Transaction Limits per Account Level

Alessandro G
Alessandro G
  • Updated

SwissBorg KYC Process: Account Levels Overview

SwissBorg uses a 3-step KYC (Know Your Customer) process. These steps are tied to Account Levels, each with its own limits and verification requirements.

Below is a breakdown of each level:

Account Level Verification Deposit Limits Withdrawal Limits Notes
Level 1 Identity Verification €5,000 (cumulative) €5,000 (cumulative) Mandatory during onboarding to deposit/withdraw crypto & fiat.
Level 2 Address Verification (Proof of Residence) €50,000 (cumulative) €1,000,000 (cumulative) Upgrade required once €5,000 is reached.
Level 3 Source of Wealth Verification Unlimited Unlimited Upgrade required once deposits exceed €50,000 or withdrawals exceed €1M.

How KYC Levels Work

Level 1: Basic Verification

  • This is mandatory for all SwissBorg users as part of the onboarding process.
  • You’ll complete identity verification (uploading ID).
  • Once approved, you can:
    • Deposit and withdraw funds in fiat and crypto.
    • The cumulative transaction limit is €5,000.
  • Once you hit this limit, you must upgrade to Level 2 to continue using the app.

Level 2: Proof of Residence

  • When your total deposits or withdrawals reach €5,000, you’ll need to provide proof of residence to upgrade to Level 2.
  • After verification, your limits increase to:
    • €50,000 for deposits.
    • €1,000,000 for withdrawals.
  • Proactive upgrades are possible when total deposits exceed €30,000, even before hitting the cap.

Level 3: Source of Wealth

  • This is the final level and requires source of wealth verification (proof of how you acquired the funds).
  • Once approved, you enjoy unlimited deposits and withdrawals.
  • Occasionally, SwissBorg may request updated documents to ensure ongoing compliance.

What Happens if You Reach Your Limit?

Blocked Funds:
If your transaction exceeds your current level’s limit, the funds will be held until you upgrade to the next account level.

How to Upgrade:

  • Go to the Profile section in the SwissBorg app.
  • Find the "Account Level" tab, which shows your current level.
  • Follow the prompts to upload the required documents to upgrade.

Example Scenarios:

  1. User 1:

    • Account is at Level 1 with €2,000 in deposits.
    • They deposit €1,000 more, making the total €3,000.
    • The funds are credited without any issues.
  2. User 2:

    • Account is at Level 1 with €4,600 in deposits.
    • They try to deposit €500, which pushes their total to €5,100 (above the limit).
    • The deposit is put on hold until they upgrade to Level 2 by submitting proof of residence.
    • Once verified, the deposit is processed, and funds are credited.

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