Moov wallets allow account holders to store funds while providing flexibility on when and how they would like to move those funds. This guide covers several wallet transfer scenarios:
- Pre-funding a wallet
- Transfering funds between two different Moov wallets
- Cashing out funds from a wallet
Transfer types and timing
You can use wallets in several ways, depending on your needs and priorities. Below, we summarize different types of wallet transfers and what they entail.
Funding a wallet
For transfers like payouts or topping up a wallet, you’ll use the
ach-debit-fund payment method. If you’re looking to pull funds from another account for things like bill payments and collections, you’ll use the wallet as the transfer destination via the
ach-debit-collect payment method. Both wallet funding flows are completed in 2-3 business days.
Transferring funds out of a wallet
Funds can be transferred from a wallet to a bank account for use cases like:
- Cashing out your wallet balance
- A payout to another bank account
- Pulling funds from a wallet for a faster collection option
When transferring to a bank account, both
ach-credit-standard payment methods are available, with
ach-credit-same-day being the fastest option.
A transfer between two Moov wallets provides immediate settlement and balance updates. Funds are available instantly and all three transfer types are valid for wallet to wallet payments.
Funds availability timing
|Transfer type||Payment method used||Funds availability|
||2-3 banking days|
||End of day for
||Next banking day|