USD Account Creation Terms

Kindly read and accept the following to create a USD account:

Cost of deposit in USD account

Free

Account monthly maintenance fee

Free

USD account creation fee

Free

USD account deletion fee

$5.00

USD withdrawal fee

Free

Minimum deposit amount

$20.00

Minimum withdrawal amount

$20.00

Maximum deposit amount daily

$50,000.00

Maximum withdrawal amount daily

$7,000.00

Maximum deposit amount monthly

$200,000.00

Maximum withdrawal amount monthly

$200,000.00

USD card deposit fee

1%

FAQs

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 a month, with only a first-time deposit  $4,000 limits per individual transaction, after which higher volumes can be done.

Yes, you can receive Automated Clearing House (ACH) transfers. There are no limits for these transactions, after a first deposit transaction of $4,000.

International ACH transactions have no limits on the total amount you can receive.

For traditional wire transfers from services like MoneyGram or Western Union, the limit is $4,000 per transaction,(only for the first transaction), after which higher volumes can be done but not more than $10,000 per transaction.

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.

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 has 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 would likely have to wait for a minimum of 7 days to vet and verify all documents and authenticity of the funds being received.

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.

Or send USD via Palremit P2P.

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.

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]