Kindly read and accept the following to create a Lead bank and JP Morgan Chase bank USD account:
Free
Free
$2.00
$5.00
Free
$1.00
$20.00
$50,000.00
$7,000.00
$200,000.00
$200,000.00
$2,000.00
2%
Free
Free
$2.00
$5.00
Free
$1.00
$20.00
$50,000.00
$7,000.00
$200,000.00
$200,000.00
$9,500.00
2%
Transaction limits on Palremit vary depending on the source of funds. Here’s a breakdown:
Yes, you can receive Automated Clearing House (ACH) transfers. There are no limits for these transactions, after a first deposit transaction of $2,000 for standard USD virtual accounts and $9,500 for virtual USD accounts.
International ACH transactions have no limits on the total amount you can receive.
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.
To maximise your transaction limits, consider receiving payments from family members or business clients who have no limits, and ensure that all your transactions comply with Palremit's guidelines.
For traditional wire transfers from services like MoneyGram or Western Union, the limit is $2,000 for Lead bank USD virtual accounts and $9,500 for JP Morgan USD virtual accounts per transaction,(only for the first transaction), after which higher volumes can be done but not more than $10,000 per transaction..
Palremit follows strict regulations and guidelines to ensure compliance with transaction limits. We perform checks on all incoming transactions to confirm the source and identity of the sender, and sometimes this may take up to 7-14 working days if the funds sent to the Palremit USD account have been flagged or suspected to be under scrutiny.
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, and you would likely have to wait for a minimum of 48hrs/2 days to vet and verify all documents and the authenticity of the funds being received.
YES, you can send USD directly from your virtual account. Also, you can convert your USD to other currencies or cryptocurrencies and send them as well.
Yes, you will be refunded the USD account creation fee of $2 if your account fails to be generated after all compliance and due diligence have been performed on your account application.
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 out to our support team in-app for assistance or send us an email at [email protected]