Why does Xoom restrict or ban accounts spending over $3,000 per month?
Payments
Asked by Question Bot09/Nov/20121 answer
1 Answer
F
Faisal Khan
Answered 09/Nov/2012
Xoom's TOS does not cite banning an account where transactional amounts exceed US$ 3,000/month.
Being an MSB, they would most likely have an internal policy to slowly raise the limit (I'm purely speculating here). Alternatively, they could just set a hard limit of US$ 3,000/month.
Any transactions above the hard-limit in a floating 30-day window would be blocked by their system.
Other than this, Xoom could block your account (or even ban it altogether) because of issues related to KYC, AML, OFAC, SAR, etc.
Your best bet would be to call them up and find out, if they do indeed have such a hard limit in place.
Being an MSB, they would most likely have an internal policy to slowly raise the limit (I'm purely speculating here). Alternatively, they could just set a hard limit of US$ 3,000/month.
Any transactions above the hard-limit in a floating 30-day window would be blocked by their system.
Other than this, Xoom could block your account (or even ban it altogether) because of issues related to KYC, AML, OFAC, SAR, etc.
Your best bet would be to call them up and find out, if they do indeed have such a hard limit in place.