A withdrawal moves money from your TransferCove balance to an account outside TransferCove, such as your bank account, your Zelle, or a USDT wallet. Like deposits, withdrawals are handled by a person on our team who sends the payment and records a reference for it. This guide covers each step and what you’ll see along the way.
Set up a payout account
Before your first withdrawal, add a payout account. Go to Payment methods, pick a withdrawal method, and fill in the details it asks for. Different methods ask for different things: a bank account needs the account holder name, routing number and account number, while a USDT wallet needs an address.
The account has to be in your own name. We pay out only to accounts that belong to you, not to a friend, a family member or a business you don’t own. A name mismatch is one of the most common reasons we reject a withdrawal.
You can give each payout account a nickname, like “Checking” or “Joint savings”, and edit or remove accounts at any time. Check the details carefully when you add them. A wrong account number or wallet address can send money somewhere we can’t get it back from.
Fees and what you receive
Pick the payout account and enter the amount you want to withdraw. Before you confirm, the app shows:
- the fee for that method, if there is one
- the amount you’ll receive after the fee
- the method’s minimum and maximum
- how much of your daily limit you have left
Withdrawal fees come out of the amount you withdraw. If you withdraw $100 and the method has a fee, you receive $100 minus the fee. The app shows the fee for each method before you confirm.
Your own bank or wallet provider may charge its own fees for receiving the money. Those are outside our control and aren’t included in our preview.
Confirm with your PIN
Enter your 6-digit PIN to confirm. As soon as you do, the full amount is taken out of your available balance and held for this withdrawal. You’ll see it as a pending withdrawal in Activity.
We hold the money right away so it can’t be spent twice. It isn’t gone, and it isn’t paid out yet. It sits in reserve until the withdrawal is paid, canceled or rejected.
What each status means
Pending. We’ve received your request and the money is held. Nobody has started working on it yet, and you can still cancel.
Processing. A member of our team has picked it up and is sending the payment. You can no longer cancel at this stage.
Paid. We’ve sent the money. The withdrawal shows a payout reference, which our team adds from the payment we made to you.
Canceled. You canceled it while it was pending, and the full amount went back to your balance.
Rejected. We couldn’t send it. The full amount went back to your balance, and you’ll see the reason in the app.
You get a notification each time the status changes.
How long it takes
Withdrawals go out instantly. Once you confirm, we send the payment straight away, and it usually shows up within minutes.
Now and then we need to look more closely at a withdrawal before paying it, such as a large amount, a payout account added very recently, or a request that doesn’t fit your usual activity. When that happens it can take longer, and we may contact you for more information. The money stays held the whole time.
Canceling a withdrawal
You can cancel a withdrawal while it’s pending. Open it in Activity and tap Cancel. The full amount, including the fee, goes straight back to your balance.
Once it’s processing, the cancel option goes away, because we may already be sending the payment. If you’ve made a mistake, such as the wrong payout account, contact us straight away at support@transfercove.com. We’ll try to help, but we can’t promise to stop a payment that’s already on its way.
If a withdrawal is rejected
A rejected withdrawal is refunded in full. The whole amount you withdrew, fee included, goes back to your balance exactly once. You don’t need to ask for it.
Common reasons for a rejection:
- the payout account isn’t in your name
- the account details are wrong, or the receiving bank or wallet turned the payment down
- we need to verify your identity before paying out this amount
- the request looks like it came from someone other than you
Fix the cause, such as correcting the payout account or finishing verification, and then make a new withdrawal.
Your payout reference
When a withdrawal is paid, we add a payout reference to it. It might be a bank trace number, a Zelle confirmation or a blockchain transaction ID, depending on the method.
If the money hasn’t reached you after the method’s usual timing, give this reference to your bank or wallet provider first, since they can find the incoming payment with it. If they can’t find it, contact us at support@transfercove.com with the reference and we’ll look into it. We reply within one business day.
