Once you open a PDAX account, you are automatically entitled to a daily, monthly, and annual cash transaction limit. You can upgrade your PDAX account immediately right after signing up to increase your cash transaction limits right away.
It is important to remember that you can’t proceed to a higher tier unless you have complied with the requirements of 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 adjusted cash transaction limits have been implemented starting September 13, 2019:
Your cash transaction limit for a specific period covers the total amount of both your cash-in and cash-out transactions made during that time.
This means that if you are in Tier 0 and cashed in PHP 1,000 on a single day, you have 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. Instead, you will have to wait 24 hours for your daily limit to refresh again. The same applies to the succeeding tiers and limits.
As a precautionary measure, the cash-out function is disabled for Tier 0 users. Additional verification requirements must first be complied with in accordance with applicable laws before a user can use this feature.