Paypal users making a withdrawal of funds to their bank accounts may sometimes experience a Withdrawal Limit, a threshold imposed by Paypal to control the amount of money one can take out of a Paypal account.
For most users, the withdrawal limit is $500 per month, while some report having a higher limit while others report they are not even allowed to make any withdrawal at all.
Here are the steps to remove or lift this Paypal withdrawal limit.
Why is there a Withdrawal Limit?
You’ll see if your account has Sending or Withdrawal Limits in your member’s area upon logging in. This is located right below the main navigation menu. Click the “View Limits” link to see what your account limits are.
According to Paypal, “limits help reduce fraudulent transactions due to stolen credit cards or unauthorized use of bank accounts”. This is actually a good control measure to ensure that little harm will be done to your account, in case it is hacked or stolen.
Paypal’s “withdrawal limit” is very similar to an ATM card’s daily withdrawal limit or a credit card’s monthly credit line limit.
How to lift the Withdrawal Limit?
Paypal requires users to complete the verification process to remove the limit before they can transfer money from their PayPal account to a bank account.
To lift the withdrawal limit, follow these steps.
1. Click the “View Limits” link in the top navigation menu upon logging in to your account.
2. In the Withdrawal Limits section, click the “Remove Limit” button.
3. Confirm the credit card or debit card you added to your account. According to Paypal, this verification process is a security check meant to confirm if your credit or debit card is in your possession. Simply click the “Continue” button to request a unique 4-digit code needed to complete this process.
4. Paypal will charge PHP 100.00 to your card and, within a few days, it will show up in your billing statement together with a unique 4-digit code.
5. Check your billing statement or contact your bank to inquire about Paypal’s 4-digit code. This 4-digit code is also called Paypal’s EXPUSE number. Normally, the EXPUSE number will appear on your online banking transaction history or your credit card statement within 2-3 business days. The code’s format is typically:
PP*XXXXCODE (for example: PP*1234CODE)
6. Once you have the 4 -digit code, log in back to your Paypal account and click the “Get Verified” link in the homepage.
7. Enter the 4-digit code you got from Paypal.
If successful, your withdrawal limit will then be lifted and you are free to make withdrawals from your account!
What about the PHP 100.00 charge to your card? Don’t worry, this charge will be reimbursed to your Paypal account 1 day after verifying your account.
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