Why are Tiers & Limits important?
Account Tiers help us enforce transaction limits on your Cleva account. Each Account Tier (Tier 1 & Tier 2) will have a daily, weekly, monthly limit, and card funding limit.
Account Tiers and transaction limits are standard practice across banks and financial institutions. They serve as a security measure to protect you from unauthorized use of your account, mitigate fraud, and manage risks on the Cleva platform.
What are the Tiers?
For now, we have Tier 1 and Tier 2 accounts. Each Tier has a set of limits that are enforced on all transfers out of your Cleva account - bank transfers, Cleva to Cleva transfers, and card funding. These limits are different from your deposit limit (USD received). Here are the transfer limits:
This means that an account cannot transfer more than their daily limit in 1 day, or more than their weekly limit in 1 week.
How are Limits assigned?
Your account is auto-assigned a Tier depending on the information you submit during your KYC verification. Based on the information received from you, we make a risk-based decision to place your account on Tier 1 or Tier 2.
What if I want higher Limits?
You can request a Tier upgrade but it is contingent on the review and determination of our compliance team. Here are the steps to request a Tier upgrade:
Ensure you have some historical transactions on Cleva (net-new accounts on Tier 1 cannot be upgraded).
Use the in-app chat to contact us.
Submit the requested documentation such as proof of employment, proof of address, and other information requested by our compliance team.
After submitting the documents, our compliance team will make a determination on whether your account can be upgraded to Tier 2.
How do I view my Limits?
Click on Settings, then click on “Transaction limits”.