SHARE THIS POST
When making bulk transfers from your bank accounts or financial services like Grey, you need to be wary of your transaction limits.
Transaction limits are the maximum amount of money you can either withdraw, transfer, deposit, or spend in a single transaction. Sometimes, it could be how much you can spend in a day, week, or month.
On Grey, there are limits on how much you can transact with too. This post will show you how to view these limits and share helpful information about account limits.
Banks and financial institutions usually set bank limits. This is why it varies based on account levels, the country, and transaction methods. So, for example, a student account would have a significantly lower limit than a Tier 3 business bank account would.
Once this amount is set, you can only transact within the limit. Once you exceed that limit, the bank won’t be able to process any further transactions until it resets.
In unique cases where the transaction amount is alarming, financial institutions are required to notify regulators as part of the anti-money laundering measures.
Grey account transaction limits are important because they help protect the customer and the bank from any potential fraud cases. When there’s a limit, there’ll be a lesser loss incurred.
Limits are also a security measure to prevent money laundering. If there’s a maximum threshold, these services can better comply with regulations and prevent any illegal activities around finances.
Transaction limits on Grey vary based on deposits, withdrawals, and card spend limits. You can currently spend up to $10,000 on your Grey virtual card at a maximum of $ 2,500 per transaction.
For withdrawals and deposits, there are daily and monthly limits. Here’s how to check how much you have left on your Grey account;
You’ll see a breakdown of your daily and monthly account limits. You’ll also see how much you have left to exceed that limit.
Unfortunately, at this time, you cannot increase your deposit or spend limit on your Grey account. You can, however, take advantage of the daily limit reset to split your transactions across several days.
Fortunately, the limits on Grey are much higher than what you’d get on your domiciliary bank account. If you’d like to know more about how Grey foreign accounts work, you can always explore our guides and product updates here.
Back to top