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Fiat Wallet - USD Fiat Deposits by Instant Deposit
Fiat Wallet - USD Fiat Deposits by Instant Deposit

Everything about USD instant deposits

Support Specialist avatar
Written by Support Specialist
Updated over a week ago

The Instant Deposit feature credits you with the deposit amount before the funds are settled, so you no longer have to wait to start buying crypto. After you initiate an Instant Deposit, you will receive the funds within 30 minutes.

How is Instant Deposit different from standard ACH and wire transfers?

Standard ACH and wire transfers are initiated from your banking app, whereas Instant Deposit is initiated directly from the Crypto.com App.

Standard ACH and wire transfers can take several business days to settle into your account and be used. With Instant Deposits, you can use the funds within minutes after initiating the deposit, although you will be restricted from withdrawing funds for 7 business days

How to link a bank account(s):

You will first have to link your bank account using Plaid, before being able to make an instant deposit. Plaid is an easy and secure way to link your bank account to crypto.com

  1. Go to Deposit > Fiat > US Dollar > Instant deposit > Add Bank account. Or, tap Accounts > Fiat Wallet > Transfer > Deposit > US Dollar > Instant deposit > Add Bank account.

  2. Select your bank and you will be taken to your banking portal to securely login

  3. Once logged in you will be prompted to authorize connecting your account to crypto.com

  4. Once completed you will be returned to the crypto.com app and be able to see your bank account linked successfully. You may link up to 5 bank accounts.

Please note that your bank account name must be the same as the name that’s associated with your Crypto.com App account.

How to make an Instant deposit?

  1. Go to Deposit > Fiat > US Dollar > Instant deposit > Add Bank account. Or, tap Accounts > Fiat Wallet > Transfer > Deposit > US Dollar > Instant deposit > Add Bank account.

  2. Select a successfully linked bank account of your choice

  1. Enter the amount you wish to deposit

  2. Confirm the deposit

  3. Enter your passcode

Important Note: Once an Instant deposit has been initiated, it cannot be canceled.

What are the deposit limits?

General Limits

Minimum (all card tiers)

$20 per transaction

Daily Maximum Transactions (24-hour rolling)

5 per day

Monthly Maximum Transactions (30-day rolling)

30 per month

USD Fiat Wallet Balance Maximum

up to $250,000

Days of Withdrawal Restriction

7 business days

Time after Failure to Liquidate

24 hours

Daily and Monthly Limits per Card Tier

Daily Maximum per card tier (24-hour rolling)

Obsidian

up to $100,000

Icy White, Rose Gold

up to $50,000

Jade Green, Royal Indigo, Ruby

up to $10,000

Blue

up to $5,000

No Card

up to $3,000

Monthly Maximum per card tier (30-day rolling)

Obsidian

up to $150,000

Icy White, Rose Gold

up to $50,000

Jade Green, Royal Indigo, Ruby

up to $10,000

Blue

up to $10,000

No Card

up to $10,000

What are the different types of balances?

What is Pending Balance?

Pending Balance is your deposited funds, via instant deposit, that have not settled yet, as it takes up to 7 business days. Crypto.com provides you with these funds after you initiate a deposit, so you can start purchasing cryptocurrencies even when they are pending. You can purchase all cryptocurrencies listed in the Crypto.com App with Instant Deposit, and fund Derivatives contracts as well. These include Strike and UpDown Options. For more information on using Instant Deposit to trade Derivatives, please refer to the FAQ here.

You will not be able to withdraw or transfer your funds from Crypto.com app wallets for 7 business days* (day 0 being the day you initiated the deposit) after deposit if you make a cryptocurrency purchase using the Pending Balance. This includes the following withdrawal channels:

  • Fiat Withdrawal

  • Crypto Wallet transfers

  • Lockup in the Earn Wallet

  • Transfer to the Crypto.com Exchange

  • Top up Crypto.com Visa Card

  • Cardholder CRO Stake or CRO Lockup on Crypto.com Visa Card

  • Spend via Crypto.com Pay

  • Transfer to Crypto.com Defi Wallet

  • Purchasing any Gift Cards

  • Crypto.com Supercharger

  • Fiat Target Price orders

  • Other outgoing channels from Crypto.com

*Please note that:

  • If the deposit is created outside business hours (9EST-17EST), day 0 will be the next business day.

  • Federal holidays are not counted as business days, therefore such days will also be considered as 0.

Example:

21st of February is a federal holiday, meaning that it is not a business day. If John initiates an ACH Pull Deposit on the 18th of February 2022 (Friday), the first business day will be the 22nd of February 2022 (Tuesday).

What is available balance?

Available Balance is the funds in your USD Fiat Wallet that have settled, and are available to use for crypto purchases and withdrawal.

What is outstanding balance?

In cases where you have used your Instant Deposit to purchase cryptocurrency, but the funds failed to settle, the amount will become an Outstanding Balance. Your Instant Deposit likely failed because of insufficient funds in your bank account. Please make sure you have more than the deposit amount in your bank account for at least 7 business days after initiating the deposit (day 1 is next business day after deposit) to prevent any errors due to insufficient funds in your bank account.

How do outstanding balances work?

How is Outstanding Balance calculated?

Scenario 1 - Available Balance is sufficient to purchase cryptocurrency

  • You have USD 100 in your USD Fiat Wallet

  • You initiated an Instant Deposit of USD 50

  • You now have a total of USD 150 in your USD Fiat Wallet to purchase cryptocurrency

  • You purchased USD 120 worth of cryptocurrency

  • Your Instant Deposit failed to settle

  • The remaining USD 30 in your USD Fiat Wallet is Pending Balance and can no longer be used to purchase cryptocurrency

  • Your Outstanding Balance is USD 20 and you need to resolve it as soon as possible if you want to use the Instant Deposit feature again

  • If your Outstanding Balance is unresolved after 1 day, Crypto.com will proceed to liquidate your assets to repay the USD amount

Scenario 2 - Available Balance is insufficient to purchase cryptocurrency

When cryptocurrency is purchased using a failed Instant Deposit and there is insufficient balance in your crypto and fiat wallets, withdrawal is restricted from the entire USD Fiat Wallet until Outstanding Balance is resolved.

How do I know if I have an Outstanding Balance?

You can view your Outstanding Balance by going to USD Fiat Wallet > Instant Deposit > Outstanding Balance. Buying cryptocurrencies will be disabled for you until the Outstanding Balance is settled.

How can I settle my Outstanding Balance?

You can resolve your Outstanding Balance by making another deposit from your bank account using ACH Bank Transfer or Wire Bank Transfer. Alternatively you can also sell cryptocurrency into your USD Fiat Wallet.

If you have any questions, please contact us at chat.crypto.com.

What happens if I do not settle my Outstanding Balance?

Crypto.com has the right to liquidate your assets and lock your account if your Outstanding Balance is not settled for longer than 24 hours. Crypto.com will liquidate crypto assets in the following sequence until all of your outstanding balance in USD is resolved:

  • USD Stable Coins

  • Other cryptocurrencies in descending market capitalization order

For example:

  1. Starting balance USD 100 USD fiat, USD 200 worth of USDC, USD 300 worth of CRO

  2. Instant deposit via ACH Pull initiated USD 1,500 and used to purchase USD 1,000 worth of BTC

  3. Sequence of orders:

  4. User instant deposits via ACH Pull $1,500 USD fiat

  5. User buys $1,000 BTC

  6. Deposit fails

  7. Day 0 - $500 instant deposit is recalled, $1000 outstanding

  8. Day 0 - CDC debits $100 USD Fiat from fiat wallet, $900 outstanding

  9. Day 3 - CDC sells $200 USDC into $200 USD, $700 outstanding

  10. Day 3 - CDC sells $700 BTC (because larger market cap than CRO) into $700 USD fiat on day 3, $300 BTC remaining and $0 outstanding

  11. Days 4 and onwards - If any outstanding balance remains, liquidation attempt to try again 24 hours later until fiat wallet balance return to $0.

Please reach out to Customer Support if you have any questions.

Troubleshooting

Why has my request to link my bank account been declined?

Please make sure your bank account name is the same as the name that appears on your Crypto.com App KYC documents, which you submitted when registering your account.

Why can’t I link more bank accounts?

You can have a maximum of 5 accounts saved. To add a new one please delete one of your existing linked bank accounts. You can delete a bank account by swiping left on it.

I am having trouble with the Relink button. What can I do now?

If you have trouble with the Relink button, it might be because you are selecting a different account compared to the original one.

If you continue to have issues, please either use the Add Bank Account button to add a bank account. You can also use the “Edit” button on the right side to delete previously linked bank accounts that have expired and unable to relink. You can have a maximum of 5 accounts saved.

Why is Relinking not working for me?

If you have trouble with the Relink button, it might be because you are selecting a different account compared to the original one.

If you continue to have issues, please either use the Add Bank Account button to add a bank account. You can also use the “Edit” button on the right side to delete previously linked bank accounts that have expired and are unable to relink. You can have a maximum of 5 accounts saved.

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