In order to submit any type of deposit on the platform, please select “Deposit” on the top right portion of your home dashboard and select the type of asset for deposit. You will then follow the instructions given on the side panel to complete your withdrawal request.
Please initiate a payment through your bank using the Paxos deposit instructions. To find the Paxos deposit instructions, please click “Deposit” in your home dashboard:
The deposit drawer will show up where you can select USD as the asset type to pull up deposit instructions:
You will have to provide the wire deposit instructions that are shown when submitting the wire withdrawal request at your bank. It is important to include the Transaction Memo ID in the Memo/Additional Reference field of your wire transfer. Failure to do so will result in delays in the funds being credited to your Paxos account.
Common causes for USD deposit delays:
- Outdated deposit instructions: Please update bank transfer details in your remitting bank to include the most recent deposit instructions
- Missing/Incomplete Transaction Memo ID: All deposits received without your full Memo ID will need to be manually verified and credited. Please take note to include the transaction memo ID on all wire & SEN deposits. Please see here how to find your Memo ID.
- Incorrect Wire Details: You may have included incorrect wire instructions that can impact delivery time and result in delayed processing.
- Submission Time: For both domestic and international wires, cutoff times impact when you will receive your deposit to your Paxos account
- Third-Party Deposits: All third-party deposits will not be accepted & will be returned to the originating bank. We do not accept deposits from third-party payment processors (i.e Transferwise).
To submit an ACH deposit, select “Deposit” on the top right portion of your home dashboard, then USD as the asset type followed by ACH as the deposit type. If you have not done so already, you will be asked to link your bank account directly to the Paxos platform. Follow the instructions provided to login to your online banking system, and link your bank to the Paxos platform. Once your bank has been linked, you are free to submit an ACH deposit request 24/7 up to your weekly limit amount.
Common issues linking bank accounts via ACH:
- Name mismatch: If the Paxos platform is unable to match your bank account name to your Paxos account name, the system will not allow you to complete your bank account link. An exception flow is coming soon!
- Institutional User: As an institutional customer, your account has access to SEN funding instead of ACH. SEN transfers are instant and can accommodate much higher volumes. Our introductory ACH limits are $500 per week and intended primarily for retail customers at this time.
For more information on how to get a SEN account please click here
Some customers have experienced issues with depositing funds after their account is successfully linked. This could be due to an authentication error between Plaid and your bank. To resolve this issue, navigate to your settings, and click “update bank account” under the linked bank accounts sections
Digital asset deposits
Sign in to your account and select “Deposit.” From this function, you will be able to select the asset you wish to deposit. Paxos provides you with a deposit address to which you can send your digital assets.
BTC deposits are reflected in your account after 3 blockchain confirmations.
PAX, BUSD, ETH, and PAXG deposits are reflected in your account after 12 blockchain confirmations.
Paxos only supports ERC20 BUSD at this time.
Unsupported token deposit
Paxos supports PAX, BUSD, PAXG, ETH, BTC, BCH & LTC digital asset deposits only. For any token deposits that are not supported by Paxos, please submit a ticket here with the following information:
- Transaction hash of the unsupported token deposit
- Proof showing funds were sent from an account you control (screenshot of the sent transaction from the originating wallet)
- The desired return address for where Paxos can send the tokens back to
- Please note, in order to facilitate the return of funds, you will need to supply Paxos with the applicable gas fees of .01 ETH (if the token is ERC20). To confirm the ownership of the address, the ETH will need to be remitted from the address from which the unsupported token deposit came. The address to send the .01 ETH will be supplied after the deposit is deemed returnable.
The deposit will not be returned if any of the following occurs:
- The token is not an ERC-20 token
- The deposit was made to an address that Paxos does not own or control
- The customer does not supply Paxos with the ETH to return the deposit
- The customer cannot verify their control of the originating wallet
Unsupported token returns will be processed once monthly, generally in the first business week of the month. This is not a guarantee that Paxos will or will not be able to return your unsupported token deposit. This service is done as a courtesy to our customers and Paxos is under no obligation to return unsupported token deposits. Assuming the tokens are returnable, Paxos will charge a flat fee of $1,000 USD (to be paid in PAX or BUSD) to return these assets due to the complexity of the return.