Kuda Transfer Limit: Kuda has gained a reputation as one of the fastest-growing online microfinance banks. Through their app, you can conveniently send and receive money and make payments.
However, if you’re a new user, your account may have certain limitations until it’s upgraded. These limitations encompass various aspects such as the Kuda transfer limit, maximum balance limit, deposit limit, and withdrawal limit.
These limits, however, vary depending on the specific level of your Kuda account. Therefore, we have prepared this informative post to outline and explain the Kuda account limits, including the Kuda transfer limit, deposit limit, maximum account balance, and more.
Without any further delay, let’s delve into the details!
See also: How to Transfer Money from Kuda Bank
About Kuda Account Limit
Kuda, like Opay and other traditional commercial banks such as GTB, First Bank, UBA, Access, and so forth, also implements account limits that are determined by your account level.
These account limits essentially dictate the maximum amount you can transact daily and the highest balance you can maintain in your account.
Kuda has implemented these account limits as part of their verification process. As you progress through the verification stages, your account limits will also increase, allowing you to conduct a greater number of transactions.
Among these account limits, the Kuda transfer limit is of particular concern to many Nigerians, given that transfers and deposits are the most common activities conducted on the platform.
In that case, let’s begin by examining the Kuda Bank transfer limits for each account type.
Kuda Transfer Bank Limit for A New Account
The Kuda transfer limit for a new account, which is an account created with an email address, linked to a phone number, and the customer’s name added but not yet linked with a BVN, is unfortunately zero.
You won’t be able to perform any transactions, whether it’s deposit or transfer, until you upgrade your account to Tier 1.
Kuda Transfer Limit for Tier 1 Account
The Kuda transfer limits for a Tier 1 account, which is the initial Kuda account type allowing various transactions such as money transfers, deposits, bill payments, etc., are as follows:
- Transfer Limit per Transaction = ₦50,000
- Transfer Limit per Day = ₦300,000
- Deposit Limit per Transaction = ₦50,000
- ATM Withdrawal Limit per Transaction = ₦30,000
- Maximum ATM Withdrawal Times per Day = 5
- Maximum Account Balance = ₦300,000
These are the account limits for a Kuda Tier 1 account. If your transactions exceed these specified amounts, you may be required to upgrade your account.
How to Increase Kuda Transfer Limit
To increase your Kuda transfer limit, follow these steps:
- Upgrade Your Account: If you have a lower-tier Kuda account, such as Tier 1, you will need to upgrade it to a higher tier, like Tier 3. Higher-tier accounts typically have higher transfer limits.
- Provide Required Documentation: To upgrade your account, you will need to provide a valid BVN (Bank Verification Number) and an ID card as part of the verification process.
- Verification and Approval: Submit your BVN and ID card for verification. Once your documents are reviewed and approved by Kuda, your account will be upgraded.
- Enjoy Increased Transfer Limits: After the upgrade, your transfer limit and overall account limits will be increased. You will then be able to transfer more, receive more, and make larger transactions using your Kuda bank account.
Check this: Kuda Bank Transfer Code for 2023: List of Kuda Bank USSD codes
Frequently Asked Questions on Kuda Transfer Limit
What is Tier 3 on Kuda?
Tier 3 (T3)
An account that has both a confirmed BVN and a valid ID attached to it is on Tier 3. You’ll notice that we didn’t mention Tier 2. That doesn’t exist.
How many free transfers for Kuda in a month?
25 free transfers
Your Kuda account comes with 25 free transfers to other banks every month. That’s up to 15,000 naira saved on transfers every year. Withdraw cash for payments free of charge at over 3,000 ATMs.
How much can Kuda bank contain?
There’s no limit on receiving money if your account has a BVN and a valid ID. It won’t limit you at all because it’s a standard bank account. You can send up to 1 million naira from your account at a time. Please, get more details from their customer service.
What is the maximum I can transfer on Kuda?
The maximum amount you can transfer on Kuda depends on your account type. For example, a Tier 1 account can transfer ₦50,000 per transaction and ₦300,000 per day, while a Tier 3 account can transfer ₦250,000 per transaction and ₦1,000,000 per day. The specific limits may vary based on your account tier.
Dynablog’s conclusion on Kuda Transfer Limit
Increasing your Kuda transfer limit is a straightforward process that involves upgrading your account to a higher tier. This allows you to enjoy higher transaction limits, making your banking experience more convenient and flexible. Keep in mind that the maximum transfer amounts depend on your account type, so it’s essential to choose the right tier that suits your financial needs.
Meet RASHEED FARUQ ADEYEMI, a Student of University of Ilorin, Department of Water Resources and Environmental Engineering. Beyond that professional pursuit, he’s a professional writer who finds solace and joy in solving people’s problems through the art of writing. Through this platform, he aspires to share their knowledge, experiences, and insights, connecting with like-minded individuals and leaving a positive impact on their audience.
Join Dynablog.com.ng on this journey of finding and sharing the right information to it’s audiences.
Thank you!