All About Cash Out

Ronald
Ronald
  • Updated

Cash Out Methods

Cash Out to USDC

USDC cash out is available across all experiences Powered by RECUR and Built on RECUR. USDC is a digital dollar that can be exchanged 1:1 for cash through a third-party. See below for instructions on how to cash out to USDC and exchange USDC for cash.

Bank Transfer (temporarily disabled)

Bank Transfer has been temporarily disabled due to changes implemented by our third-party payments processor. As of March 17th, 2023 they stopped accepting Bank Transfer cash out withdrawals across all of their customers.

We were disappointed by this change and we understand how important this feature is to all RECUR users across the globe. It is our top priority to re-enable Bank Transfer cash out with even more options soon.

What is USDC?

USD Coin (USDC) is a digital dollar pegged to the value of the US dollar. This means that 1 USDC is equivalent to 1 US Dollar. The purpose of USDC is to provide a stable digital asset that can be used for transactions and trading on exchanges.

Cash Out Prerequisites

Completing the KYC Requirement

Know Your Customer (KYC) standards are designed to help secure consumer information, protect customers against identity theft, and protect financial institutions against fraud, corruption, money laundering, and terrorist financing.

In order to begin the process of cashing out, you will need to complete Level 2 Verification. You can confirm your verification status in your account settings verification page:

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For more about the KYC process click here. 

Obtain a USDC Compatible Wallet

Before you can cash out to USDC you will need to first make sure you have a wallet to which you can send your USDC. Read more about obtaining a digital wallet.  

Cash Out Walkthrough

1Navigate to the Cash Out screen

Sign into your RECUR account from any RECUR experience. Click on your avatar at the top right corner of the screen and then select "Wallet" from the dropdown menu. From the Wallet page click on "Cash Out" to start the cash out process:

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2Select your cash out method

USDC is currently the only available option. We are working hard to make more options available soon.

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3Select Network

You can cash out to USDC on any network that RECUR supports. Network choice is a personal preference, and the most important consideration is making sure that your digital wallet is compatible with the selected network. Most popular wallets support these networks but it's recommended to check either on your chosen wallet's support site or by checking within the wallet application itself. Click here for more about obtaining your digital wallet.

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4Input Destination Address

When entering the network address for your digital wallet it is absolutely essential to make sure it is entered correctly and that the destination address is compatible with the network you selected in the previous step. Entering your address incorrectly or sending your funds to an incompatible wallet will result in a total loss of funds.

About fees

Transaction fees are tiered based on the amount being withdrawn as follows:

  • $10 fee - Cash out less than or equal to $1000  

  • $15 fee - Cash out less than or equal to $2000

  • $20 fee - Cash out less than or equal to $3000

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Some tips:

  • In your digital wallet you can locate your network address by simulating the steps for receiving funds. Choose the "receive" option, change the asset to USDC, and then change the network to that which you chose in Step 3 above. This will help you both confirm that your wallet is compatible and provide you the required network address.
  • Copy and paste the wallet address to avoid entry errors.
  • For your first transaction, it may be worthwhile to send a smaller amount first to confirm everything is set up correctly before sending the full amount.

If you're not sure if you're doing it correctly Submit a request and our Support team will be happy to help!

Ethereum Network considerations

[+] Use a compatible wallet: To receive USDC on Ethereum, you will need to use a wallet that is compatible with ERC-20 tokens. Examples of popular wallets that support ERC-20 tokens include Coinbase, Kraken, and Metamask.

[+] Check the address format: When receiving USDC, it is important to make sure that you provide the correct Ethereum address. USDC uses a specific address format. An Ethereum address is a 40-character string that begins with "0x". It is composed of letters and numbers from 0 to 9 and A to F, and represents a unique identifier for a user's Ethereum account.

Polygon Network considerations

[+] Use a compatible wallet: To receive USDC on Polygon, you will need to use a wallet that is compatible with ERC-20 tokens and supports the Polygon network. Examples of popular wallets that support Polygon include Coinbase, Kraken, and Metamask.

[+] Check the address format: When receiving USDC, it is important to make sure that you provide the correct Polygon address. Polygon uses the same address format as Ethereum, which means that you can use your Ethereum address to receive USDC on Polygon.

Avalanche Network considerations

[+] Use a compatible wallet: To receive USDC on Avalanche, you will need to use a wallet that supports the Avalanche C-Chain and is capable of receiving Avalanche Standard Asset (ASA) tokens. Examples of wallets that support the Avalanche network include Coinbase, Kraken, and MetaMask.

[+] Check the address format: When receiving USDC on Avalanche, you will need to provide your Avalanche address. C-Chain addresses follow the same address format as Ethereum addresses. Your Avalanche address may be the same as your Ethereum address in Coinbase, Metamask, and other popular wallets. When a new account is created on both networks with the same private key both accounts will have the same address.

 

5Verify Your Account

Enter the code sent to your phone number when prompted. If you have TOTP enabled instead of SMS verification, your code will be accessible in your chosen authenticator app. You can refer to this article for more about 2FA on RECUR.

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6Enter Withdrawal Amount

Enter the amount to cash out. Simply enter your desired amount and you will see the corresponding network transaction fee and total amount to be received automatically update. The transaction fee will be subtracted from your cash out amount to arrive at the total amount you will receive. Once you have confirmed everything looks good click "Continue".

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Cash Out limits:

  • Minimum: 20 USDC per transaction

  • Maximum: 2999.99 USDC per rolling 36 hour window

Transaction fees are tiered based on the amount being withdrawn as follows:

  • $10 fee - Cash out less than or equal to $1000  

  • $15 fee - Cash out less than or equal to $2000

  • $20 fee - Cash out less than or equal to $3000

 

7Confirm Transaction

This is the last step before your selections have been finalized. Make sure everything looks right on this screen before clicking the button to submit your cash out.

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Once you've clicked "Confirm Cash Out", the transaction can't be canceled or modified. It is therefore critical to make sure everything is correct. If you're not sure, Submit a request and our Support team will be happy to help.

8Summary Screen

This is the final step which displays the details of your cash out transaction. You will also receive an email confirmation with these details. Click "Close" to return to your RECUR Wallet.

Please note that cash outs can take up to 30 minutes to process.

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Convert USDC into Cash

If you'd like to convert your USDC into cash you can find more details about that on this article.