Important things to note:
- USD is currently the only currency we offer on our Paxos platform. Please make sure that the bank account you are withdrawing to supports USD
- Any withdrawal to a bank account that is not under the same name as your Paxos name will be considered a third-party withdrawal and therefore rejected
How to Withdraw to your Bank Account
In order to submit a USD withdrawal request you must have saved the bank account information in your account settings page. Here's how to save the bank account information:
1. Select the "Transfer" button in the top right hand corner of the home dashboard, under "Wallet"
2. Select "USD" as asset
3. Click on "To Bank"
4. Under "Destination", select "Add New Bank"
5. Select the type of bank you are withdrawing to and fill in the relevant details
- Routing number is to be filled for US domestic wires while SWIFT is required for international transfers
- If you receive the following error "Network error occurred: SWIFT code XXXXXXXX is prohibited location", that we are unable to process withdrawals to your bank. We would advise you to submit your wire withdrawal to a different bank account.
6. Next, check that your personal details are correct and up to date
You can edit your name and address in this section to be sure they match with the info registered on your bank account.
7. Next, you can add a note, name your saved bank details and add an intermediary bank (if needed)
8. Finally, now that you have saved your bank information, proceed to withdrawing
Simply go to Transfer > USD > To Bank and select the bank to which you want to withdraw. You will then be able to key in the amount you want to withdraw and see how much you will receive. Please note that once you click "Complete Transfer", the withdrawal will be requested
Note: The daily withdrawal limit is set at USD 60,000 for individual accounts and USD 500,000 for institutional accounts. See more here for increasing your limits.
For US domestic wires, withdrawals typically reach beneficiary banks T+0 while international wire transfers sometimes take 2-5 days.
Common issues that may delay your USD withdrawals
- Intermediary bank delays: International wires can take up to 5 business days to reach your account due to the funds being routed through multiple intermediary banks.
- Incorrect or Missing Wire Details: This may result in the withdrawal being rejected and returned by the intermediary or beneficiary bank. Examples include incorrect IBAN numbers or bank account name mismatch, etc. Please validate by reaching out to your beneficiary bank before submitting wire withdrawal requests.
- Invalid or Missing ABA: Most often, banks will use different ABA (routing) numbers for different types of transfers. Please confirm with your bank that the ABA routing number you’re using corresponds to a wire transfer.
If you're experiencing multiple withdrawal cancellations and cannot identify the reason, we would advise you to visit the settings page within your Paxos wallet dashboard. From here, you can manage your saved bank account information.