What happens when i cross/reach the limit set for Indian people.

thicks_thicksthicks_thicks Posts: 10Member
Are there any limitations on the size of payments I can receive to Payoneer?

We are now delighted to be offering our Indian customers a payment service that does not require a prepaid card. This new service automatically transfers any balance to your local bank account in INR on a daily basis.

This is a limit of INR 5,00,000 per single transaction and the total INR amount of transfers to Your Bank Account shall be limited to INR 5,00,000 per Business Day and INR 25,00,000 per calendar month. All payments received in USD or EU will be converted and transferred to your local bank account in INR. Any payments that exceeds those limits will have to be rejected.


ref: payoneer india link cant post bcoz of low post counts

1) What happens when i receive funds greater than INR 5,00,000 in single transaction ?

1.a) Do you cancel the transaction ?

1.b) Do you split the ransaction in small amounts ? and deposit to my account ? or what else ?

2) What happens when i reach limit of INR 25,00,000 per calendar month ?

2.a) you cancel future transfers ?

2.b) or something else ?

above you stated

Any payments that exceeds those limits will have to be rejected. What does that means exactly ?
i wont get paid ? or is there another workaround for this situation ?

Please reply.,

Thanks & Regards.

Answers

  • josyladjosylad Posts: 2Member
    Good questions here!
    I will love to know the answers to this too
  • thicks_thicksthicks_thicks Posts: 10Member
    as far as i know , there are no restrictions by government of INDIA or any other authority on how much money you can get in your account, so i don't know why are the Payoneer guys limiting it,
    But in cases where amount goes above INR 50,000 , then the receiving party needs to provide PAN CARD No. , which is similar to IRS TAX No./ID in US.

    So why are the restrictions. ?

    can i bypass the restrictions if i register as LLC and get Payoneer Business account ?

    please reply.

    Thanks.
  • zhaoniupaizhaoniupai Posts: 84Member ✭✭
    So far as i know , there is no restriction to receive money from US or EURO company, there is no restriction to transfer money from PAYONEER to your local bank account. Maybe you need to contast Payoneer Customer Service for more infomations. http://www.payoneer.com/EmailForm.aspx
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