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How do I make and instant transfer?

How do I make an Instant Transfer?

Users select an external debit card and confirm the amount they wish to transfer to their debit card. Funds are instantly sent and are available to use right then and there. Instant Transfer is available on both web and through the Outgo app.

  1. Once logged into your Outgo account, select “Transfer
  2. Enter the desired transfer amount, select “Instant”, and click “Next
  3. Click “+ Add another card” 
  4. You’ll be redirected to verify the new debit card details
  5. Enter the requested information and click “Submit"
  6. Select the destination of the Instant Transfer
  7. Review the transfer details and click “Transfer

How do I add a new debit card for Instant Transfer?

Users can add additional debit cards to their list of available Instant Payment options on Outgo by following the below instructions. 

  1. Once logged into your Outgo account, select “Transfer
  2. Enter the any transfer amount, select “Instant”, and click “Next
  3. Select “+ Add another card” 
  4. You’ll be redirected to verify the new debit card details
  5. Enter the requested information and click “Submit
  6. The new debit card will be added to your list of available Instant Payments

Which cards/accounts are eligible?

Users are able to enter the debit card number associated with an external account that they control. 

Note: Users can only transfer funds to another account they control. When you link an external debit card, a verification process will ensure that the name on the external debit card matches your name. Instant Transfer to other individuals or non-owned accounts is not supported at this time. 

What happens if an instant transfer fails?

If an Instant Transfer fails, the funds will arrive back in your Outgo Checking Account in two deposits: the transfer amount and the refunded Instant Transfer fee. 

Note: Factoring fees are not eligible for a refund after a failed Instant Transfer. 

Why do instant transfers move faster than ACH/wires transactions?

Instant Transfers move faster than ACH/wire transactions because they don’t depend on banking windows. So, you can use Instant Transfers 24/7/365 without worrying about ACH windows, weekends, or federal holidays.

What are the associated fees and daily limits?

You will be assessed a 1% fee for Instant Transfers up to a maximum of $20 per transaction. Standard factoring fees still apply to funds transferred from your Factorable Income section. 

The daily limit for Instant Transfer is $5,000 and can be moved in either one or several transfers. 

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