Payout

Transfer Payments

You can transfer funds from your wallet balance to any corporate or personal bank account via bank transfer. However, to comply with financial regulatory restrictions, an additional verification process for the payee is required.

To initiate a transfer payment, you are required to establish a recipient profile. This profile, including the account details of the recipient, will be subject to a rigorous review process involving multiple parties. Approval for the transfer will only be granted upon successful confirmation of compliance with all relevant regulations.

Furthermore, please be aware that transfers to bank accounts locate in certain sanctioned countries/regions are not permitted. The current list is as below:

Country/Region

ISO 3166-1 A-2 Code

Crimea

Donetsk People's Republic

Luhansk People's Republic

Iran

North Korea

Myanmar

Russia

Cuba

Sudan

Syria

Belarus

Burundi

Ukraine

Venezuela

Afghanistan

South Sudan

Iraq

Somalia

The People's Republic of China (Mainland)

Add a withdraw recipient

For withdrawal recipients, we require that the bank account must be registered under the company entity you provided at the time of your wallet activation. Specifically, the account name on the bank account must match the entity name you used during the wallet activation process.

Additionally, we require you to submit the bank statement for this account to validate the accuracy of the account details and ensure that all transactions adhere to our compliance standards. This verification is vital for safeguarding the security and integrity of all financial activities linked to your account.

Add a transfer recipient

For recipients of transfer (disbursement) payments, who are external to your company, you are required to submit comprehensive documentation detailing your business interactions with these recipients. This documentation must clearly demonstrate the nature of the transactions and validate the legitimacy of the fund transfers. It is imperative that these documents support the authenticity of the financial transactions to comply with regulatory and operational standards. This verification is critical to uphold the security and integrity of your financial dealings.

Supporting documentation typically includes (but not limited to) service agreements, contracts, purchase orders, delivery receipts, and related correspondence.

Make a transfer payment

Once the recipient has been verified, you can select them when creating a transfer and initiate a bank transfer to their account.

Please note that MC Wallet currently allows only transfers in the same currency. Before making a transfer, ensure that you have sufficient funds in the relevant currency, which should also cover any additional transfer fees.

Fees

The cost of transferring funds is determined by the chosen method of transfer, the currency used in the transaction, and the amount being transferred. Our fee structure typically consists of a fixed fee per transaction along with a variable percentage rate that depends on the transfer amount. For a detailed breakdown, please refer to the following table: