How do I request higher deposit/withdrawal limits and fast transfer access?
This article provides agents with comprehensive instructions to assist customers requesting raised deposit/withdrawal limits and enrollment in fast transfer methods such as Swish, instant bank transfer, or express payment rails.
Overview
Standard deposit and withdrawal limits protect customers and the platform from fraud and settlement risk. Customers who need higher limits for business reasons or high-volume trading can request increases subject to verification, documentation, and internal risk review. Fast transfer options like Swish may also require additional setup and verification.
Prerequisites
- Fully verified account: Customers must have completed KYC and AML checks.
- Linked bank account: A verified bank account that matches the customer’s name.
- Proof of funds: For large limit increases, customers should supply documentation demonstrating the source of funds.
Step-by-Step Process to Request Higher Limits
- Collect customer details: Capture current limits, desired limits, reason for increase, and any supporting documentation (eg. sale of property, business proceeds).
- Verify identity and residency: Ensure no outstanding verification items remain in the account.
- Request proof of funds: Ask for bank statements or sale agreements to substantiate the increase request.
- Run risk checks: Perform AML and sanctions screenings for the source of funds and related parties.
- Submit to risk/operations: Forward the compiled request to the appropriate internal team for approval with a summary of rationale and documentation.
- Implement limit change: If approved, update deposit/withdrawal limits in the system and enable any requested fast transfer rails.
- Inform customer: Send confirmation with new limits, effective date, and any conditions tied to the increase.
Enabling Fast Transfers (eg. Swish, Instant Payments)
- Swish: Verify mobile number and link it to the account. Confirm the bank supports Swish from the linked account.
- Instant bank transfer: Ensure the bank supports instant rails and confirm any participant-level restrictions.
- Express settlement: For very large sums, express settlement may require correspondent banking arrangements and additional fees.
Important Notes and Warnings
⚠️ Fraud prevention: Higher limits increase fraud exposure. All increases should be vetted by risk and require proof of funds.
⚠️ Regulatory reporting: Large transfers may trigger mandatory reporting under anti-money laundering laws.
Frequently Asked Questions
Q: How long does a limit increase take?
A: Typically 1-5 business days after receiving full documentation. Complex cases may take longer.
Q: Are there fees for fast transfers?
A: Some express options may incur fees. Inform the customer of any applicable charges before enabling.
Troubleshooting
| Issue | Solution |
|---|---|
| Limit request declined | Provide clear reason from the risk team, request further documentation, or offer phased increases. |
| Swish not working for customer | Verify mobile number, ensure bank compatibility, and re-link via secure channel. |
| Large transfer flagged and delayed | Explain regulatory holds, request additional documentation, and escalate to compliance for review. |
Related Information
- How to verify bank account for transfers
- Deposit and withdrawal limits policy
- Suspicious activity reporting and escalation
Always retain copies of supporting documents and approval records. For any uncertainties, consult the risk or compliance team and keep the customer informed about expected processing times and any conditions tied to elevated limits.