Transfer limits to external (non-Xinja) accounts

#1

The current transfer limit from a Xinja account to an external account (whether in the name of the account holder or not) is $20,000 per day.

My suggestion is that a feature be added to allows for daily transfers of between $20,001 - $100,000. This would be really helpful for irregular activities (maybe regular for some?) like share trading or moving a house deposit to a big-4 cheque account, where otherwise the Xinja account holder may need to transfer funds over multiple days.

To my knowledge, other banks facilitate large external account transfers (ie >$20,001) in two main ways. The first, which would be my preferred method, is the UBank “linked account” feature. This allows someone to transfer amounts up to $100,000 to an external linked account, which the person must verify is in their name and under their control.

The other method I know of is having customers call the bank to verify their identify and then authorise the large transfer (eg CBA, ING etc). This would would seem less in line with Xinja’s brand image as a Neobank, though could be an option if having a “linked” feature is unworkable.

Transfer issues
#2

@Deornoth we are keeping the transfers limit lower for now as a security measure BUT you can chat to the Xinjarati via either via In-App Chat or over the phone (1800 946 527) to transfer amounts greater than $20K

#3

Thanks @xinja_blair. I’d suggest then that the ability to transfer amounts over $20K by messaging in the app or calling Xinja be made clearer on the FAQ page - at the moment the page refers only to the general $20K transfer limit.

1 Like
#4

Good to know that contact via chat/phone is all that Xinja requires to allow customers to transfer amounts exceeding $20,000.

My previous “digital” bank required completion of a FORM!! :t_rex:

Quite sure that these daily limits are reset at midnight local time (for Aus-based banks). So, depending on how many “small” $20k batches need to be moved, an effective workaround may be transferring just prior to midnight, and then just after. :money_with_wings: