While Bankera offers unlimited incoming and outgoing payments, the platform has operational limits in place for security reasons. These limits, however, are not set in stone and can be adjusted to the clients’ individual needs at any time. Users can make their outgoing payment thresholds higher or lower in accordance to their individual needs.
Why are operational limits necessary?
First and foremost, operational limits are beneficial for the safety of customers’ accounts. In an unlikely event of the account being compromised or hacked, these limits might prevent your funds from being stolen. For instance, if a user holds 100,000 EUR in their account while the default daily withdrawal limit is 10,000 EUR, thieves could only cash out 10% of the account holdings.
What is more, operational limits can help you prevent potential human errors. For example, imagine that you did not have any operational limit thresholds set and were planning to send 1,000 EUR to a friend. However, due to a mistype, you accidentally sent ten times more – 10,000 EUR. Operational limits at Bankera were designed to avoid such occurrences – if your outgoing transactions were limited to, let’s say, 5,000 EUR per transaction, such difficulties would have never occurred.
What operational limits should I choose?
We recommend having your operational limits just above your usual payment needs. For example, if your highest outgoing payment is a 1,500 EUR payment for your mortgage repayment, set your transactional limit to 1,600 EUR or slightly higher.
It is also worth setting up operational limits for your business account. If the highest amount of outgoing transactions is 5,000 EUR for your office rent, you never pay more than 50,000 EUR a day (which happens only once a month, when you pay salaries) and total monthly outgoing transactions never exceed 100,000 EUR, you should adjust your limits accordingly.
Keep in mind that it is not necessary to adjust your limits when making a single payment that exceeds them. In such cases, you can contact our support team and increase these limits temporarily to facilitate the transaction without sacrificing the overall security of your account.
Is it possible to change operational limits at Bankera?
Bankera is designed to serve the clients’ needs – although the standard operational limits (displayed in the table below) might be sufficient for a portion of our users, we allow our customers to adjust their operational thresholds according to their demands without any hard limit.
To increase or lower the outgoing transaction limits, write an email to our client support team at [email protected]. Alternatively, you can contact us via the Live Chat feature available on our website. Please note that the possibility to adjust operational limits is available to fully verified personal and business account users only.