Yes, banq has spending limits specific to person to person payments, and person to business payments.
The combined spending limit is a rolling weekly limit. What this means is that a transaction against an account's total will remain for one weeks time from the time of the authorization. For example, if a user sends a payment on a Monday at 11:00 AM, that payment will no longer count against their account limit at 11:01 AM the following Monday.
If you haven't completed identity verification, we've defined this as having a limited, or pay only, account. You will have lower spending limits. This is set by the government and is something we can't make any exceptions to. These limits will also vary, depending on if you are trying to make a payment to an individual or a business.
One other thing to note is that with limited accounts, you won't be able to receive payments and hold any assets. To do that, you'll need to confirm your identity.
Please see the below charts for limited account spending limit breakdowns.
If you have completed identity verification, the limits change and you have more freedom to send and receive funds. There are still limits, but they are higher across the board.
If you are a business, there are some further details that may be of interest to you regarding account capabilities. You can check those out in our business limits section.