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
- You may withdraw USD through any of the supported methods
- Wire Withdrawal to Bank Account
- Intra-bank Withdrawal to CUBIX Account
- Intra-bank Withdrawal to DBS ACT Account
- 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 "Fiat Accounts" button in the top right hand section of the home dashboard, under "Dashboard"
2. Select the button "+ Account"
3. Select the type of bank account you would like to add
5. Fill in the relevant details as prompted on the screen
Note:
- If the name of your bank exceeds the limit of 35 characters, please reach out to your bank for advice on the acceptable name to truncate to fit within 35 characters
-
For Bank Wires,
- Routing number is used for US domestic wires only and should be a 9 digit numeric value, while SWIFT is required for international transfers
- If you have chosen SWIFT, a US intermediary bank will be required. Kindly confirm with your bank to obtain this information
- If you receive the following error "Network error occurred: SWIFT code XXXXXXXX is prohibited location", we are unable to process withdrawals to your bank. We would advise you to submit your wire withdrawal to a different bank account.
- If you have included Memo, this information will be passed on to the beneficiary bank as FFC note
-
For CUBIX,
- Include the Account ID found on your CUBIX account, including any dashes
-
For DBS ACT,
- Include DBS ACT Account Number
6. Next, fill up your personal details for the wire under Recipient Details to match the info registered on your bank account.
- Please ensure that these details match your registered account and is not a third party withdrawal
8. Finally, now that you have saved your bank information, proceed to withdrawing
Simply go to Dashboard > Dashboard > Transfer > To an External Address/Fiat Account > Get Started
You may select asset as USD, and proceed to select the source profile to withdraw from (if you have multiple profiles)
Proceed to select the Fiat Account that you have saved above
Indicate the amount to withdraw, and hit Submit!
Note: The daily withdrawal limit is set by default at USD 50,000,000 for institutional accounts.
If you are facing delays receiving your wire withdrawal:
For Cancelled Withdrawals
Your funds remain safely in your account and are reflected on your account balance.
For immediate service, you may alternatively transfer via stablecoin.
We appreciate your understanding and patience. Please reach out to us if you have any further questions.
Wire withdrawals can only be sent out on weekdays and may take up to 5 days to reach your recipient bank.
US Domestic Wires
For US domestic wires, withdrawals typically reach beneficiary banks T+0. For same day processing of wire withdrawal requests on weekdays, please submit your withdrawal by 1.30pm EST.
International Wires
International wire transfers sometimes take 2-5 days. Paxos is not responsible for delays in wire transfers due to intermediary or recipient bank issues.
Common issues that may delay your USD withdrawals
- Name mismatch: Any withdrawals to a bank account that is not under the same name as your registered Paxos name will be considered a third-party withdrawal and rejected.
- 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.
- USD wires are not processed on weekends & on US banking holidays: On weekends and holidays, Paxos will not be processing any wire deposits or withdrawals.
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 there, you can view your saved Fiat Accounts information. Here you should check whether you saved any information wrongly (for example, it is possible that you put the name of your bank in the field that requires your full name).
If it is has been over 5 days since your withdrawal has been processed, you may wish to submit a help ticket here.