USD Transaction Limit on Palremit and ACH Wires
What are the transaction limits for USD on Palremit?
Creating a Palremit USD account is free, and withdrawing dollars (USD) from your account costs nothing. Palremit currently does not charge a fee for maintenance or USD deposits. However, deleting your created USD account from our records will cost $5.
Transaction limits on Palremit vary depending on the source of funds. Here’s a breakdown:
- Family members with the same last name: No limits; only daily limits apply.
- Friends with different last names: 4,000 limit per transaction, up to five times a day (totalling $20,000).
- Business payments: No limits, but high-value transactions may require enhanced verification.
- P2P deposits: Up to $50,000 monthly, with a $2,000 limit per individual transaction.
Here are the other limits you must be aware of as you operate a Palremit USD account and transact with us:
- Minimum Deposit amount ➡ $20
- Minimum Withdrawal amount ➡ $20
- Maximum Withdrawal amount daily ➡ $7,000
- Minimum Deposit amount monthly ➡ $200,000
- Maximum Deposit amount monthly ➡ $200,000
- The card deposit fee is 1% for Palremit USD cards
Can I receive ACH wire transfers?
Yes, you can receive Automated Clearing House (ACH) transfers. These transactions have no limits
Are there limits on international ACH transactions?
International ACH transactions have no limits on the total amount you can receive.
What are the limits for traditional wire services like MoneyGram or Western Union?
For traditional wire transfers from services like MoneyGram or Western Union, the limit is $2,000 per transaction.
What happens if I exceed the transaction limits?
If you exceed the limits, your transaction may not go through, or it could be subject to additional verification processes. It’s best to stay within the limits for a smoother transaction experience.
How does Palremit ensure compliance with transaction limits?
Palremit follows strict regulations and guidelines to ensure compliance with transaction limits. We check all incoming transactions to confirm the sender’s source and identity.
What is Enhanced Due Diligence (EDD)?
EDD is an additional verification process for large or unusual transactions. If your account handles high-value payments, you may be asked to provide extra information to verify the source of the funds.
Can I send USD to others with my account?
Currently, you cannot send USD directly from your virtual account. However, you can convert your USD to other currencies or cryptocurrencies and send those instead.
How can I maximize my transaction limits?
To maximize your transaction limits, consider receiving payments from family members or business clients where there are no limits, and ensure all your transactions are compliant with Palremit’s guidelines.
How do I stay informed about changes to transaction limits?
Stay updated by checking the Palremit app for notifications or visiting our help center regularly for the latest information.
If you have more questions, please reach the support team in-app for assistance or send an email to [email protected].