PayPal makes online transactions safe and easy, mainly because it offers a secure means of carrying out online financial transactions, limiting the risk of fraud cases online. To guard the system from abuse and users from scammers, PayPal has put in place an array of measures. One way this is achieved is by limiting payments made by an individual to a certain level until the personal details given in the PayPal account in question have been verified. Well, it is possible that some people use fake names, and questionable email address to carry out selfish transactions online, and they must be stopped.
Account Verification Fights Fraud
The details required in such instances are the credit card or bank account information. This helps simplify the process of monitoring for any fraudulent account activities, which will keep you from using your PayPal account to make illegal transactions. Remember that as much as PayPal may not deal with customers physically, your bank does. Therefore, bank accounts and credit cards are only issued upon thorough review of a person’s identities.
Until a PayPal user verifies their account, they can only be allowed to withdraw a total of 500 dollars in a month. Non account holders can send a one-time payment of up to $4,000 while account holders can pay up to $12,500 in a single transaction. Please note that these values may vary based on the currency.
If your account is Verified, there’s no limit on the total amount of money you can send from your account. You can send up to $60,000, but may be limited to $10,000, in a single transaction. (This amount can vary, though, depending on your currency.)
If your account is Unverified, there’s a limit on the total amount of money you can send from your account.
PayPal bases the beginning of a month on the date you opened the account. There are also transaction limits on an unverified PayPal account and people without a PayPal account using the standard payment method to make payments.
Verifying Paypal Account Details
If you decide to verify your PayPal account details, there is no limit on the amount of money that you can send using your account. However, if you find that your financial transactions on PayPal have been hit by a transaction limit, you can easily remedy the situation. Most of the time, PayPal gives people instructions through email on how to do this. If the cap is due to a simple lack of verification of the account, you can do it by simply following their instructions and verifying your account.
This involves signing in to your PayPal account, clicking on the tab labeled “My Account” and selecting the “View Limits” tab. Under this tab, there is a “Lift My Limits” button, which if clicked, helps you to get instructions on what to do to deal with the problem.
Account verification is rather straightforward and so long as the information provided is bona fide, the limits will be lifted and you will be free to make as many transactions as you possibly wish.
Additional information: https://www.paypal.com/us/webapps/helpcenter/article/?articleID=94053