Paystack financial service company provides a safe way to conduct online transactions, including making deposits, transactions, and paying bills at the comfort of your computer or mobile phone. However it does not end in creating and logging into Paystack accounts, there are limitations that will be placed on your account if you have not fulfilled all the requirements.
Paystack company in fulfillment of the duty imposed on it by the law requires all the users to verify their account. You need to add verifiable information to your account to enable you to make transactions with Paystack without a transaction or deposit limit.
The Paystack transaction or deposit limit happens when you first open a standard or business account. The transaction limit restricts the amount of money you can deposit or send per business day, week as well as month. The maximum limit is based on a number of different things and new accounts are always given lower limits.
Paystack transaction limit per day
As a business owner using Paystack payment, there’s a limit to how much you can receive from customers. You can accept any amount per transaction provided it’s within this limit in the following countries:
- Ghana: GHS 30,000
- Nigeria: NGN 2,000,000 ($5,000)
- South Africa: ZAR 80,000.
Increasing your limits, whether withdrawal or deposit limit per day, weekly or monthly is usually a matter of providing additional account verifications.
How to check Paystack transaction limit
1. Log in to your Paystack account.
2. Under “More about your account” at the bottom left of the page, click See how much you can send with Paystack.
3. Under “Withdraw money,” click Remove limit.
4. Follow the steps on-screen instructions to remove your transaction limit.
Once you begin to use your account to make transactions Paystack will give you the option to provide additional verification of your identity, by uploading a clear, legible, valid, and unedited scanned color copy or photo of one of the following documents:
How to increase Paystack daily and monthly transaction limit
To ensure your new account is limitation free:
1. Confirm your email address.
2. Link your bank account.
3. Confirm your business name (for a business account).
4. Add a credit or debit card.
Sometimes you may be required to upload an ID Card or any government-issued document to get your account verified. In such case, upload a clear document by following the instruction on Paystack website which includes any of the following documents:
- The front and back of your driving license
- The photo page of your passport
- Front and back of your national ID card
- You will also be asked to verify your address and take a selfie.
Paystack transaction methods
There are methods you can use to withdraw money from your Account:
1. Transfer to your bank account: You can link your bank account to Paystack, and transfer your balance to this bank account. This method takes 3 to 5 business days for your funds to be available.
2. Paystack transfer using your debit card: You can transfer your funds to an eligible card that you linked to your Paystack account. Once you have done this the funds will be available in your card balance.
How to transfer money from Paystack to a bank account
Finding out how to withdraw funds from your Paystack is one of the first concerns you may have. To transfer your balance to your bank account you can either use the Paystack application (mobile app) or transfer online via the website
1. Log in and go to ‘Send’.
2. Choose the Money Transfer option to send money to a bank account.
3. a country and currency.
4. Enter the amount you’re sending.
5. Select a payment method.
6. Enter your personal details.
7. Enter your recipient’s details and confirm the amount.
8. Enter and submit your payment details.
Don’t forget to review your request before clicking the final submit button. Your money should arrive within 30 minutes if you made an instant transfer and within one business day if you made a standard transfer.
How to transfer money from Paystack to a mobile wallet
1. Log in and go to ‘Send’.
2. Choose the Money Transfer option to send to mobile.
3. Select a country and currency.
4. Enter the amount you’re sending.
5. Select a payment method.
6. Enter your recipient’s name and phone number.
7. Confirm the amount and send.
Transaction limits apply to the Paystack transaction and money transfer service and vary depending on the status of your account, selected payment method, country of residence, and the country you are sending funds to.
The transaction fee is also different depending on the transaction amount and the bank location.
You will have to verify your account before withdrawing funds. A transaction cannot be canceled and make sure that all banking details are correct beforehand.
Make sure that you select the bank account which you want to use to receive your money and the amount you want to transfer.
Beware
Never reply to a request that asks you to send personal information to increase your Paystack transaction limit. Paystack never requests these types of emails, and will never ask you to enter personal login information.