How to open a USD account and deposit USD on your Palremit wallet
What is a virtual USD account?
A USD account allows you to receive and move US dollars easily, just like a traditional bank account. You can use it for payments, saving, and more.
Can I open one on Palremit?
Yes, you can.
How do I open a USD account on Palremit?
Opening a USD account is simple.
Follow these steps:
- Open the Palremit app
- Select Deposit
- Choose Deposit Cash
- Select USD as your currency
- If you don’t have a USD account yet, you’ll be guided to fill in your details to create one
What information do I need to provide to create a USD account on Palremit?
You need to provide:
- Your full name and residential address.
- A valid form of ID (like a National Identity Card or passport)
- A photo of your utility bill (not older than three months) to verify your address.
- Answers to questions about your occupation, transaction range, and the purpose of your USD account.
What is KYC verification?
KYC (Know Your Customer) verification is a process to ensure your identity is confirmed. You must complete this before opening your USD account.
How long does it take to open a USD account?
Creating a USD account only takes a few minutes. Once verified, you’ll receive a notification confirming your account creation.
What can I do with my USD account?
With your USD account, you can:
- Receive payments in USD from anywhere globally through wires and international ACH transactions (IATs) from platforms like Wise, Payoneer, or anywhere else that supports bank deposits. Simply give your created USD account to your sender.
- Convert USD to other currencies or cryptocurrencies.
- Use it for payroll if you own a business.
Are there limits on transactions?
Yes, there are transaction limits based on the source of funds:
- Family members with the same last name: No limits, only daily limits apply.
- Friends with different last names: $2,000 limit, up to five times a day (totalling $10,000).
- Business payments: No limits, but high-value transactions may require extra verification.
- P2P deposits: Up to $50,000 a month, but individual transactions have a $2,000 limit.
What is Enhanced Due Diligence (EDD)?
EDD is an extra verification process for large or unusual transactions. If your account receives high-value payments, you may be asked to provide more information about the source of funds to ensure compliance with regulations.
How do I start?
Start by downloading the Palremit app from the Google Play Store or try our beta app on iOS. Begin your journey to seamless financial transactions across borders.
If you have more questions, feel free to reach out to our support team in your app or send an email to [email protected].