How does banked xp work?

So for example if I level a char to 20 when I don't have game time and maybe run some dungeons, will the char insta level when I buy game time? Also is there a limit for banked xp so can you theoretically get yourself from 20 to 120.
We have had this thread a few times already, if your account was vet before the change, im guessing 7.x.x.. you wont bank xp, afterwards, you will.

EDIT: You will ding, not sure if its capped.
 
So for example if I level a char to 20 when I don't have game time and maybe run some dungeons, will the char insta level when I buy game time? Also is there a limit for banked xp so can you theoretically get yourself from 20 to 120.
If i recall correctly, 10 levels worth of banked xp can be obtained
 

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