PalmPay stands as a versatile financial platform, offering convenience and flexibility in managing finances and transactions. Upgrading your PalmPay account to Tier 2 and Tier 3 unlocks an array of benefits, enhancing your overall experience and expanding the functionalities of the app.
This article will show you how to upgrade your PalmPay Account to Tier 2 and 3 respectively, providing you with all the details you need.
Table of Contents
PalmPay Account Tiers and Their Limits
Tier 1:
This is the default account level after a user has successfully registered on PalmPay.
Transaction Limit: PalmPay’s Tier 1 account allows transactions up to N50,000 per day. This means users can perform transactions, including payments and transfers, within this limit in a day.
Balance Limit: With a balance limit of N300,000, users can maintain funds in their PalmPay account up to this specified amount. This balance can be used for various transactions and payments.
Tier 2:
Transaction Limit: The Tier 2 account in PalmPay raises the limit on daily transactions significantly to N200,000. This upgrade allows users to conduct larger transactions in a day with ease.
Balance Limit: With an increased balance limit of N500,000, users in Tier 2 can maintain a more substantial balance in their PalmPay account, providing more flexibility in managing finances.
Tier 3:
Transaction Limit: PalmPay’s Tier 3 account offers a substantial transaction limit of N5,000,000 in a day. Users at this tier can engage in high-value transactions, making it ideal for individuals or businesses with extensive financial needs.
Balance Limit: Interestingly, Tier 3 comes with no balance limits. This means users can maintain funds in their PalmPay account without any upper restriction, facilitating seamless and unlimited financial management.
How to upgrade PalmPay Account to Tier 2
To upgrade your PalmPay account to tier 2 level, you will be needing your BVN.
To get your BVN dial *565*0# and follow the prompts. Here are other ways to get your BVN if you don’t want to use the USSD code method.
Once you have your BVN, follow the steps below to upgrade your account to tier 2:
- Log in on your PalmPay app
- Click on the profile icon at the top-left corner of the app
- Scroll down and tap on “KYC Level”
- Click on “Upgrade” beneath
- Confirm that your name is correct
- Enter your BVN and click “Confirm”
- Select your BVN verification method and complete the verification
- If you choose OTP, you will have to enter the OTP that will be sent to your phone number.
- If you decided to verify using personal information, you will have to provide your personal information like date of birth.
Following the steps above, you will be able to upgrade your PalmPay account from tier 1 to 2 with ease, increasing your transaction and balance limit to N200,000 and N500,0000 respectively.
How to upgrade PalmPay Account to Tier 3
Once you have successfully upgraded your account to tier 2, the next level to upgrade to is tier 3, which offers an even higher daily transaction limit and limitless account balance.
PalmPay Tier 3 Requirements
- You must upgrade your account to tier 2 first
- Proof of Identification: this can be an international passport, Driver’s License, Voter’s card, or National ID card.
- Proof of Address: This can be Utility bills or statement of account that is not older than three (3) months. I used my Kuda Statement of account and my tier 3 upgrade request was approved. So you can use any bank account statement of your choice.
- Passport Photograph or Portrait picture that clearly shows your face.
You will need to upload these documents and your passport/portrait photograph while upgrading to tier 3.
Follow these steps to upgrade your PalmPay Account level from tier 2 to tier 3 once you have all the requirements listed above:
- Login to your PalmPay account.
- Navigate to your profile by tapping the icon at the top-left side of PalmPay app.
- Scroll down and tap on “KYC level”.
- Click on “Upgrade.”
- Snap or upload the front side of your ID card.
- Upload a picture clearly showing your face.
- Upload a clear picture of your utility bills paid within the past 3 months or a bank statement of account not older than 3 months.
- Once you have uploaded these documents, submit your request.
All things being correct, PalmPay will review and approve your tier 3 account upgrade within 72 hours, or longer, in some cases. Just keep checking occasionally for the status of your request.
Conclusion
Upgrading your Palmpay account to Tier 2 and Tier 3 elevates your financial experience, providing access to enhanced features, increased security, and exclusive services.
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Frequently Asked Question
How to check my PalmPay limit?
To check your account limit on PalmPay:
1. Login to PalmPay app
2. Click on the profile account at the top of the page
3. Tap “KYC Level”
4. The available PalmPay tier levels (1, 2, and 3) be displayed
5. Your current PalmPay Tier Level will be highlighted in purple colour, indicating your transaction and balance limit.
How much is PalmPay Limit Without BVN?
Without submitting your BVN on PalmPay, that means your account will be on tier 1. And you can only perform a transaction of N50,000 in a day, and your account can only hold N300,000.
How Much Can PalmPay Tier 2 receive at once?
PalmPay tier 2 account can receive up to N500,000 at once. However, remember that this is the balance limit for a tier 2 account. Therefore, exceeding this amount can get your account restricted until you upgrade to tier 3.
How much can a Tier 1 PalmPay account hold?
PalmPay tier 1 account can hold a balance up to N300,000.
How can I upgrade my PalmPay account without BVN?
To upgrade your account without BVN on PalmPay, choose to upgrade with your NIN instead. Click on “switch to NIN” button and enter your NIN to proceed.
