use a real-time payment network and move money instantly, in only seconds.
Standard transfers take longer - sometimes they go through on the same business day but can take up to a few business days to deposit. Usually, they will be as faster than ACH payments.
What are Sending Transfer Limits, and how do they work?
The Instant Sending Transfer Limit is the approved amount you can send to your Payee, and we will deliver and deposit in the bank account of the Payee instantly. The Payee receives the money in their bank account within seconds as soon as payment is processed by the network. The bank of the Payee must support receiving payments via FedNow (expected July 2023) or the RTP® network, as most major banks already do.
For your security and because banks are closed outside of bank hours, including weekends and bank holidays, we restrict the amount of money you can send instantly to a Payee. These rolling daily limits will vary based on a number of factors, such as the type of business, your accounting and online banking history, your Payee, and the transaction history for each Payee connected to your account. Note that the amount of money you can send to a new Payee may initially be lower. However, we may adjust the limit based on a manual review of your account history.
Any amount sent over the Instant daily limit will be sent to the Payee using our Standard payment method. This could take from a few minutes to 1 business day to arrive at the bank of the Payee.
For a Payer, funds under settlement cannot exceed their maximum rolling daily limit at any given time. If a Payer initiates a payment that is above the threshold of the maximum rolling daily limit under the settlement, those transactions will go in a queue and will be processed on the next business day.
Why would a payment send as a standard transfer?
Payments will send as a standard transfer if the sender has exceeded their daily Instant transfer limit or if an involved bank does not support real-time payments in the United States. Alternatively, if a Payer has yet to be deemed eligible for Instant payments, then the money they send be as a Standard payment.
Are there any limits on receiving money?
We do not limit how much money a Payee can receive from Payers. Generally, you can receive up to $10,000 per Payer/per day into connected and verified bank accounts.