payment card limits

Everything you need to know about VIALET card limits (with examples)

Posted on

Just like other payment cards, your VIALET card also has limits on incoming and outgoing transactions.

Why are the limits necessary? Mainly, for safety reasons.

 


There are countless cases when payment cards get stolen or misused by fraudsters, and even situations when payment accounts are opened for money laundering purposes. To minimize losses in such cases – both yours and the financial institution’s – there are limits that are applied to your account’s yearly turnover, daily payments, withdrawals from ATMs, etc.

Limits differ depending on whether you’re a verified or unverified client. Customer verification means that the financial institution has made sure that the person really is who he or she claims to be.

For VIALET customers, the verification process is simple and done via the app. Clients are asked to upload photos of their ID card or passport, as well as a selfie for face identification. Customers who haven’t finished this identity authentication process are called ”unverified clients”.

Why is ID verification needed?

Because it’s required by the EU financial regulation, also known as the ”Know Your Customer” or KYC policy. It states that all financial institutions must identify their customers before allowing them to make payments, send or withdraw funds, or perform any other type of transactions.

Limits for unverified customers

As required by the law, unverified customers have strict limits on transactions.

For unverified VIALET clients, the account’s yearly turnover limit is just €10. Or in other words, the total amount of your incoming transactions over a period of one year can’t exceed €10.

As you suspect, such amount is enough for you to get the first grasp on the VIALET app and how it works, but that’s about it. Before you verify your identity, you won’t be allowed to order your VIALET contactless Mastercard either.

Limits for verified customers

When you’ve verified your identity, you can order your Mastercard and start to use your VIALET account to its full potential.  

However, some limits still apply – here they are:

Your account’s yearly turnover limit is €30’000

Turnover refers to the summation of all the transactions in your account during the statement period, which in this case is one year. That means – the total amount of incoming and outgoing payments can’t exceed €30’000.

So, if you receive an incoming €20’000 payment to your VIALET card, then buy something for €10’000, you’ve reached your yearly turnover limit. For the rest of the year, you would neither be able to send and receive funds nor make payments with your VIALET card.

Your yearly limit for outgoing transactions is €15’000

Outgoing transactions are all payments you send to third parties – either you buy something online, make a purchase in-store, send funds to relatives, etc.

For example, if you send €1’000 to mom every month, by the end of the year, the total amount of outgoing transactions would be €12’000. That’s €3’000 below the yearly limit.

Your daily card payment limit is €1’400

The daily limit is the maximum amount you can spend in 24 hours. Note that this also includes cash withdrawals (discussed later).

Let’s say, you’ve bought flight tickets for €900 and now want to book a hotel for €800. However, that would mean spending a total of €1700 in one day, which exceeds your daily limit. So, the second payment would not go through, and you’d have to wait until the next day to book the hotel.

Bear in mind that this only applies to outgoing payments. So, even if you reach your daily payment limit, you can still receive funds to your account and make outgoing bank transfers.

Your monthly card payment limit is €7’000

This limit is like your daily limit but applies to a period of 30 days. That is, the maximum amount you can spend in 30 days is €7’000. Again, this also includes cash withdrawals (discussed later).

So, to reach your monthly payment limit, you could make five payments for €1’400 (the daily limit), ten payments for €700, a hundred payments for €70, etc. – you get the point. Once you’ve reached the limit, all the following card payments within the particular month would be declined.

Your daily withdrawal limit is €600

The withdrawal limit refers to the maximum sum of funds you can cash out of the ATM in one day – whether in one or multiple takes.

That is, you could cash out €600 in one take or make six withdrawals of €100 each. Once you’ve reached your daily limit, further withdrawals that day would be denied, but you’d still be able to make card payments – both online and in-store.

Your monthly withdrawal limit is €3’000

The monthly withdrawal limit refers to the total sum of funds you can cash out of the ATM over the period of one calendar month.

So, if you’d take out €600 every day (the daily limit), you’d reach your monthly withdrawal limit within five days. For the rest of the month, all attempts to withdrawal would be denied. However, you could still make online and offline payments, as well as send and receive funds.

The overview of your VIALET card limits

To sum up, here’s the overview of your limits:

vialet card limits

Got questions? Don’t hesitate to comment below!

If you still didn’t open VIALET current account, you can learn how to do it here.

Leave a Reply

Your email address will not be published. Required fields are marked *