Skip to main content

Are there limits to the amounts I can send and receive?

Share

Yes, banq has spending limits for person-to-person payments, and person-to-business payments.

The combined spending limit is a rolling weekly limit. What this means is that a transaction against an account's total will remain for one week's time from the time of the authorization. For example, if a user sends a payment on a Monday at 11:00 a.m., that payment will no longer count against their account limit at 11:01 a.m. the following Monday.

If you haven't completed identity verification, you will have a limited, or pay-only, account, which has lower spending limits. This is set by the government and is something to which we can't make any exceptions. These limits will also vary depending on if you are trying to make a payment to an individual or a business.

One other thing to note is that with limited accounts, you won't be able to receive payments and hold any assets. To do those things, you'll need to confirm your identity.

Here are the payment limits for a pay-only account: 

Screen_Shot_2020-09-18_at_2.13.18_PM.png 

If you have completed identity verification, the limits change and you have more freedom to send and receive funds. There are still limits, but they are higher across the board.

Here are the limits for a full account: 

Screen_Shot_2020-09-18_at_2.13.37_PM.png

If you are a business, you have some additional account capabilities. You can check those out in our business limits section.

Share

Was this article helpful?

2 out of 2 found this helpful

Comments

0 comments

Please Sign in to leave a comment.

Search for more topics

Didn't find what you were looking for?