TOP 10 Documents for Increasing Money Transfer Limits
Users of the Korona app in Europe sometimes face challenges when it comes to raising the limit on money transfers beyond 7,500 euros. They often struggle to determine which document is suitable for verification.
In this article, we will discuss seven documents that the AML control service accepts for increasing the limit on money transfers.
Previously, we wrote about Finding Employment in Germany.
How much money can I send?
The ability to transfer amounts ranging from 7,500 to 15,000 euros within six months falls under the third (advanced) level of limits.
In contrast to the first (initial) level, allowing a cumulative transfer of up to 1,000 euros/3 months without requiring any verification*, or the second (standard level) with a limit from 1,000 to 7,500 euros, where only identity verification is needed by providing a passport photo and a selfie, the advanced level requires confirmation of actual residence in Europe.
Requirements from the European financial regulator mandate money transfer services to verify senders of significant amounts. Each level has a specific list of certificates/documents or criteria that the confirming documents must meet.
Basic Documents for Increasing Transfer Limits
To elevate the limit to an advanced level, the KoronaPay service control accepts the following types of documents:
- Utility bills
- Television receipts
- Home internet and phone bills
- Home insurance
- Bank statements
Each of these documents must display the full name and residential address. Copies of lease agreements, bills from mobile operators, and statements from internet banks such as Revolut or Paysera are not accepted.
Special Documents for Increasing Money Transfer Limits
All five types of documents listed above are quite evident. However, KoronaPay specialists encounter real situations where users legally live and work in European countries but cannot provide the mentioned papers.
To address this issue, we analyzed dozens of documents that users have on hand and, based on certain criteria, could be suitable for verification. AML control specialists identified 5 additional certificates/documents that are sufficient for increasing money transfer limits.
Social Insurance Form A1 for Business Trips
From the document’s name, one can already gain an understanding of who receives it and why. Among Korona app users, this form is typically obtained by drivers of international passenger routes and long-haul truckers.
Form A1 is issued to those leaving their employer’s country for other EU countries. This document is necessary in case the business traveler requires medical assistance abroad.
On the other hand, Form A1 meets all AML control criteria, making it acceptable for verification.
Document from the Road Department — Posting Declaration
The Road Transport — Posting Declaration is requested on the official portal of the European Commission, which is the sole authorized body for issuing this document.
The request is made by the transport company, filling out the form for each driver. After registration and verification of all data, a document is generated, printed, and handed over to the driver.
The Posting Declaration contains exhaustive information about the worker (full name, date of birth, citizenship, driver’s license number, etc.) and the hiring company (address, country of registration, contact person, field of activity, etc.).
The provided information is sufficient for AML controllers to increase transfer limits from Europe.
Registration Form in the Pension Fund
While working legally in a European country, foreigners are obliged to pay certain contributions and taxes, including contributions to the pension fund. Perhaps, their employer does this for them.
An exception might be a short stay in the country or contract work, where the specialist is given the choice to contribute part of their salary to future pensions. If the foreign worker does not plan to stay in the country beyond the contract period, they can opt-out of these contributions.
Otherwise, by contacting the country’s pension fund (for example, in the UK, this is the Department for Work & Pensions), immigrants receive a registration certificate. This certificate can be presented to increase the limits on money transfers in the Korona app.
Confirmation of Registration in the National Health Service
In contrast to contributions to the pension fund, registration in the national healthcare system is generally a more mandatory procedure. To obtain any legal status in Europe, foreigners must pay for health insurance.
Depending on the country of residence, the registration process in national systems may vary, but in any case, if there has been any official communication, the user will be issued a certificate confirming their registration.
For example, in the UK, such a document is the Registration Confirmation Letter. It is sent by mail to the applicant’s address and contains their details.
KoronaPay accepts this letter for verification at advanced level limits.
Official Document from a Government Agency or Municipality
We have already mentioned nine types of different documents confirming residence in European countries that are suitable for increasing money transfer limits.
The tenth document is an official paper from a government agency (tax, customs, social, or any other service). Each country has its own system of ministries and departments, so giving a specific answer can be quite challenging. However, here is one of the suitable options.
Confirmation of registration with the HM Revenue and Customs (HMRC) in the United Kingdom. The official response, sent to the applicant’s name, includes full name, address, and national insurance number. This is sufficient to accept this letter for verification at advanced level.
The support service continues to select documents that can help Korona app users send more money to their families. If you are unsure whether the document you have is suitable for increasing the limit, upload it to the app and wait for a response. You can also email us at firstname.lastname@example.org.
In our blog, we write about life and work in European countries. If you are interested in this topic, browse the article catalog here.
*Verification may be required at the initial level for sending transfers to some countries.