Practical Tip (Canada): Use a brokerage account at each bank you have a chequing with - As-salāmu ʿalaykum

As-salāmu ʿalaykum - quick tip for anyone in Canada who keeps money at several banks and needs to move large sums between them. Open a brokerage account at every bank where you have a chequing account, even if you don’t plan to trade. Moving funds through a brokerage is often easier than doing it directly between bank accounts. Most Canadian banks limit Interac e-transfer amounts (often around $10,000). I don’t think this is mainly about AML rules - it feels more like a result of banks avoiding stronger authentication methods because many customers aren’t comfortable with them. Banks still rely on SMS or phone verification as backups, even though those methods can be vulnerable to SIM swapping or SS7 attacks. Banks know the risks, but they prefer to set low P2P limits rather than risk being solely liable if someone loses a lot of money after account takeover. So they tighten transfer limits to reduce their exposure. There’s also the “bill pay” feature on most accounts, but it only lets you pay registered companies (utilities, loan providers, CRA, municipal bills, etc.). Banks themselves aren’t typically on that list, though their credit cards, LOCs, and brokerage accounts often are. That means you can’t normally bill-pay into another person’s chequing account or even into your own account at a different bank - but you can usually bill-pay into a brokerage account, and it’s easy to open one. Some brokerages do name-matching and may freeze incoming bill payments if the sender’s name doesn’t match the account holder at the receiving brokerage, while others don’t and will accept the payment even if the sender and receiver are different people. If all accounts are in your name, however, the transfer will generally be allowed. Hope this helps - may Allah make our affairs easy (in shāʾ Allāh).