USD Virtual Account Terms of Usage
Effective Date: December 5, 2025
These Terms and Conditions ("Terms") govern your access to and use of the virtual USD account creation service ("Service") provided by Palremit ("we," "us," or "our"). By accessing or using the Service, you agree to be bound by these Terms.
1.1. Service Description: We provide a service that allows eligible users to apply for and potentially receive a virtual USD account. This account is designed to receive payments, make transfers, and exchange currencies.
1.2. Eligibility: To be eligible for the Service, you must:
1.3. Application Process: You must complete our application form and provide all required information, including but not limited to your name, address, date of birth, contact information, and any other information needed to verify your identity and assess your eligibility.
1.4. Verification: We may use third-party services to verify your identity and assess your application. This may include, but is not limited to, identity verification, credit checks, and compliance checks.
1.5. Account Approval: We reserve the right to approve or deny your application for a virtual USD account at our sole discretion.
2.1. Compliance with Laws: You agree to comply with all applicable laws, regulations, and these Terms when using the Service.
2.2. Risk Assessment: We conduct risk assessments to comply with regulatory requirements and mitigate financial risks. This includes, but is not limited to, assessing the risk associated with your application based on the information provided, transaction history, and other relevant factors.
2.3. Enhanced Due Diligence: We may conduct enhanced due diligence on certain applications, including those from high-risk jurisdictions or those involving complex transactions.
2.4. Applications from the African Region: Due to heightened compliance and regulatory risks, applications from the African region may be subject to more stringent review and may be denied at our discretion.
3.1. Account Creation Fee: Refer to USD Virtual Account Terms of Usage below.
3.2. Other Fees: All fees will be clearly displayed in these terms and conditions during the application process and/or on our website.
4.1. No Refunds for Account Creation: We do not provide refunds for the account creation fee if your application is denied. This is due to the costs associated with processing your application, including identity verification, compliance checks, and risk assessments.
4.2. Other Refunds: [Specify your refund policy for other services, if any].
5.1. Termination by Us: We reserve the right to terminate or suspend your virtual USD account at any time, with or without notice, for any reason, including but not limited to:
5.2. Termination by You: You may terminate your account at any time by sending an email to [email protected].
5.3. Effect of Termination: Upon termination, your access to the Service will be immediately revoked, and any funds in the account will be transferred to your available wallet balance in any currency of choice.
You agree not to use the Service for any illegal or unauthorised purpose. Prohibited activities include, but are not limited to:
We are not liable for any damages or losses arising from your use of the Service, including but not limited to:
These Terms shall be governed by and construed in accordance with the laws of the State of Delaware, United States of America. Any disputes arising out of or relating to these Terms shall be resolved through arbitration, mediation, or the Delaware, USA, governing court.
We may amend these Terms at any time by posting the revised Terms on our website. Your continued use of the Service after the effective date of the revised Terms constitutes your acceptance of the changes.
If you have any questions about these Terms, please contact us at [email protected]
Transaction limits on Palremit vary depending on the source of funds. Here's a breakdown:
Yes, you can receive Automated Clearing House (ACH) transfers. There are no limits on ACH transactions after the initial required first deposit of $3,000 into your USD virtual account.
For international ACH transactions, there is no limit to the total amount you can receive, provided it aligns with the purpose and details you stated in your original USD virtual account application.
For traditional wire transfers via MoneyGram or Western Union, the first transfer to a USD virtual account is capped at $3,000. After that, you can send up to $10,000 per transaction.
If you exceed the limits, your transaction may not go through, and you could be subject to an additional verification process. It's best to stay within the limits for a smoother transaction experience.
Palremit follows strict regulations and guidelines to ensure compliance with transaction limits. We perform checks on all incoming transactions to confirm the source and identity of the sender, and sometimes this may take 7-14 working days if the funds sent to the Palremit USD account have been flagged or are under scrutiny.
EDD is an additional verification process for large or unusual transactions. If your account handles high-value payments, you may be asked to provide extra information to verify the source of the funds, and you would likely have to wait for at least 48hrs/2 days to vet and verify all documents and the authenticity of the funds being received.
To maximise your transaction limits, consider receiving payments from family members or business clients with no limits, and ensure all your transactions are compliant with Palremit's guidelines.
YES, you can send USD directly from your virtual account. Also, you can convert and send USD to other currencies or cryptocurrencies.
Or send USD via Palremit P2P.
Stay updated by checking the Palremit app for notifications or visiting our help center regularly for the latest information.
If you have more questions, please reach out to our support team in-app for assistance or send us an email at [email protected]
No, you are not refunded your USD account creation fee of $2 if your account fails to be generated after all compliance and due diligence have been performed on your account application, and kindly note that your $2 is not refunded in the case of an already created account or any possible case scenario of failed account application or rejection.