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A beneficiary is someone your customer pays out to. You add them once, and from then on you can send money to them as often as you need. Every beneficiary belongs to a customer and has a single destination. Pick the tab below for the kind of payout you are setting up.

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What do I need before I start?

1

An approved customer

Beneficiaries belong to a customer, so the customer has to exist and be approved first. You cannot add a beneficiary to a customer who is still under review.
2

The recipient's details to hand

You will be asked for the recipient’s name, address, destination details, and some compliance information. Collect them before you start, since every field marked with an asterisk has to be filled in before the form can be saved.

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How do I create the beneficiary?

1

Open the customer

Go to Customer details for the customer you want the beneficiary for, open the Beneficiaries tab, then select Add Beneficiary.
Customer details screen with the Beneficiaries tab selected and the Add Beneficiary button highlighted

The Beneficiaries tab on a customer's details

2

Select the destination type

Choose Bank / E-wallet.
Create beneficiary form with Bank / E-wallet selected as the destination type

Choosing the destination type

3

Set the beneficiary type and counter party

Beneficiary type says whether the recipient is an Individual or a Business.Counter party says who your customer is paying. First party (self) means they are paying themselves, such as a business sending funds to its own account elsewhere. Third party means they are paying someone else, such as a supplier or an employee. This drives the compliance checks, and third party payouts may bring extra ones depending on the country.
Beneficiary type and Counter party options highlighted on the Create beneficiary form

Setting the beneficiary type and counter party

4

Choose the country and payment method

Under Country & Payment Selection, set the Destination country, the Account scheme, the Currency, and Bank transfer as the Payment method.
Country and Payment Selection section with destination country, account scheme, currency, and payment method

Country and payment selection for a bank transfer

5

Fill in the account holder information

Give the recipient’s First name, Last name, Email address, and Phone, then their Account holder address: street, city, country, state, and postal code.
Account Holder Information and Account holder address sections

Account holder information and address

6

Add the bank details

Pick the receiving bank from the Bank list. If it is not there, choose Not listed / enter bank name and type the Bank name yourself. Then give the Account number and Account type.The remaining fields depend on the account scheme you chose, because countries identify a bank in different ways. On a SWIFT payout you are asked for the SWIFT Code and, optionally, an Intermediary bank routing number.Then give the Bank address: street, city, country, state, and postal code.
Bank Details section with the bank picker, account number, account type, SWIFT code, and bank address

Bank details and bank address

Bank details are validated against the rules for the destination country, so a number in the wrong format is rejected when you save. See Bank account and routing number validation rules for what each country expects.
7

Complete the compliance information

Give the Transaction purpose, Occupation, Relationship, and Nationality, plus the Government ID number with its issue and expiry dates. The purpose and occupation each take optional remarks.The relationship options change depending on whether your customer and the recipient are individuals or businesses. See Sender and receiver relationships for which combinations are allowed.
Compliance information section with transaction purpose, occupation, relationship, nationality, and government ID fields

The compliance information section

8

Set your fee

Under Developer fee, set what you charge on top of each payout. You can set a Fixed fee, a Percentage fee, or both. When you set both, they are added together.
Developer fee section with fixed fee and percentage fee fields

The developer fee section

9

Configure the deposit and refund

This is how the payout gets funded. Deposit rail and Deposit currency are the network and token you send in. Refund wallet address is where funds are returned if a payout cannot be completed.
Deposit and refund configuration section with deposit rail, deposit currency, and refund wallet address

The deposit and refund configuration

Enable auto settlement controls when the payout goes out. Leave it on and the payout is sent as soon as the funds arrive. Leave it off and the funds are held until you release them yourself.
The Enable auto settlement checkbox selected

Enabling auto settlement

Local currency payouts, such as BDT, INR, and EUR, have to be pre-funded. See Funding your balance for how that works.
10

Create the beneficiary

Select Create beneficiary to submit.

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How do I make a payment to my bank account and e-wallet?

Payouts are funded in crypto. Every beneficiary is issued its own Liquidation address, and money you send to that address is converted and paid out to the beneficiary’s bank account or wallet.
1

Open the beneficiary

On the Beneficiaries tab, select the beneficiary you want to pay. The Details panel opens.
2

Copy the liquidation address

Under Deposit and settlement you will find the Liquidation address, along with the Deposit token and network the address expects. Copy the address.
Beneficiary details panel showing the Deposit and settlement section with the liquidation address highlighted

The liquidation address on a beneficiary's details

Send only the token and network shown under Deposit. Anything else may be lost.
3

Send the crypto

Send the amount you want paid out to that liquidation address, from whichever wallet you fund payouts with.
4

We convert and settle it

Once the crypto arrives, we convert it to the beneficiary’s currency, take the fees, and pay the remainder to their bank account or e-wallet. What the beneficiary receives is the converted amount after fees.
5

Follow the payment

Open the Transactions tab on the beneficiary to see the payout as it progresses.
The beneficiary’s Details panel also shows whether Auto settlement is enabled. With it on, the payout is sent as soon as the crypto arrives at the liquidation address, so sending the crypto is the only step you take. With it off, we hold the funds until you release them.

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When can I start paying out?

A new beneficiary is not usable straight away. The details are validated first, and you can follow that in the Status column on the Beneficiaries tab.
Beneficiaries tab listing two beneficiaries, one Rejected and one Active, with the Status column highlighted

The Status column on the Beneficiaries tab

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Why did my beneficiary fail to be created?

One reason is that the recipient is already there. The same recipient cannot be added twice for one customer, so when the destination details match a beneficiary that already exists, the form does not save and you are told it could not be created. These are the details compared: If that happens, the beneficiary you need is already on the Beneficiaries tab. Use that one instead of creating another.
Need a hand with your first beneficiary?Contact us in your dedicated Slack channel and we will walk through it with you.