Lightning Pay Fees and Limits

By Lightning Pay Limited

Updated Dec 18, 2024

Lightning Pay Exchange BTC to NZD

Lightning Pay's exchange service works by providing New Zealand customers easy access to bitcoin on the Lightning Network. We also offer buying bitcoin through traditional on-chain wallets as well. The costs we incur for this service are variable, and largely depend on foreign exchange costs, volatility, and the difference between our purchasing and selling volume. For these costs, you will only be charged a flat rate, and you can leave the complexity to us.

When costs are incurred directly for your purchase or sell (bank fees, for example), these are the only added costs you will incur.

Current Fee rates for Lightning Pay's exchange service:

Buying Bitcoin - 1% + Bank Fee

Selling Bitcoin - 1%

General Limits:

Below are the current limits for your Lightning Pay account while we start our beta testing. We expect these to change as we onboard more users and conduct early phase testing.

Single Transaction Limit: $4,000

Daily Buy Limit: $4,000

Daily Sell Limit: $4,000

Monthly Buy Limit: $100,000

Monthly Sell Limit: $100,000

Credit/Debit Card Limits:

Limits for Credit/Debit card purchases are lower than our more commonly used purchasing methods. Please contact us if you have questions, or would like to request this limit be raised.

Single Transaction Limit: $100

How can I raise my Buy or Sell Limit?

Users can place a limit increase request via their profile by going to the menu in the top right of the Lightning Pay app, and clicking "My Account," and Clicking "Request Limit Increase."

Our limits are set for two reasons. First, we need to make sure on a daily basis we have enough bitcoin to go around, so we set limits at a reasonable level to ensure we can manage volume and our own funds well enough to continue staying open 24/7.  In this regard, we do offer some limit increases, if requested by a user, with no additional information required, as long as we are in a good position to service your request.

Standard Limit Increases:

• Up to NZ$20k Daily
• Up to NZ$100k Monthly

Limit increases over and above those amounts will require us to gather more information from you. We are required to do this for compliance reasons. If you request is higher than these limits, we will ask you some questions as to the source of wealth you are using to make the purchase, and when necessary, specifically where the funds you will use have come from. You will also need to provide some evidence of this.

Documenting Source of Wealth

Buying Bitcoin with NZD

When buying bitcoin, your source of wealth will likely be tied to one of these sources.

• Income from your employment
• Investment Profits or dividends
• Inheritance 
• Business profits
• Savings

To document these sources of wealth, you may provide us one of these examples when asked:

In some cases, the source of the specific funds you will use to purchase bitcoin may be required, in this case, we will advise if additional documentation is required.

Selling Bitcoin

Demonstrating source of Wealth may be a bit more challenging with selling bitcoin. If you have a buying history with us, and you wish to sell those bitcoin to us, it should be very straightforward.

If you acquired your bitcoin elsewhere, the documentation you may provide will depend on its source.