On the issue of $20k transfer limits from Xinja to another bank, or into Xinja accounts more importantly, if Xinja provided a BPay number and your account number as a Ref, then large sums could be sent from any of the big banks. Can Xinja do this?
My understanding is that BPAY can’t be used for transfers between accounts in this way but I’ll investigate and post again with some information.
Hi Tegan, well I sent a big sum from NAB to UBank using BPay about 4 weeks ago. UBank has a Biller code and your account no. as the Ref. It was over $100k. in one go. Thanks, Alex
Hi @XinjaAlex1 - you’ve given us an interesting idea so thank you . We haven’t considered BPay for funding a Xinja account - but we’ll certainly look at it.
One thing I’d like to clarify if I may, Xinja doesn’t have a block on sending funds into an account. Any limit on sending funds in is from the sending bank not us. Generally if you want to send a larger amount then you can contact your bank and get a temporary lift in the restriction. The same is true for us - if you want to send a larger amount than $20k out of Xinja (though why would you ), then you can simply contact the wonderful Xinjarati and they will assist. I can confirm that we’ve certainly received large sums from the Big 4, including NAB.
In terms of ways to fund your Xinja account, we currently support Pay Anyone (also known as DE) and Instant Top-Up (though this does have a daily limit restriction). We are also working hard on NPP / PayID.
One thing about BPay that makes it less attractive for funding Xinja accounts, is that it only processes twice per day (Mon to Fri). Pay Anyone processes more frequently (up to 8 times), and NPP is real-time, 7 days per week.
Let us know how you go with your Bank
I fully agree with BPay suggestion. Its faster and with CBA I can transfer up to $50k in one go and up to $75K total/day instead of $20k
@Journeyman don’t worry we’re looking into it!