1. Guides

Transfers

We describe funds movement across the Moov platform as a Transfer. Transfers occur between a source and destination payment method, which represents how and where money should move. The only other required field is an amount.

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import { Moov } from '@moovio/node';

const moov = new Moov({
  accountID: "YOUR_MOOV_ACCOUNT_ID",
  publicKey: "PUBLIC_KEY",
  secretKey: "PRIVATE_KEY",
  domain: "YOUR_DOMAIN"
});

const transfer = await moov.transfers.create({
  source: {
    paymentMethodID: "SOURCE_PAYMENT_METHOD_ID",
  },
  destination: {
    paymentMethodID: "DESTINATION_PAYMENT_METHOD_ID",
  },
  amount: {
    value: 100,
    currency: "usd"
  },
});

Flow of funds

All transfers facilitated with Moov involve money moving in, out, through, or within the Moov platform. Since all funds flow through Moov, a single transfer can take advantage of multiple payment rails which allows you to tailor the cost, speed, and risk of each payment to your particular use case.

Source

Bank account Same-day ACH

Bank accounts

Same-day ACH

Debit / credit cards

Card payment

Wallets

Moov Wallet

Destination

Bank account Same-day ACH

Bank accounts

Same-day ACH Standard ACH RTP

Wallets

Moov Wallet

Source

The source of a transfer represents the first stage of a transfer, when it is being funded. Transfers can be funded by external linked bank accounts, payment cards, or a Moov wallet balance. The following payment method types can be used as the source of a transfer:

• ach-debit-fund - fund payouts or add funds to a Moov wallet from a linked bank account
• ach-debit-collect - pull funds from a linked bank account for bill payment, direct debit, or e-check type use-cases
• moov-wallet - fund a payout or withdraw funds from the Moov platform
• card-payment - initiate a payment from a linked credit or debit card

Destination

The destination represents the final stage of a transfer and the ultimate recipient of the funds. The following payment method types can be used as the destination of a transfer.

• ach-credit-standard - disburse funds to a linked bank account
• ach-credit-same-day - disburse funds to a linked bank account using same-day processing
• rtp-credit* - disburse funds to a linked bank account in near real time
• moov-wallet - add funds to a Moov wallet for multiple use cases

Transfer options utility

Moov offers the /transfer-options utility to provide you with an easy way to know which payment methods can be used in a transfer.

Some payment methods can only be used as the source or destination, and not all payment method combinations are valid options. The payment methods available for use also depend on the capabilities of the source and destination accounts. Transfer-options takes this business logic into account as well as network-specific restrictions such as maximum payment amounts to ensure a valid transfer request.

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{
  "source": {
    "accountID": "4528aba-b9a1-11eb-8529-0242ac13003", 
    "paymentMethodID": "ec7e1848-dc80-4ab0-8827-dd7fc0737b43" 
  },
  "destination": {
    "accountID": "ec7e1848-dc80-4ab0-8827-dd7fc0737b43", 
    "paymentMethodID": "4528aba-b9a1-11eb-8529-0242ac13003" 
  },
  "amount": {
    "value": 100,
    "currency": "usd"
  }
}

To use transfer-options, make a request to the /transfer-options endpoint with a Moov accountID or paymentMethodID and an amount.

• Supplying a single accountID in the source{} or destination{} will return a list of available payment methods.
• Supplying an accountID for both the source{} and destination{} will return two lists of payment methods filtered on the capabilities of the transfer participants.
• Supplying one paymentMethodID and one accountID will return a list of valid payment methods for the accountID provided.

In practice, transfer-options can be used to present a menu of different options for how and where you want money to move.