Starting October 1, 2019, there will be no more Tier 0. The default tier for all new PDAX users will be Tier 1 while existing users will have their current account tiers adjusted accordingly.
The recently adjusted cash transaction limits that you can see in the table below will stay the same but Tier 0 will be removed. For questions and clarifications, feel free to contact our customer support by raising a ticket here.
There are three (3) account tiers that you can upgrade your account to if you want to enjoy higher cash transaction limits.
If you want to upgrade your account to the next tier, you will need to provide tier-specific requirements such as personal information including your employment, residence, or income details. You will also be asked to upload valid IDs and/or documents to support the information you provided.
Please note that you can’t proceed to a higher tier unless you have complied with the requirements for the preceding tier.
To comply with the rules set by the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) Guidelines, the following temporary cash transaction limits will be implemented starting September 13, 2019:
Your cash transaction limit for a specific period refers to the total amount of both your cash-in and cash-out transactions made during that time.
This means that if you’re in the default tier and cashed in PHP 1,000 in a single day, you’ve already maxed out your daily cash transaction limit. As a result, you will no longer be able to cash out or withdraw funds from your PDAX account within the same day and will have to wait 24 hours for your daily limit to refresh again. The same applies to the succeeding tiers and limits.
As a compliance measure, the cash-out function is disabled for users who are in the default tier. Additional verification requirements must first be complied with in accordance with applicable laws before a user can use this feature.