Blog Getting started How to deposit fiat (USD) and stablecoins on MyConstant

How to deposit fiat (USD) and stablecoins on MyConstant

date February 27, 2020 time 4 min read 2155 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, click on interest at the top of the page. When you do this, a screen will come down where you can click Deposit USD or Deposit Crypto.

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 or stablecoins) in the right-hand corner.

This screen will show for deposits using USD.
This screen will show for deposits using crypto.

Sending funds on Zelle

As of March 2021, Zelle is suspended until further notice.

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

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 10 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

To initiate a wire transfer, simply click on the Wire Transfer icon on the upper left side of the screen.

The Reference Number that you need to include in your bank wire is circled in red.

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. 

*Also, since every bank is different, we compiled ten of the most used banks on our platform and wrote individual wire transfer tutorials for each. Type the name of your bank in the search bar of our blog to see if yours is there.

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 instant access and Prime Trust

Once your deposit arrives, you’ll automatically earn 4% APY in our instant access 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 instant access account 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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