What is Moniepoint withdrawal limit? Moniepoint is a reliable financial service that provides easy services like withdrawing, depositing, and transferring funds. While using Moniepoint for convenience purposes, it is important to be cognizant of the withdrawal limits that apply. These restrictions differ with the type of transactions carried out, KYC levels of accounts, and the regulations in place. This guide will detail Moniepoint withdrawal limits, in what situations these limits are effective and what can be done, if anything, to go beyond them.
What is Moniepoint withdrawal limit?
Moniepoint withdrawal limits are determined by many different factors, among them the kind of transaction you are doing and the KYC level of your account. In order to adhere to the guidelines set by the financial governing body and to ensure a safe banking system, Moniepoint has certain daily limits, and limits per transaction as well.
All accounts have different levels of KYC dependence on the level of user verification. As you share more and more details during the onboarding stages of the platform, your withdrawal limits also increase enabling you better financial possibilities.
Read more on: Is Moniepoint a good bank?
Understanding the KYC Tiers and the Reason for the Different Withdrawal Limitations
KYC (Know Your Customer) is mandatory procedure by the regulatory agencies to identify users. Moniepoint assures sac code qualification based on Kyc levels. Here is first level of verification KYC ‘s Tier reconstruction;
KYC TIER ONE
Single Credit Limit: 50, 000 Naira
Single Debit Limit: 50, 000 Naira
Daily Credit Limit: 300, 000 Naira
Daily Debit Limit: 300, 000 Naira
Tiers are different levels of KYC where users are verified and entered into the system. Tier 1 verification is needed for users who are only willing to carry out small transactions. Such limits are ideal for day to day transactions but might not be adequate for huge transactions.
KYC Tiers of a Higher Level
Moniepoint users with a higher KYC tier enjoy numerous advantages included increased withdrawal limit. These tiers involves extra paperwork such as official id’s, proof of residence and passport photographs.
For instance:
KYC Tier 2 users may enjoy daily debit and credit limits in the neighbourhood of ₦1,000,000 or beyond.
KYC Tier 3 users, who are mainly businesses or power users, benefit from even greater limits.
Moniepoint Cash Withdrawal Limit Policy for POS
Moniepoint POS (Point of Sale) terminals enable users to withdraw cash at retail shops or agents locations at ease. Notwithstanding, there are certain caveats in accordance with the regulatory framework and the Policy of Moniepoint.
POS Cash Withdrawal Limit on Debit Cards
As per the Reserve Bank of India (RBI), there are specified withdrawal limits on the use of POS, cash for debit cards as follows;
Limit: Cash Amount per Transaction is restricted to INR 2000
Card Monthly Limit: per Card is INR 10,000
These limits are necessary in order to facilitate safe transactions while discouraging the illegal use of POS terminals for cash withdrawals.
Are Merchants Allowed to Approve Some POS Limits?
Yes. Merchants utilizing Moniepoint POS terminals may allow their customers to have custom made withdrawal limits. However, this custom limit should be within the maximum limits imposed by Moniepoint or the law.
Limits On ATM Withdrawals For Moniepoint Users
In addition to this, users of Moniepoint can also make withdrawals with the ATM card found in their Moniepoint wallets. The limits are determined by the ATM and the bank that has issued it. These limits are considered to be more than the limits imposed for disbursements done at point of sales but are still kept under control to avoid a system overload and any mischief.
Read more on: How to make money in Monie Point
Common ATM Cash Withdrawal Limits
Cash Withdrawals At the ATM: Per Transaction Limit: Subject to bank department policy typically between $250 and $1000.
Daily Limits: Most Banks $1,000 to $3,000.
Also, these limits may vary on the account type and if you are using a Moniepoint card or another bank’s card.
How to Withdraw Cash Beyond the Daily Limit
There are times when circumstances compel one to go beyond the stated daily withdrawal limit. In such instances, you can consider the actions below:
1. Limit Increase Request
You may wish to reach out to Moniepoint or your bank to ask for an increase in your withdrawal limits on a temporary or permanent basis. This request however may call for a guarantee from the given establishment.
2. Mobile App Limit Adjustment
Others have also provided a feature that allows users to change the limits of withdrawal using provided applications. The Moniepoint app as well, provides for any customization of the transaction limits for the user.
3. Multiple Use
In the case where the withdrawal limits posed by the POS or ATM are low, other means such as online banking, mobile banking and cheque deposits are offered to access money.
4. Go to the Bank
When cashing out large sums of money, it is usually more advisable to physically go to a bank. Most banks are able to fulfill such requests for amounts above ATM or POS cashing limits after confirming the identity of the client.
5. Make Withdrawals from Additional Connected Accounts
Where you have several accounts associated with your Moniepoint account, you may withdraw from those accounts in order to help increase the daily limit of your main account.
Frequently Asked Questions (FAQs)
1. What Happens If My Withdrawal Limit Expires Waiver?
If you request a transaction that is more than the withdrawal limit set, the request shall be cancelled. This condition is important to hinder rogue elements from using the card.
2. How Do I Upgrade My KYC Levels?
In order to do KYC levels upgradation:
In addition, please provide us with a government-issued identity card, a valid proof of residence and a recent photograph. All these documents must be uploaded using the Moniepoint application or at the premises of an authorized agent. After the verification process is completed, your level will be elevated and there shall be an increase in your limits.
Read more on: How I can create an Internet Banking
3. Do All the Users of Moniepoint Have the Same Withdrawal Limits?
No, the withdrawal limit differs according to the KYC tier, the nature of transaction and also the mode of transaction whether you are using POS, ATM or the bank.
4. Can I Take Out Cash By Using A Credit Card On Moniepoint?
You are able to withdraw cash using your credit card without a doubt. However, the limits may differ and lat extra charges may be incurred based on your card provider.
5. Is There A Charge For More Than Allowed Withdrawal?
Moniepoint does not impose any fees for declined transactions when limits have been exceeded. However, your financial institution may charge you for trying to exceed the limit too many times or for asking them to increase the limit.
6. How Can A Business Control Limits Over Withdrawal At The Point Of Sale?
Merchants who have Moniepoint POS terminals are able to limit the amount of funds withdrawn by their customers. This is mostly beneficial when a business experiences a lot of customer traffic and there are a lot of transactions taking place.
7. What Should I Do If My Withdrawal Request Is Ignored?
Confirm daily limits and limits per transaction.
Ensure you remain within the balance limits in your account
Call the Moniepoint customer service and explain why you think your withdrawal request was wrongly declined
Withdrawal limit strategies
It could assist to put into consideration the following strategies in order to eliminate the hassle of reaching your withdrawal limits while carrying out any transactions:
1. Keep An Eye On Your Account Movement
Monitoring your transaction history is essential to avoid overspending and discover any unauthorized transactions in a timely manner.
2. Manage Your Withdrawals
In the case you expect to use a huge amount of cash, manage your withdrawals strategically over several days and avoid breaking daily limits.
3. Embrace Electronic Payment Systems
Do not stick to cash alone mow more than cash especially for high volume transactions instead try making use of other electronic payment methods like bank transfer, mobile wallets, QR codes etc.
4. Combine Several Accounts
In case of linking several accounts under the Moniepoint wallet, the chances of exhausting the withdrawal limits are minimal as the user can withdraw funds from different accounts.
5. Raise Your Kyc Rank Level
If you often find yourself at loss due to limits imposed on you, it is possible to seek redress for her serious need by upping one’s KYC rank.
Importance Of Moniepoint Withdrawal Limits
For security and legal reasons, it’s important to impose limits on the amount of money withdrawn. They:
Lessen the chances of someone breaking in to access a lot of money.
Ensure that there are enough funds in the system for the rest of the users.
Decrease the chances of loss through fraud.
When you grasp these limits and how they relate to your Moniepoint account, you take the right course of action in each of your transactions.
In conclusion, Moniepoint implements a system of withdrawal limits that is stringent but still effective and apt for the purpose intended. By recognizing the constraints and the means of extending the same, you will be in a position to control your finances better. In case you have any specialized needs or inquiries on your account.
Do not stick to cash alone mow more than cash especially for high volume transactions instead try making use of other electronic payment methods like bank transfer, mobile wallets, QR codes etc.By preparing in advance and taking advantage of the flexible services that Moniepoint offers, one can avoid all difficulties associated with banking.
Leave a Comment