Your monthly spend limits and the maximum balance in your wallet depend on the level of identity verification and check processes that you choose to go through. These checks are part of our “Know Your Customer” process. In order to unlock the next level of a spending/balance limit, you will be prompted to provide identity verification documents, such as a driving license and a selfie picture, and, for further verification, a copy of a utility bill. To learn more about the Know Your Customer process, please see https://www.colu.com/mobile/kyc/
You are not obligated to provide us with these additional verification measures, but if you do not provide them we will not be able to increase your spending and balance limits or unlock your ability to transfer money to other users.
For users that successfully went through the entire Know Your Customer identity verification process the wallet balance limit is up to 10,000 GBP, the monthly spend limit is up to 8,000 GBP, and the limit on transferring money to other users is up to 2,000 GBP a month.