How to Send Bitcoin when Daily or Monthly Limits are exceeded
What is the monthly limit?
What is the daily limit?
What is the transfer limit?
Why can't I withdraw bitcoin without limit error?
Why can't I withdraw bitcoin without limit warning?
Error Message (if available):
The specified amount will exceed daily limit
Root Cause (if applicable):
User is sending bitcoin amount that is over the daily or monthly transfer limit
|Daily Limit||Monthly Limit|
|0.25 BTC||2 BTC|
This is the limit for total of all your transfer for the calendar month. If all of your transfer falls under the limit, those transfers will not require extra review. Any single transfer that is over the limit will require a review. Any transfer that would result in going over the limit for the day will require a review. If you exceed your monthly limit, this will automatically means you exceed your daily limit each day. Monthly limits reset at the beginning of the next calendar month.
This is the limit for total of all your transfer for the day. If all of your transfer falls under the limit, those transfers will not require extra review. Any single transfer that is over the limit will require a review. Any transfer that would result in going over the limit for the day will require a review. Daily limits are reset each day.
When sending bitcoin that exceeds the daily or monthly limits additional steps, review, and approval is required.
Any withdraw amount over $9,500 requires contact from security team member via phone call and/or email to confirm identity of person requesting withdraw. Security team will only contact during US business day between 10 AM and 5 PM EDT. Any withdraw request over $9,500 outside of these days and hours will have to wait for next business day.
NOTE: All pending requests automatically time out after 24 hours. Do not submit request on after 5 PM the day before weekend or US holiday. When request times out, the transfer is cancelled and funds are return to member's balance.
Daily and Monthly transfer limits are layers of protection for our members against potential large withdraws. Although each member is responsible to protect their account from unauthorized access, if somehow someone else gains access to the member's ID, password, and OTP, this process limits the amount of BTC that can be withdrawn, adds a delay to the process that allows the member some additional time to be notified, and then report the and stop the transfer.
Differences between under the limit versus over the limit:
- 2 additional steps are needed for over the limit
- 1 additional One-Time Password (OTP) verification is needed (total two OTP are required to send bitcoin versus 1)
- Over the limit transfer is not submitted for transfer until reviewed
- Over the limit transfer will trigger a security review
- Security review is perform by a manager between 10 AM to 7 PM EDT each business day, if withdrawing outside of these hours, reviews will wait until the next business day
- After review, the contacting the member via mobile or email is required
- Only after being able to contact the member and getting member's approval documented or recorded can we approve the bitcoin amount to be sent
- If we cannot receive an email approval or a recorded approval, we cannot allow the bitcoin to be sent
|Under the limit steps||Over the limit steps|
|1||Submit for transfer||Submit for transfer|
Display notes that additional review and approval is needed.
|3||Confirm OTP||OTP to agree and acknowledge additional review and approve is needed|
Go to "Send Bitcoin":
Select who you want to send BTC to:
Enter the target.
- memberID if you are sending to another VBit Mining Wallet member
- Bitcoin Wallet address if you're sending to another wallet outside of VBit Mining Wallet
Enter the amount you want to send.
If the amount will exceed your daily transfer (all transfers done during this day will add up and count against your daily transfer), you will get this warning:
If you proceed, this will require two additional steps.
NOTE: normally there are 3 steps to transfer bitcoin. When exceeding limits, it will require 2 more steps or 5 steps total.
If amount and destinations looks good, click "Send BTC".
NOTE: This is the 1st of 2 new steps needed if you exceed the transfer limit.
You can choose to Edit to go back and adjust your amount, or you may click "Continue" to receive the first OTP (of two).
NOTE: This is the 2nd of 2 new steps needed if you exceed the transfer limit.
Acknowledge and authorized going over the limit with this withdraw using the first set of OTP sent to your email and/or mobile.
NOTE: This step only acknowledges and authorized that the transfer will go over the limit. This does not authorize the transfer itself. That is covered in the following 2 steps.
Do a final review of your transfer. If everything looks good, click "Confirm and Send".
Confirm and authorize your transfer via second OTP:
NOTE: Because this transfer exceeds a daily limit, it does not go directly into the transfer queue like normal transfers. It goes into another queue "Manager Review". It needs to be reviewed by a manager first. Second a contact to the member (by email or voice call over recorded line) is needed as well as the member's approval. Manager review is during business days and between normal business hours of 10 AM EDT to 7 PM EDT.
What Happens After Step 5.
- Your transfer goes into a queue waiting for Manager Review
- After manager review and if transfer appears normal, it goes into contact queue
- Manager review hours are Monday - Friday, between 10AM EDT and 7 PM EDT
- A manager or admin will reach out to the member via listed email or mobile number.
- When calling, the admin or manager will use a recorded line.
- You will hear a automatic message on pickup "This call is being recorded".
- Contact with member is required
- Written email or recorded voice approval is required
- If we can establish contact and get member's approval we will send the transfer into the send queue. This is the "normal' transfer queue.
- If we cannot get the member's approval after 2 business day, the transfer may be cancelled.
- After manager review, contacting the member for approval is required.
- We will contact the member with the listed email or mobile number. If both are listed, we will call first before email.
- If you have not received an email, please check your Junk/Spam folder
- If we call and could not reach you, we will leave a voicemail if it is available. Please check your voicemail.
- All call will be made with a recorded line. Upon pickup, an automated voice will state, "This call is being recorded" to let you know the call is being recorded.
- If contacted by email, you must reply with an approval. You cannot pre-approve withdraw in advance.
- If contacted by voice, you must provide your recorded voice stating you approve the transfer.
- We ask that members follow standards of courtesy and respect when contacted. These communications will be for transfer approval only, do not try to discuss any unrelated issues or questions, but instead please make a separate support request.
- When contacted, any acts of harassment or profanity will not be tolerated and may result in punitive action.
Awaiting Approval List
To see a list of transfers waiting for approvals go to: Transactions > Debit > Approval Pending: