Like other financial institutions, Bonsai business accounts have limits in place, to help protect your account from unauthorized transactions.
What are the daily transaction limits?
The daily limits (on a 24-hour rolling basis) will be applied to the following operations with Bonsai business accounts:
$300 for ATM cash withdrawals. (Fees from ATMs are included in these cash withdrawal limits)
$2,000 for card transactions
$3,000 for transfer to external bank accounts
As always, there are no fees associated with transacting on your Bonsai business account and no fees are incurred as a result of transferring funds.
Note: These limits are set by default for your Bonsai business account.
FAQ
What happens when I reach my daily limit and still do another transaction?
Once you reach your daily limit, your subsequent transactions fail and you will be notified by us via email about why the transaction failed.
I spent $25 earlier today. Can I spend another $2000 on another transaction, or will this exceed my limit?
The daily transaction limit applies to all transactions processed in a 24 hour rolling period. Any combination of transactions exceeding the limit will be declined.
If I send $3,000 to an external bank via an outbound transfer from my Bonsai business account balance, can I still make an ATM withdrawal of $300 on the same day?
Yes, you can. These limits are not cumulative across the type of transactions.
My card payment was declined and I am within my spending limits. What can I do?
We would always recommend trying the transaction again to see if this will go through. In the event that it is still declined and you are running into issues making payments, please connect with our support team who will be able to assist further.
What if I make a purchase in another country, are there any fees associated when making a purchase in a different currency?
There are two fees that may apply when processing transactions in a different country.
First, Stripe charges a foreign exchange fee of 1% for each instance in which funds are converted from another currency to USD. Additionally, a cross-border fee may apply, which consists of 1% plus $0.30 for each transaction processed outside of the United States.
© 2023 Bonsai Technologies Inc - Bonsai partners with Stripe Payments Company for money transmission services and account services with funds held at Evolve Bank & Trust, Member FDIC. Bonsai cards are issued by Celtic Bank. Bonsai is not a law firm, and does not provide legal services, advice, or representation.