Wallets
Each Moov account can request a wallet, where the account holder can store funds.
Every Moov account can request one wallet, as long as the account meets the wallet capability requirements. A Moov wallet holds funds and can be used as a source or destination for any transfer involving a wallet. Moov automatically creates a moov-wallet payment method when the wallet capability is enabled for an account.
| Payment method | Description | Required capability | Verification required |
|---|---|---|---|
moov-wallet |
Can be the source of a payment | wallet |
✓ |
If you want to send money to a bank account via RTP, the payment method source must be a moov-wallet.
While you can request the wallet capability directly, any account that is approved for
send-funds or collect-funds will have the wallet capability automatically enabled too.
A wallet allows for flexibility on when and how you’d like to move funds. You can accomplish the following with a wallet:
- Accumulate collected payments
- Transfer funds between Moov wallets for instantly available funds
- Pre-fund your wallet for faster payouts
- Cash out from your wallet at any time
See the articles in this section for more information on wallet balances and transaction details.
Articles in this section