How Do I Remove TransferWise Limitations?
You can change your TransferWise limits depending on your category as a cardholder. Additionally, you have TransferWise limit exemption in using a USD currency balance when receiving money. The exception is applicable if you click the add money tab on your TransferWise account to add to your USD balance. Additionally, you are exempt from a TransferWise limitation if you convert the currency balances in your account to USD. A business TransferWise account with specific currency options can also operate without business limitations.
How Do I Remove TransferWise Limitations?
Depending on the type of currency account you have, there are different TransferWise limitations. These limitations also vary on the location where you acquire your card.
The limits can be subdivided into contactless, ATM withdrawal, daily, and even monthly limits. There are also online purchase limits varying with the several cardholder classifications.
The UK and EU Limitations
If you are a cardholder using the GBP currency, your monthly mobile wallet transaction has a maximum of 30,000. On the other hand, the maximum ATM withdrawal limit is at 4,000 and 30,000 for online purchases. The contactless limit has a maximum of 4,000.
Australian, New Zealand, and Singapore Limitations
In this category, the ATM withdrawal and contactless division have a monthly maximum limit of 7,000. The monthly online purchase has a maximum limit of 52, 500.
US Limitations
As an American cardholder on USD currency, you have a maximum limit of 4,000 monthly on the ATM withdrawal and Apple, Google, or even Samsung pay. Additionally, you can only use 10,000 on online purchases as the maximum amount.
TransferWise Business Limitations
If you have a TransferWise business card, the limitations apply to the UK, EU, AU, and even NZ TransferWise restrictions. The maximum limit can't be reduced apart from making online purchases.
Change Your TransferWise Limits
You can change your TransferWise limits from the default option to the maximum limits allowed. Follow the simple steps below to set you up for the maximum limits:
- Open the TransferWise app on your device.
- Select the account option.
- Click on the manage card option on your account.
- Check out the current limit you have.
- Identify the limit you will wish to change on your TransferWise.
- Check if your transactions are enabled. If not, click the button on the top right part of your screen to facilitate transactions.
- Click the lower part of your display screen to change the limits to the best option.
Limits Exemptions
The TransferWise limitations are not applicable if you add currency on your borderless TransferWise account. For the limit exemption, you add the currency through the add USD option. Alternatively, if you convert the money in your currency balance account from other currency options to USD, you are exempt from the TransferWise limit.
Additionally, to transfer more than the TransferWise limits, you have an option to use. You can integrate the setup of different smaller TransferWise transfers. However, all transactions must be within limits. The TransferWise limits can also be influenced by the banking facility you use. For instance, several banks will have different limits on the number of daily transactions or the maximum amount for a single transaction.
Additionally, the limits will depend on your mode of transfer. Typically, the threshold will vary from sending through online, over your phone, or even a physical visit to your branch to make a transaction. When you opt to make a physical transfer by visiting your bank branch, you can have a higher transaction limit.
You can also have a TransferWise limit exemption on how much you can receive into your transfer borderless account. For all currencies apart from USD, you have no limitation on the personal and business borderless TransferWise account. With USD, you have 1,000,000 limits annually for the personal account, whereas 5,000,000 on the business account annually.
If you are a Singapore user, the personal and business limit is only valid for SGD in all currencies. Consequently, the restrictions apply through 365 days, irrespective of the number of years for that particular year.
You also have a TransferWise limit exemption if you have a TransferWise business account without limitations. These currencies include GBP, EUR, PLN, SEK, and even ZAR, to mention a few. Contact the TransferWise support team if you have trouble changing your TransferWise limitations.
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