Since the inception of VeVe, many collectors have amassed amazing collections and some have been lucky enough to on-sell their collectibles in VeVe’s secondary market for more than they paid. Now, as we begin to open access to our beta Payout feature, collectors will be able to convert their Gems into selected currencies and withdraw.

Payout Feature

Payout is a system that allows you to withdraw your Gems from your VeVe wallet, and back into your bank account in your local currency or into a cryptocurrency wallet.

Payout currently supports Bank Transfer (fiat) and the cryptocurrencies: USDT, ETH, Binance USD (all ERC20) and BTC [Cryptocurrency payout currently on hold for technical issues].

In order to use this feature, you will be required to complete KYC (Know Your Customer), and be verified, before you can make any withdrawals. Our partner Wyre is the provider of the Payout service (Wyre’s user agreement).

Payout Requirements

There are a few more details to be aware of in relation to Payouts:

1. You may only use your personal bank account or cryptocurrency wallet for the payout.
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2. You must have a minimum balance of 500 Gems to qualify for Payout.
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3. There is a 100 Gem minimum withdrawal.
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4. The maximum withdrawal amount (for now) is 50,000 Gems in any 7 day period.
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5. We can’t give any guarantees about timing given the nature of the international banking system but we expect most bank transfers to arrive in around 5 business days. Cryptocurrency payouts generally occur within the standard block time
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6. Wyre is providing the Payout service. Wyre will conduct their own compliance checks (comparable to any other payment provider) before approving a payout.

Get Verified to Access Payout

In order to access Payout you must be Verified, or in other word pass KYC or ‘Know-Your-Customer’ regulations. Getting verified requires you to provide identification documents in order to complete a financial transaction. Processing a Payout transaction on VeVe is no different, and you will be required to complete this process before you can withdraw.

Completing VeVe Verification is a relatively straightforward process and more in-depth details can be found here: KYC — What You Need To Know.

How to Use the Payout Feature

After being successfully verified, Collectors can access the payout feature on the VeVe web app, which is found on Profile > Settings > Payout

1. Enter Payout Amount

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• You must have a minimum Gem balance of 500 Gems to payout
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• Enter the amount of Gems you wish to payout — Please note the minimum is 100 Gems
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2. Select Payout Method

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• Choose the payout method
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• Bank Transfer
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• Cryptocurrency — BTC, ETH , USDT, Binance USD (Currently on hold for technical issues)
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• Agree to the payout terms and conditions
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• Click “Next”
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2a. Payout Method: Bank Transfer

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• The first time you payout to a bank account you will be prompted to add the bank account details
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• After selecting ‘Bank Transfer’ Choose ‘Add Account’ from the adjacent dropdown menu
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• Once a bank account has been added it will be available for future payouts
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Add Bank Account

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• Choose your currency — Note: If your local currency is not shown, choose USD and this will be converted to your local currency
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• The Beneficiary Name will default to the name you entered when getting Verified
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• Enter all bank account details: Account number, Routing number (US only), BIC / SWIFT, Bank Name, Bank Country
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• If you are in country which uses the IBAN standard for bank account numbers, you’ll need to use your IBAN when entering your bank account number in the Payout screen. IBAN stands for International Bank Account Number, which you can use when making or receiving international payments
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• Press “Add Account”
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Review Bank Payout

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• You will have 5 minutes to complete the payout
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• Review all detail of the payout to ensure the detail are correct — If not, click the edit icon (pencil) to update the details
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• Click “Withdraw”
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2b. Payout Method: Cryptocurrency
*Note: Payout in cryptocurrency is currently on hold for technical issues
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• Choose your preferred cryptocurrency
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• Enter applicable cryptocurrency wallet address (e.g. BTC)
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• Agree to the payout terms and conditions
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• Click “Next”
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Review Cryptocurrency Payout

• You will have 5 minutes to complete the payout
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• Review all details of the payout to ensure the detail are correct — Ensure the entered address is valid; Cryptocurrency payments cannot be reversed
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• Click “Withdraw”
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[Cryptocurrency Payout currently on hold for technical issues]

Payout Fees

A 10% fee will be applied to any Payout transaction. In addition, the following Fees may apply.

For Payouts In Fiat (e.g. USD):

• For U.S. users, where possible, payment will be sent by ACH and a USD$1 ACH transfer fee applies (Wyre’s Non-Operational ACH US States are not eligible for ACH payments)
• U.S. users not eligible for ACH payment or users outside of the US, payout will be by wire transfer and a $30 USD wire transfer fee applies.
• You may also be charged fees by the receiving bank (including foreign exchange conversion fees if you are paying into a non USD account)

Example 1 — ACH: Payout amount: USD1,000.00

• VeVe fee: 10% (USD100.00)
• Sending bank wire fee: USD1.00
• Receiving bank wire fee: ~USD1.00 (differs based on bank)
• You receive: ~USD898.00

Example 2 — Wire Transfer:

• Payout amount: USD1,000.00
• VeVe fee: 10% (USD100.00)
• Sending bank wire fee: USD15.00
• Receiving bank wire fee: ~USD15.00 (differs based on bank)
• You receive: ~USD870.00
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For Payouts in Cryptocurrency:

• For cryptocurrency payouts other than stable coins (eg. ETH or BTC) a conversion fee of 0.75% applies
• For stablecoin payouts (eg USDT), a conversion fee of 0.20% applies
• You may also incur gas fees

Example 1 — Stable Coin:

• Payout amount: USD1,000.00
• VeVe fee: 10% (USD100.00)
• UDST: 0.20% (USD2.00)
• You receive: ~USD898.00 (You may also incur gas fees)

Example 2 — Bitcoin:

• Payout amount: USD1,000.00
• VeVe fee: 10% (USD100.00)
• BTC: 0.75% (USD7.50)
• You receive: ~USD892.50 (You may also incur gas fees)

Terms of Use

Please also note that the Terms of Use are being updated to reflect the Payout feature.

FAQ

Q: Why is Payout not available in my country?
A: There are some restrictions on some countries due to international regulations and sanctions. These are no different from those imposed by ordinary financial institutions (and in most cases, cryptocurrency exchanges). A list of restricted countries is here (see Non-Operational Countries). You won’t be able to receive a payment if you reside in one of those countries.

Q: Am I eligible for ACH payments?
A: ACH is a payment method only available in the US and has a lower fee than a wire transfer/international bank transfer. As a US payment service, Wyre is able to provide ACH to eligible US customers. Note that Wyre will automatically send by ACH if you are eligible. A list of the US states which are not currently eligible to receive ACH payments are listed here (see Non-Operational States (ACH)). If your state is on the non-operational list, you are still able to be paid via wire transfer, though additional fees may apply.

Q: Why don’t I have access to Payout?
A: The Payout feature is a new integration and is currently in beta. To ensure adequate testing of the Payout it will be rolled out to small groups to begin. We will progressively open access to larger batches of collectors, and eventually all users, when our testing parameters have been satisfied. Please stay tuned to our socials for more updates!

Q: Can I request more than one withdrawal at a time?
A: Yes, as long as the total amount does not exceed 50,000 Gems in 7 days.

Q: Who do I contact if there are issues with my payment?
A: Wyre is the provider of the Payout service. For issues with the payment (eg. if it has not arrived as expected), please contact Wyre customer support.

For fiat payout: https://support.sendwyre.com/hc/en-us/requests/new?ticket_form_id=360004784493