What Are the Transaction Limits with MiFinity? A Guide for UK Users
MiFinity is gaining popularity as a safe prepaid payment method not only in the UK, but also globally. And no wonder - it’s easy to buy, easy to use, and allows you the full freedom of online payments without even needing to have a bank account. But MiFinity is of course not without limitations. One example are transaction limits. These may differ across account levels and locations. Here’s what you need to know about the transaction limits with MiFinity in the UK, including tips on making the most of your account.
Understanding MiFinity transaction limits
MiFinity sets transaction limits to ensure secure and compliant financial operations. These limits can vary depending on several factors, including your account verification status and country of residence. Here’s a general breakdown for UK users:Transaction limits for unverified accounts (UK)
When you first create a MiFinity account, it will have very low transaction limits of EUR 150 per year until you verify it. Once you reach the EUR 150 limit, you will have 30 days to verify the account. It takes a few minutes, but will require sharing your ID and some personal information.Transaction limits for verified accounts (UK)
Do you think that once you’ve verified your account, you’ll have unlocked the maximum transaction limits possible? That’s only partially true. There are two verification tiers for your MiFinity account - one is a basic verification with ID, biometrics and a selfie. The other one requires an address verification and proof of income. It’s not mandatory to get the maximum verification status. However, it will make a big difference in your transaction limits. Here’s what you’ll get with each level of verification:- Basic account verification: Up to EUR 2,000 per year.
- VIP account verification: Can exceed EUR 10,000 per year, depending on your account history and activity. Getting to this level will require an account review.
How to manage your MiFinity transaction limits
If you're hitting your limits or planning more frequent transactions, here are a few tips to keep your payments smooth:1. Verify your account
This is the most effective way to increase your limits. Simply upload a valid photo ID and proof of address within your MiFinity dashboard. Most verifications are completed within 24–48 hours.2. Track your usage
Stay on top of your activity by checking your transaction history in your eWallet. This helps avoid unintentional breaches of your limit. And if you’ve reached your limit but still need to make an online payment, remember you can always get a MiFinity eVoucher for this purpose. The eVoucher is not connected to your MiFinity account, so it won’t be affected by your transaction limits.Why it’s necessary to verify your MiFinity account
Verifying your MiFinity account is more than just a way to increase your transaction limits—it’s a vital step that ensures you get full access to the platform’s features while keeping your account secure. Verification also plays a key role in meeting financial regulations in the UK and EU. As a regulated financial service, MiFinity is required to follow strict Know Your Customer (KYC) procedures to prevent fraud and protect users. Providing proof of identity and address helps secure your account and ensures a safe environment for all MiFinity users. It also simplifies account recovery if you ever lose access. The good news? Verification is a one-time process, often completed within a day or two, and once you’re verified, you’re all set to take full advantage of everything MiFinity has to offer.Benefits of using MiFinity eVouchers
While there are multiple benefits of creating a MiFinity eWallet, it is not mandatory in order to enjoy the privacy and flexibility MiFinity has to offer. If the unverified account limits are too low for your needs and you feel uneasy about verifying your MiFinity account, you can always stick with MiFinity eVouchers. Here’s what makes them a good choice:- Secure & anonymous. When paying with an eVoucher, you don’t need to share any sensitive information.
- Easy to use. Simply use the 20-digit PIN number to pay directly on a partner website, and you’re done!
- Easy to buy. Any time you need a MiFinity eVoucher, you can get one within seconds (and with zero hassle) from Mobiletopup.co.uk:
- Values available: £20, £50, £100, and £150
- Accepted payment methods: Visa, Mastercard, PayPal, Google Pay, American Express.
- Instant delivery: Get your code in your inbox right after purchase.
- Certified reseller: Mobiletopup.co.uk is a trusted source for digital top-ups.
With MiFinity, there are no limits to flexibility
As you’ve learned by now, there is a big difference between the transaction limits of unverified and verified accounts, and that can seem limiting at first - especially if account verification is not something you’re comfortable with. However, since MiFinity is all about flexibility, you can rest assured there’s an alternative. If you prefer not to create or verify your MiFinity account, you can still pay on any partner website with a MiFinity eVoucher. Buy one in seconds and spend it without sharing any sensitive information online. Flexible, isn’t it?Frequently Asked Questions
How can I increase my MiFinity transaction limits?
That depends. If you haven’t verified your account yet, the easiest way to increase your limits is to do so. If you’ve already verified your account, you may be able to get additional transaction room by contacting MiFinity customer service. Depending on your account activity they may grant you a higher limit.
What happens if I exceed my transaction limit?
You can’t actually exceed your limit. Once you reach it, no further transactions will be possible. If that happens and you still want to make a payment, you can do so with a MiFinity eVoucher. eVouchers aren’t connected to your account, so they won’t be affected by your transaction limit.
Why do I need to verify my MiFinity account?
That’s the fastest and best way to increase your transaction limits. It’s also part of the processes that allow MiFinity to provide its safe and trustworthy services.
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