Proposal would hike daily limit on P2P electronic transfers from $500 to $1,000.

By THE STAR STAFF

A new legislative measure filed in the Puerto Rico House of Representatives would require financial institutions on the island to increase the daily limit for person‑to‑person electronic transfers through mobile applications -- such as ATH Móvil (ATM) -- from $500 to $1,000.

The proposal, titled the “Law to Expand Person‑to‑Person (P2P) Fund Transfer Limits,” was introduced Monday by Reps. Joe Colón Rodríguez, Jerry Nieves Rosario and Luis Jiménez Torres. The bill has been sent to the House Committee on Banking, Insurance, and Commerce for evaluation.

Under the measure, banks and electronic transfer network providers operating in Puerto Rico would be required to offer customers a minimum daily transfer limit of at least $1,000. The legislation also calls for updated security mechanisms to accompany the expanded transfer capability.

In its statement of purpose, the bill acknowledges the rapid growth and widespread use of digital platforms for sending money instantly. It argues that current transfer caps may hinder legitimate transactions.

“Various consumers have indicated that the daily limits established by some financial institutions are restrictive, making it difficult to carry out legitimate transactions between individuals, families, small business owners, and independent professionals,” the measure states.

The proposed legislation clarifies that its goal is to expand consumer flexibility without preventing financial institutions from maintaining additional security controls or even offering higher transfer limits at their discretion.

If approved, the measure would broaden the functionality of person‑to‑person payment platforms while ensuring that institutions preserve the safeguards needed to protect users and financial systems.