What is the daily payment out limit?
This is a 24 hour limit on the amount of transfers you can make out of your Coconut current account. It only applies to payments out that you make from your account, and does not apply to card purchases, Direct Debits or payments in.
Why do I have a daily payment limit?
As we are financially regulated we have to have procedures in place to protect our customers and the wider community from financial crime, whilst balancing that with a fast and easy account opening process.
Daily payment limits are used by financial institutions to fight the use of accounts being used for criminal activities, such as money laundering or financial scams.
Your daily limit is set based on the information provided in your application, and is also reviewed over time based on your account activity.
How do I request an increase?
To request an increase to your daily payment out limit just get in touch with our team through the in-app chat. We'll ask you for a little information about the payments you're expecting to make, and depending on your account activity so far we may require additional documentation, especially for higher limit requests.
Also, please don't be offended if we ask you for information about your payments and business in order to increase your limits! We have to ask this in order to protect you, our customers and the vulnerable from financial crime.