If you live in the US and you’re a Crypto.com App user, you can now receive payments early using the Early Direct Deposit feature. With this feature, Crypto.com can fund your account two days early before your money arrives. Here are the details.
Using this feature comes at no extra cost and you also have to set up a USD Fiat Wallet in the Crypto.com App. This feature also works when you want to receive payment from the US government. Here is how the whole process works.
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Note: The article is written with the assumption that you already set up a USD Fiat Wallet on the crypto.com app. If not, please follow this step by step guide to know how to set up a USD Fiat Wallet on the Crypto.com App.
Usually after setting up a Fiat Wallet, crypto.com will give you Bank account details such as Account Number (or IBAN), Swift Code (or sort code), Bank name, Account holder name, Bank Address, and Bank Location. You can use these details to receive and/or deposit money into your Crypto.com account.
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Now, when you want to receive payment from a payer or a company you worked for, you can enter the Fiat Wallet bank details provided by Crypto.com in the payer/company website. According to Crypto.com, payers/companies usually notifies them for incoming payment few days before the deposit is made.
When crypto.com receives such notification, the platform will credit you the incoming amount of money even before the scheduled arrival date of the money. This means you can get your payment sometimes two days earlier than the usual schedule.
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In some cases you can be credited a day or on same day. There are several factors pointed out by crypto.com that affects getting payments early. Below are some more information on what might affect your waiting time:
- You recently set up direct deposit for the first time.
- Your deposit type is not eligible, such as a bank-to-bank transfer.
- There’s a payroll system issue with your payer.
- You reached the transaction limit or monthly deposit dollar limit for early processing.
This feature is only available for crypto.com users living in the United States for now. Most crypto.com users living outside the United States cannot even set up a USD Fiat Wallet on the platform.
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So, if you’re in the US and you have a crypto.com account, you can use the USD Fiat Wallet on the platform to get Early Direct Deposit from your payer. If you need help, please visit this crypto.com support page.