If you’re a BigPay user in Malaysia, you’ve probably noticed that your transaction limit is currently set at RM10k per month. This cap encompasses various activities, including cash withdrawals, peer-to-peer transfers, remittances, and QR payments. However, the good news is that you can increase your limit to RM20k per month, which is BigPay’s maximum approved card limit. Here’s how to make it happen:
Why Bother Increasing Your Transaction Limit?
You might be wondering why you’d need a higher transaction limit for your BigPay account. There are several compelling reasons to consider:
- Frequent Traveler: If you travel often and need to cover expenses like flights and hotels abroad, a higher limit is essential.
- Online Shopper: For avid online shoppers looking to capitalize on favorable exchange rates and avoid currency conversion fees offered by BigPay.
- International Money Transfers: If you need to send money to family or friends overseas with low fees and speedy delivery.
- Everyday Payments: For those who want to make BigPay their primary payment method for day-to-day transactions, unlocking cashback and rewards along the way.
Prerequisites for Increasing Your Transaction Limit
To boost your transaction limit to RM20k per month, you must meet specific requirements:
- Verified BigPay Account: You must possess a verified BigPay account with a valid Malaysian identity card (MyKad) or passport.
- Minimum Top-up: You should have topped up your BigPay account at least once with a minimum of RM20 from a Malaysian bank account or credit card.
- Recent Activity: You must have used your BigPay card or app for at least one transaction in the past 30 days.
- Clear Account: Your BigPay account should have no outstanding balances or disputes.
The Application Process
If you meet the prerequisites, follow these steps to apply for a higher transaction limit:
- Launch your BigPay app and access the “More” tab located at the bottom right corner.
- Click on “Account,” and then select “Transaction Limit.”
- Choose “Apply Now” and follow the on-screen instructions.
- You’ll need to provide personal information, including your income range, occupation, and source of funds.
- Upload a proof of income document such as a payslip, bank statement, or tax return.
- After submitting your application, you’ll receive an email confirmation from BigPay.
- BigPay will review your application within 3 working days and notify you of the outcome via email and app notification.
The Perks of a Higher Transaction Limit
Upon approval, you’ll enjoy these benefits:
- Increased Spending Capacity: You can spend up to RM20k per month with your BigPay card or app, doubling the previous limit.
- ATM Withdrawals: Access up to RM5k per month in ATM withdrawals worldwide, free from withdrawal fees.
- Enhanced Peer-to-Peer Transfers: Transfer up to RM5k per day to other BigPay or external personal accounts via QR code or DuitNow ID.
- Merchant Payments: Pay merchants using QR code payment, up to RM3k per day.
- Efficient Remittances: Remit up to RM50k annually to 10 countries with low fees and expedited delivery.
Considerations for a Higher Transaction Limit
While a higher transaction limit offers numerous advantages, be mindful of these factors:
- Cross-Border Fees: Starting from 30 August 2023, you’ll incur a 2% cross-border transaction fee for transactions with merchants outside Malaysia.
- Credit Card Top-Up Charges: As of the same date, a 2% credit card top-up fee will be applied to all credit card top-ups.
- Stricter AML and KYC Checks: Expect more rigorous anti-money laundering (AML) and know-your-customer (KYC) checks from BigPay, which may necessitate additional documentation or information periodically.
BigPay, a prominent fintech company in Southeast Asia, offers a versatile financial services app encompassing payments, transfers, remittances, micro-insurance, personal loans, and spending analytics. With over 1.4 million users in Singapore and Malaysia, BigPay aims to expand to Thailand, Indonesia, and the Philippines in the near future.
For Malaysian BigPay users seeking to elevate their transaction limit to RM20k per month, the process is attainable by following the outlined steps. Nevertheless, it’s crucial to weigh the pros and cons and exercise responsible and secure use of your BigPay account.
We trust that this guide has provided clarity on increasing your BigPay transaction limit in 2023. Should you have questions or feedback, don’t hesitate to reach out or leave a comment below.