Deep, deep dive
What else do you need to know about your e-wallet?
- Transaction limits: As a form of security, all e-wallets have transaction limits. These limits are usually broken down into daily, monthly, and annual limits. So, depending on the e-wallet you choose, there is a maximum amount of money that you can spend. Unless you’re making big transactions through your e-wallets, the majority of us probably will not exceed the limit. With some e-wallets, like Boost, you could use this limit to your advantage to set a daily and monthly limit to make sure you keep your expenses in check.
- Check on the refund policy: In most cases, the e-wallets will only refund you money to your bank account if you choose to close your e-wallet account. Otherwise, you will have to either use up all the money in it, or you could transfer it to a friend. That being said, there are some e-wallets that allow you to refund money back to your bank account, so be sure to check the refund policy before choosing your e-wallet.