A transaction limit refers to the total amount which you can pay or transfer in a day via a given method (e.g. PayNow, FAST transfers). Transaction limits give you greater control over how your money moves out of your bank account(s) and serve as an extra layer of security to stop large sums of money from leaving your account(s) without your knowledge and authorisation.
Daily transaction limits can be set according to your preference. You can set limits that are lower than the default limits set by us.
Once a limit has been set, the sum of transactions made in a day cannot exceed the limit. This stops fraudsters or thieves from gaining unfettered access to large sums of money, in the unlikely case that they gain access to your bank account or card details.
- Set daily transaction limits according to your preference via OCBC Internet Banking or the OCBC Digital app. You can set limits that are lower than the default set by us.
- Consider setting a lower daily transaction limit as it stops large sums of money from leaving your account(s) without your authorisation.
- Set daily limits for all types of transactions (local and overseas transfers; and transactions via PayNow, FAST, Pay Any Card, debit cards, eNETS, NETS QR and MEPS).
- You can also opt to ‘deactivate’ Telegraphic Transfers (TT), MEPS (local transfers) or FAST transfers if you do not wish for such transactions to take place.