Prismapay receives and sends US dollars through its payment provider. There are two ways to receive money and one way to pay it out.
The two ways to receive
Unnamed account | Named account | |
|---|---|---|
Whose name is on it | Prismapay's | Yours |
What it is | Prismapay's bank account in the United States, shared by several customers | A virtual account issued only for you |
How your money is identified | By the memo Prismapay gives you | By the account details themselves |
Memo required | Yes, on every transfer | No |
Unnamed account — routed by memo
The sender transfers to Prismapay's bank account in the United States. That account is not in your name, and more than one customer receives money through it, so the transfer needs something that says it is yours.
That something is the memo: a reference Prismapay gives you.
1. Ask Prismapay for the account details and your memo.
2. Pass both to whoever is sending you the money.
3. The sender must include the memo on the transfer, exactly as given.
4. Once the funds arrive with the correct memo, they are routed to your balance.
If the memo is missing, altered or belongs to someone else, the deposit cannot be matched to you automatically and has to be sorted out with support. Always check the memo before sending.
Named account — a virtual account in your name
A named account is a virtual account issued in your own name. Because the account itself identifies you, there is no memo to carry around: you hand over the account details and the money lands in your balance.
This is the option to ask for when the sender expects to pay an account that carries your own name — for example, a payer whose compliance rules do not allow paying into a third party's account.
Identity verification must be approved before a named account can be used, the same as for the other backed features.
Terms of a named account
Rails | ACH and Wire from United States banks |
Credited in | 1 to 2 business days (ACH) |
Deposit fee | 0.3%, for any type |
Minimum deposit | 100 USD |
Monthly maintenance | Free |
It also lets you link a U.S. bank account on platforms such as UpWork, Deel or PayPal and get paid there. The dollars that arrive are credited to your wallet as USDC.
If your account shows as deactivated, it cannot be reactivated from the app: contact support.
There is a euro equivalent, with its own IBAN for receiving over SEPA. It has its own article and its own terms.
Payouts — sending in your own name
Named payouts let you send payments out in your own name, so the beneficiary sees you as the payer rather than Prismapay.
Payouts support wire only. No other rail is available for this: if you need ACH, ACH Same Day, SEPA or SWIFT, use a regular international transfer instead.