Sending or withdrawing money from Parallax
Once you have your money in Parallax, withdrawals are a matter of minutes! When you use our "Send" functionality, you can withdraw to your local accounts or wallets. It can take as quickly as 2 minutes to see your money in your accounts or wallets!
For sending stablecoins out
Usually, settlement takes 5 minutes. It may show up as "pending" on your page 20 minutes after the funds have settled.
However, settlement may sometimes take up to 24 hours depending on our liquidity providers.
For Philippine peso transactions <PHP50,000
- If your bank is part of the InstaPay network, your money will arrive within a few minutes to 1 hour. For banks not part of the network, please refer to the list below.
- Please make sure you still abide by any withdrawal limits of your recipient bank or accounts as seen here: https://parallaxlabshelp.zendesk.com/hc/en-us/articles/19694409654285-What-are-your-minimums-and-limits-for-sending-or-withdrawing-money-
- When sending between 12AM - 1AM PH time, your transfers will take at least an hour to send.
For Philippine peso transactions >PHP50,000 - PHP 200,000
- Your money will come in separate, split payments of up to 50k and will arrive within a few minutes to 1 hour. We do this so we can give you your payouts faster, even at higher volumes.
- We aim to increase this amount of fast, split payouts sending over time, beyond just $200k.
- You may have account limits, depending on your account verification. Please check limits before continuing. More info here.
For >PHP200,000
- Your money may arrive end of day or the next business day, since your transaction is above 200k PHP. We recommend sending less than 200k PHP for instant transfers. Your money is sent via Pesonet.
- On your transactions page, you will see the the money is "pending" until the next business day after your payouts have arrived.
- You may have account limits, depending on your account verification. Please check limits before continuing. More info here.
Note:
- Please be mindful of withdrawal restrictions depending on bank account listed here: https://parallaxlabshelp.zendesk.com/hc/en-us/articles/19694409654285-What-are-your-minimums-and-limits-for-sending-or-withdrawing-money-
- Make sure to check if your chosen bank or wallet accepts international payments. (e.g. Paymaya Wallet accepts international payment but not Paymaya Savings.)
List of PHP banks that do not support InstaPay or "instant payment" transactions
| Amanah Islamic Investment Bank |
| Australia and New Zealand Bank |
| Bank of China, Ltd. - Manila Branch |
| Bangkok Bank Public Co, Ltd. |
| Bangko Kabayan Inc |
| Bangko Nuestra Señora Del Pilar Inc |
| Bank of America, N.A. |
| Bank of Florida |
| Bank of Makati |
| Cantilan Bank |
| Country Builders Bank Inc |
| Citibank, N.A. |
| Community Rural Bank of Romblon |
| Deutsche Bank AG |
| Dumaguete City Development Bank |
| First Consolidated Bank Inc |
| Guagua Rural Bank Inc |
| Hong Kong and Shanghai Banking Corp. |
| HSBC Savings Bank Inc |
| Innovative Rural Bank Inc |
| Industrial Bank of Korea |
| Industrial and Commercial Bank of China (ICBC) - Manila Branch |
| JP Morgan Chase Bank, NA. |
| Korea Exchange Bank |
| KEB Hana Bank - Manila Branch |
| Maya Bank, Inc. |
| Mega International Commercial Bank Co, Ltd. |
| Mizuho Bank, Ltd. - Manila Branch |
| MUFG Bank, Ltd. |
| Rang-Ay Bank Inc |
| Rural Bank of Digos |
| Rural Bank of Montalban, Inc |
| Shinhan Bank - Manila Branch |
| Sumitomo Mitsui Banking Corporation (SMBC) |
| Tong Yang Savings Bank, Inc. |
| United Overseas Bank, Ltd. (UOB) - Manila Branch |
If your bank is on this list, your money may arrive end of day or the next business day. More info here.
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If you find it is taking longer than expected, reach out at support@withparallax.com or through chat and we'll help you out.
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