What limits does Barion have and why are these necessary?
According to the legal regulations governing us (due to the registered seat of Barion, the Hungarian Anti Money Laundering Act and the Decree of the Central Bank of Hungary), we must include limits in Barion. There are three limits in the system: topup, withdrawal, and transaction limit.
The limits are in line with the various levels of client identification:
“Waiver” level: If you register as an individual and you do not provide any of your personal data but your name and password, then you get into the “waiver” category; this means that your current total balance may not exceed 65,000 HUF/200 EUR/5,000 CZK/200 USD, and you can use your wallet up to this limit in each month. Another restriction is that you cannot transfer money to others at this level, and the maximum total amount of your withdrawals in a year is 260,000 HUF/800 EUR/20,000 CZK/800 USD. The “waiver” level is not available for organizations.
“Simplified due diligence” (SDD) level: If you, as an individual, fill in the entire datasheet when you register or later in the My Wallet/Profile menu item, or, if you register as an organization, then you get to the simplified due diligence level. At this level, your total maximum Barion balance may not be more than 300,000 HUF/900 EUR/22,500 CZK/900 USD, and you can withdraw maximum 260,000 HUF/800 EUR/20,000 CZK/800 USD per year and you can transfer money to anybody.
“Normal due diligence” (NDD) level: To get rid of all restrictions, undergo a comprehensive due diligence process:
You can continuously monitor your limits in your Barion Wallet. No matter what currency you keep your balance in, it will be aggregated when checking limits. If you accidentally exceeded any of your limits and your wallet, therefore, gets suspended or you just wanted that these limits do not apply to you, request a wallet check.
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