Learn more about Cash Out

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TABLE OF CONTENTS

Complete the KYC Requirement

In order to begin the process of cashing out, you will need to get your account verified by going through RECUR’s KYC process. Learn more about the KYC process here

After submitting your information, you will be able to move onto the next step in the Cash Out process, adding your bank account information.

Add Your Bank Account Information

In order to process your cash out payment, you will need to link a bank account to RECUR. Once added you will be able to use this information again in the future. 

You may add multiple bank accounts if you desire. 

Heads up! Please make sure your bank supports incoming wire transfers. We strongly recommend using the bank's specific wire instructions.

If any of this information is mistyped or incorrect, your cash out will either immediately fail or be returned to you after a 2-3 week period. 

If you want to delete a bank account from your account, please contact us here.

Each cash out request that results in a failure or return will incur additional fees on your RECUR balance. Please see more about fees here.

🇺🇸 US Bank Account 

US Bank Account support became available on Feb 11, 2022.

If you have a US bank, here are some recommendations on how to provide accurate information so that your cash out payment is successful:

Verify Your Bank's Information

  • Bank Country 
  • Bank Name: Please use the official bank name (e.g. instead of BOA, please write Bank of America). If you are not sure the official bank name, please check with your bank. 
  • Account Holder Name: Please use the full and official name in which the bank account is registered.
  • Account Number
  • Routing Number: Please make sure to use the routing number specifically for wire transfers. Some banks have separate routing numbers for electronic transfers and wire transfers.

Verify Your Address Information

Please provide the address that is on file with your bank. A complete address will have the following fields:

  • Address 1: Required
  • Address 2: (Optional)
  • City: (Required) 
  • State: (Required)
  • Postal code: (Required) 

🇨🇦 Canadian Bank Account

Canadian Bank Account support became available on Mar 7, 2022.

If you have a CA bank, here are some recommendations on how to provide accurate information so that your cash out payment is successful:

Verify Your Bank's Information

  • Bank Country: This should be CA.
  • Bank Name: Please use the official bank name (e.g. instead of RBC, please write Royal Bank of Canada). If you are not sure of the official bank name, please check with your bank’s wire instructions.
  • Institution Number: Please look up your bank’s institution number. You can usually find it on your bank’s website.
  • Account Holder Name: Please use the full and official name in which the bank account is registered.
  • Account Number
  • SWIFT BIC Code 

🌍 IBAN Bank Account

IBAN Bank Account support became available on April 5, 2022.

Countries in which we support IBAN Bank Accounts:

Andorra, Austria, Azerbaijan, Belgium, Bulgaria, Croatia, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Guatemala, Holy See (Vatican City State), Hungary, Iceland, Ireland, Israel, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, United Kingdom, Virgin Islands (British)

If you have a bank from any of these countries, here are some recommendations on how to provide accurate information so that your cash out payment is successful:

Verify Your Bank's Information

  • Bank Country: This should be a country from the list above.
  • Bank Name: Please use the official bank name. If you are not sure of the official bank name, please check with your bank’s wire instructions.

IBAN: Please use the International Bank Account Number that is included in your bank’s wire instructions.

 

🌏 Non-IBAN Bank Account

Non-IBAN Bank Account support became available on April 5, 2022.

Countries in which we support Non-IBAN Bank Accounts:

Angola, Anguilla, Argentina, Australia, Benin, Bermuda, Brazil, Burkina Faso, Cambodia, Cameroon, Canada, Cayman Islands, Chad, Chile, Guam, Guernsey, Hong Kong, India, Indonesia, Isle Of Man, Japan, Jersey, Kenya, Korea, Madagascar, Malawi, Malaysia, Mexico, Mozambique, New Zealand, Niger, Peru, Philippines, Puerto Rico, Senegal, Singapore, South Africa, Taiwan, Tanzania, Thailand, United States Outlying Islands, Uzbekistan, Virgin Islands (U.S.)

If you have a bank from any of these countries, here are some recommendations on how to provide accurate information so that your cash out payment is successful:

Verify Your Bank's Information

  • Bank Country: This should be a country from the list above.
  • Bank Name: Please use the official bank name (e.g. instead of RBC, please write Royal Bank of Canada). If you are not sure of the official bank name, please check with your bank’s wire instructions.
  • Account Number
  • SWIFT BIC Code 

Cash Out Amount & Fees

Minimum Amount

Updated: March 17, 2022

For wire transfers, the minimum amount you can cash out is now $100 minus the $25 fees. For wires, we have required this minimum amount to account for both the outgoing fee of $25, and any additional fees that your bank may charge for incoming wire transfers.

Additional cash out options that do not require a minimum amount may be available in the future.

Fees

It is likely that your bank will charge a fee to receive an incoming wire transfer. You should check with your bank directly regarding their fees.

Please note: RECUR does not make any money on these fees. These fees simply cover our service provider’s cost. 

 As mentioned elsewhere in this article, in the event multiple cash out requests result in failures or returns each failure may incur additional fees on your RECUR balance.

Cash Out Timeframe

For Cash Out transactions with US destinations, your Cash Out transactions should complete within 6 business days. This timeline may vary depending on your banking institution.

For Cash Out transactions with global destinations, your Cash Out transactions should complete within 10 business days. This timeline may vary depending on your banking institution.

If you are experiencing a timeframe longer than this, please contact us so we may help. 

Weekends

If a Cash Out occurs on a weekend, it will begin processing the next business day.  For example, if you request your Cash Out transaction on a Saturday morning (EST), it will not go out to the bank until Monday morning (EST). 

Emails

  • You will receive email receipts during your Cash Out transaction at the following times:
    • When the cash out has started
    • When the cash out fails or is returned
    • When the cash out has been successfully confirmed 

 

Please note: The timeframe for when it successfully confirms on RECUR’s end and when it appears on your billing statement may vary. 

External Reference ID

Cash out confirmation emails will contain an External Reference ID that you can use with your bank to trace wire transfers. This can be helpful in the event your bank does not have an automated process for managing wire transfers. 

Other Notes about Cash Out

  • One cash out at a time. You may only have 1 cash out occurring at any given time. 
  • Give your bank a heads up about large cash outs. We do not have a maximum limit for the total amount you can cash out, however, if you intend to cash out more than $5,000, it may be worth connecting with your bank to give them a heads up about payments. 
  • Billing descriptors. On your bank statement, you will likely see mention of “Silvergate Bank/Circle” or something similar. There will be no mention of RECUR.
  • Other forms of Cash Out. RECUR plans to have another form of cashing out in 2022. Please join our Discord to stay tuned to product announcements.