Cross-border payments are becoming a key aspect of global finance, with people needing to move money for trade, commerce, or personal reasons.
However, these transactions have historically been slow and carry red-alert risks, particularly in regions like Africa, where high-volume transfers face scrutiny due to concerns about illicit financial flows..
With Palremit, users can easily open a virtual US dollar (USD) account and legitimately send and receive dollars. Our platform ensures compliance with international regulations for high-value transfers, helping protect users from risks like money laundering.
Opening a USD Account
Opening a USD account on Palremit is straightforward. Users need to provide essential details, including their full name, email address, utility bill and matching residential address, a valid form of identification for verification, and information on their occupations and what they intend to use the accounts for.
To get started:
- Open the Palremit app and select Deposit
- Choose Deposit Cash and select USD as the preferred currency.
- If a virtual USD account has not been created yet, the app will prompt users to fill in the necessary details to request one.
- Users must also ensure that the compulsory Know Your Customer (KYC) verification is completed before proceeding.
The steps to create a USD virtual account on Palremit
Once these steps are completed, users can start receiving dollars from Wise, Payoneer, Stripe and other platforms that deposit directly to USD accounts.
USD Funding Limits and Compliance
Once a user creates a USD account on Palremit, users can receive and US dollar payments, with different transaction limits based on the nature of the transaction:
- Transfers from Family Members: No limits apart from a daily cap of $50,000.
- Friends and Acquaintances: Capped at $4,000 per transaction, with a maximum of $20,000 per day.
- Business Payments: No transaction limits, but we carry out Enhanced Due Diligence (EDD) for high-value transfers where we require source of funds information and proof of relationship with the sender.
Here are other information you need to know:
- ACH transfers are unlimited, but traditional wire transfers have a $2,000 limit per transaction. Peer-to-peer (P2P) deposits allow users to receive up to $50,000 monthly, with a $4,000 limit per transaction.
- The daily withdrawal limit is $7,000, with a minimum deposit and withdrawal amount of $5.
- Creating a USD account on Palremit (at the time of writing this press article) is free, but deleting a USD account from Palremit’s records costs $5.
According to Jago Emmanuel (VP of Growth ), Although direct USD transfers aren’t available, users can convert US dollars to stablecoins like USDT or local fiat currencies, offering flexibility for cross-border payments.
To begin using Palremit, download the app from Google PlayStore or try the beta app on iOS, and start sending money across borders.
