What types of deposits can I make?

Deposits made into your Parallax account will go through a compliance review to protect our platform and all our users.

For non-US residents, as a general rule, a deposit is accepted if:

• ✅ It's from a personal account that you own and matches your registered Parallax account name.
• ✅ It's from a business account that registered you as the recipient.
• ✅ For wire - domestic transfers.
• ✅ For ACH - domestic and international transfers.

You cannot receive payments on behalf of other people with recipient names other than your own, otherwise that is identity fraud.

Any transactions made from rejected sources will be refunded back to the originating source. Refunds take a similar time to be returned (1-5 business days).

Types of APPROVED deposits:

1. First party payments from your OWN bank (with your name)
2. Business payments from employer or clients showing their business name
3. Verified payment platforms
   • Examples:

     • Automatically accepted: Gusto, Deel, Upwork, Stripe, Fiverr

     • Others: Airbase, Airwallex, Amazon, Apple, Aspire, Bill.com, Currencycloud, Etsy, Melio, Mercury, PayPal, Plastiq, Shopify, StubHub, Veem. 

4. Payoneer & PayPal payments
5. Third-party payments 
   • As of April 2024, we are now accepting third-party payments (aka personal accounts)! However, these payments will go through a semi-manual approval process. For more information, refer to our article here. 

Types of REJECTED deposits:

• International wire transfers
  • Wire transfers made outside of the US.

For Parallax users who are US-residents:

• ✅ Only deposits from your own account sources are accepted.