How do I increase the £500 daily limit?

Hi.

I was wondering if there was a way to increase the £500 daily limit. I’m currently on the Grow Plan and have my monthly invoices paid into my account. When it comes to paying my staff wages I struggle as i can only transfer £500 per day plus it can only be done at the same time every day e.g. I transfer £500 at 4pm. I can’t then go in the following day at 8am and transfer again as it says I’ve exceedd my daily limit! I then have to wait until 4pm to do another £500. It can take almost a week to pay my staff and it looks so unprofessional as they shouldn’t have to be waiting for their wages. Being as it’s a business account it should be expected that you would have a much higher limit as £500 per day is absolutely ridiculous! Can somebody from Coconut please get back to me please. Thanks in advance.

Good morning Catherine,

I totally understand your frustration here and yes, there is a way to increase your daily limit and I’ve already done so to match your needs :).

A bit of context about these limits: as part of being financially regulated, we have to ensure that we put in place controls to protect against financial crime.

We have a daily limit on payments out which is set when you first get a current account with us - it’s based on how much of your business information we’ve been able to provide when you signed up with us. Once you start using the account and there is sufficient account activity, the limit is regularly updated to make sure it’s adapted to your needs.

If you ever want help with a payment, and need this limit reviewed, feel free to get in touch with the team and we’ll happily have a look into this for you.

Just so you know, we might sometimes ask for a little bit more information. This helps us review your limit as quickly as possible.

I hope this was helpful.

Have a great day,
Chiara

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Hi Chiara.
Thank you so much for your response and thank you for dealing with the problem so quickly. My staff will be thrilled to know they will be able to get paid on time.

Regards
Catherine

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Chiara,
It’s answers like this that were part of the reason that I chose Coconut over others. How refreshing!

Regards,
Jeremy

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