As explained in our article What is KYC?, you have 3 KYC milestones throughout your SwissBorg journey. Each of these so-called Account Levels comes with its own limits and thresholds and requires a different kind of KYC check.
Level 1 is mandatory for everyone who joins SwissBorg and part of the onboarding process, more specifically the identity verification step. Once your account is successfully verified for Level 1 you can start using the app to deposit and withdraw funds in fiat and crypto (availability depending on your location) until the cumulative amount of deposits (or withdrawals) reaches EUR 5'000.
When you reach that amount, which is the transaction limit of Level 1, you will need to upgrade to Level 2 in order to keep depositing and withdrawing funds.
Level 2 is the address verification check and once successfully verified, this level will allow you cumulative deposits up to EUR 50'000 and withdrawals are limited to EUR 1’000’000.
When you reach either of these thresholds you will need to upgrade your SwissBorg account to the final account level, which is Level 3.
Note: You can also choose to upgrade your account proactively to Account Level 3 once the amount of your cumulated (all-time) deposits exceed 30’000 EUR.
Level 3 is a more in-depth check where we need to establish the source of your wealth (how you've acquired the funds you are depositing to and/or withdrawing from your SwissBorg account).
Once you have verified your account for Level 3, your top ups and withdrawals are unlimited. Of course we may still ask for additional documentation from time to time, to keep your information up-to-date and in order for us to remain compliant with applicable laws and regulations.
If your recent transaction exceeds the transaction limit of your current level, the funds will be blocked until you upgrade your account to the next level, meaning from Level 1 to Level 2 (always available) or from Level 2 to Level 3 (if you have reached the min. amount required to upgrade).
This needs to be done in the SwissBorg app directly, more specifically in the "Account Level" tab which can be found in the menu on the Profile section.
Here you can see your current Account Level and start the verification of your next account level, by uploading the required documentation under the respective "Level 2" and "Level 3" sections in the Account Level tab.
My account is currently verified for Level is 1 and my cumulative deposits amount to EUR 2'000. I make a new deposit of EUR 1'000 which is processed successfully, the funds are credited directly to my account.
Your account is currently also verified for Level is 1 and your cumulative deposits amount to EUR 4'600. You make a new deposit of EUR 500, which brings your total above EUR 5'000 and therefore your transaction will be placed on hold until you successfully upgrade your account to Level 2. Once you've completed the Proof of Residence verification successfully, your transaction will be automatically processed and the funds allocated to your account.