Blog Getting started How to deposit Fiat and Stablecoins on MyConstant

How to deposit Fiat and Stablecoins on MyConstant

date February 27, 2020 time 5 min read 1027 views

Hey there, I’m Peter, Community Manager for MyConstant. Per your requests, I wanted to make a quick guide on how to deposit your stablecoins or fiat on our platform. 

After creating a profile, go to the Balance tab at the bottom of the screen on the MyConstant app and click the Make a deposit button.

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Now you should see some variation of the screen below. Here, you enter the amount you want to deposit and select the type of currency (USD, HKD or Stablecoins) in the right-hand corner.

Deposit funds online with MyConstant to earn 4.00% APY on any amount
Deposit funds online with MyConstant to earn 4.00% APY on any amount

Depositing Fiat

When depositing or sending fiat, you’ll need to complete Know Your Customer (KYC) verification first. The KYC essentially verifies that you are who you say you are, and is common practice in financial services.  

To fill out your KYC, click on the profile icon. 

Then scroll down to Account activity, and then Get started on the left side of the page below About You. 

After completing KYC (it usually takes 1 to 2 business days for verification), you’ll need to link your bank account. Simply return to the Get Started section and click, Link Your Bank Account (seen below). 

Upon linking your bank account, you’ll be able to send funds through our ACH partner, Plaid. If your US bank does not support Plaid, you can send your funds via Zelle. Please note that US residents must use Zelle or ACH. Wire transfers are only permitted for customers living outside of the US. 

To make a deposit, click on Accounts, and then Make a deposit

From here, you will come to the screen below, which gives you three options to deposit your funds: Zelle, ACH or WireTransfer. 

Sending funds on Zelle

Zelle is a US-based digital payments network (similar to Venmo). It’s terrific for transferring small amounts of money (less than $1,000).

If you choose Zelle you will need to transfer from your account using the information below. 

Double check to make sure you have entered all of your information correctly when you send through Zelle. If everything matches up, you will receive your funds within a couple minutes. If there are any errors, our team will need to manually vet your order and it may take more time to transfer.

Sending funds by ACH

Trevor demonstrates how to deposit USD using ACH

ACH stands for automated clearing house, and it’s similar to a wire transfer — only it’s free!

When you link your bank account to MyConstant, you’ll be sending your funds through Plaid, MyConstant’s sole ACH partner (US residents only). To send via ACH, click on the ACH tab and the screen below will appear.

Click the Add bank icon in the upper right corner, select your bank, and enter your account details.

Please note that most ACH transfers (around 90%) take no more than 5 business days to process and credit your account. However, bank errors or delays can extend this. You’ll be emailed when you open an order, when your funds have reached your account, and if your order times out.

If the order times out before the funds reach us, we will still credit your account. However, the funds will take longer to appear in the account balance, as our backend will have to manually check on the processing.   

All transfers must be completed within 3-5 days after opening or else we will close the order. Lastly, after an ACH deposit clears, you won’t be able to withdraw it for 7 days. This helps avoid ACH reversals (which cost you money) and keeps withdrawals free. 

Sending funds by Wire Transfer 

If you’re not a US resident, or have a bank account outside of the US, you can send your deposits via a wire transfer. Simply click on the WireTransfer icon on the upper left side of the screen. 

Once you do this, the page above will appear with all the relevant information you’ll need to wire your funds. You can wire the money directly from your bank, or use a number of different wire transfer apps.

After making your transfer, email your receipt to [email protected]. A wire transfer usually takes 1 to 2 business days to process, and another business hour to update your balance, after receiving your deposit. 

Depositing Stablecoins

Unlike fiat, stablecoin deposits are not subject to KYC requirements. After you enter the amount you want to deposit and the stablecoin type, click Start Growing and you’ll see the screen below. In my example I transferred USDT.

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To send your coins, copy and paste your MyConstant wallet address (the line of text where it says USDT address) into your coin wallet or scan the QR code with your wallet app.

For small amounts of Stablecoin, the process only takes a couple of minutes. For amounts over $10,000 transfers usually take between 1 hour and 1 day depending on if your transfer is completed during our offices working hours.

After you transfer your stablecoins successfully, your balance will be updated on the main account page.

Holding your funds in Flex and Prime Trust

Once your deposit arrives, you’ll automatically earn 4% APY in our Flex lending pool. Otherwise, you can choose to store your funds with our custodian, Prime Trust, where they will be held securely without gaining interest. Prime Trust stores funds across multiple insured bank accounts.

Now your funds are deposited and ready for investing. You can choose to either leave them and gain 4% APY in our flex lending pool or begin looking for a match at 7% APR.

If you want to keep learning, have a look at these other blogs, check out these guides for transferring funds, withdrawing funds, and depositing crypto collateral.  

Please follow us on our (Twitter Linkedin | Facebook ) for more news, views, and updates from the MyConstant team. If you have any questions or feedback, please join us on Telegram or drop us an email at [email protected]

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Peter Upton

Peter Upton

Community Manager

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