Understanding Your LiquidTrust Wallet
Your LiquidTrust Wallet is the secure holding account where payments from a Payor are deposited before you initiate a Withdrawal to your external bank account. Funds remain in your Wallet until you manually click Withdraw or have Auto-Withdrawal enabled.
Key Information About Your Wallet
The Wallet provides flexibility in managing your funds, but there are a few important things to know about Withdrawals and fees:
Withdrawal Options and Flexibility
- Default Payout Account: You can add multiple bank accounts in multiple currencies to your profile, but only one can be set as the Default Payment Method at any given time. When you click Withdraw, the funds will be sent to the bank account and currency currently set as the default.
- Withdraw in Full: Clicking Withdraw will empty the entire available balance in your Wallet into the single Default Payment Method. If you receive multiple payments that need to be sent to separate bank accounts, you must change your Default Payment Method and complete a Withdrawal before the next payment is cleared to your Wallet.
Fees and Currency Conversion
- How Fees are Paid: Any applicable Withdrawal fees (which depend on your bank location and currency choice) are automatically deducted from your Wallet balance at the time you initiate the Withdrawal. For example, if your Wallet balance is $150 and your chosen Payment Method results in a $5 fee, $145 will be sent to your bank.
- Intermediary Bank Fees: It is possible that downstream banks (outside of LiquidTrust) may assess their own fees before the total reaches your bank account, resulting in you receiving less than expected. LiquidTrust has no control over these downstream bank fees. Fees from other banks can often be avoided by withdrawing in a foreign currency or using a US bank account to receive the funds.
- FX Conversion Visibility: When you select a foreign currency as your Default Payment Method, LiquidTrust will display the current value of your Withdrawal in that currency. This amount is based on a rate we receive from our banking partners, which changes daily, and represents the amount you will receive in your bank.
Transaction Status in Your Wallet
Pending Withdrawals: Once you click to Withdraw your funds, the transaction may have a short holding period where you will see Pending next to the entry on the Wallet page. Once the funds have been sent to the bank, this status will change to Completed.
Why This Matters
Your Wallet gives you control over when and how your funds are disbursed. By having a secure holding space, you can choose the most advantageous time and currency for your Withdrawal, helping you manage cash flow and potentially minimize Transfer fees.