Transfers

Utilize Speed Transfers to move your balance from one Speed account to another. It makes it easier to manage your finances. You can consolidate your funds into one same account. This will make your finances simpler and easier to track. If you require funds in a specific account for various activities such as bill payments, purchases, or expenses, you can utilize transfers to ensure the availability of necessary funds in that particular account.

How transfer works?

If a transfer is currently processing in an account and another transaction (credit or debit) is requested simultaneously, the new transaction will not be processed until the current transfer is completed. This means that such a newer transaction would fail and prompt you with an error.

Also, If the ongoing transfer fails for any reason, the withdrawal will be reversed, and the transfer amount will be restored to the account balance.

What is the process for transferring funds between two Speed accounts?

• Login to your Speed account.

• Go to Transfers.

• Click on Create New.

• Enter the Transfer details as below:

  • From Account: This is your account's ID from which you intend to transfer the balance. It is already filled in and cannot be modified.
  • Destination Account: This is the account’s ID of the account to which you intend to transfer the balance. You can find it in Settings > Profile Settings > Associated Accounts.
    • The transfer of funds can only occur between any Speed merchant accounts.
    • You cannot transfer from and to the same account.
      

• Description: You may enter an optional description regarding the transfer in the provided field.

• Transfer Amount : Please input the desired amount in SATS for the transfer to the other account.

  • To initiate a transfer from your Speed business account, a minimum of 1 SATS is required.
  • You can transfer funds from your Speed business account until the available balance reaches zero. This means that the maximum amount that can be transferred is equal to the available balance in your Speed account.

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The transfer takes place in real time. Therefore, during the transfer process, the system verifies whether the account being used has sufficient funds by comparing the entered amount to be transferred with the actual account balance.

View your Transfer details

You can access the details of the transfers sent or received by your Speed account for future reference in the Transfers section. The details available in this section include the following:

• Transfer ID: The unique ID of the transfer.
• From Account: The account ID of the sender’s account.
• Destination Account: The account ID of the receiver’s account.
• Type: Transfer has 2 types:
  • Transfer Out: Transfer has this type when the amount is sent from your account. This is of debit type.
  • Transfer In: Transfer has this type when the amount is received by your account. This is of credit type.
• Transfer Amount: The amount (in SATS) that has been transferred or received.
• Created on: The date and time when the transfer was initiated.