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What is the RTP limit?
The RTP limit for single transactions is currently $1,000,000, raised from $100,000 in 2022. Though the RTP Network limit for a transaction is $1,000,000, your individual bank or financial institution may have its own transaction limits which could be lower.
To be considered a real-time payment, a payment service must be able to allow users to initiate, send, and receive payments instantaneously or nearly-instantaneously (i.e. within a few minutes).
The difference between a wire transfer and a real time payment is that real-time payments take place and settle instantly, but wire transfers can take anywhere from a few minutes to 24 or more hours, depending on the financial institutions involved in the transactions.
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