Why did my Payout fail?

There can be a number of reasons why a Payout from your VeVe account might fail.

Paying out from your VeVe account - the process of converting gems to a fiat currency and having the funds deposited into your bank account - is a multi-step process and there are a number of situations where your Payout might not be successful.

You can read more about the Payout process here: https://medium.com/veve-collectibles/veve-payout-what-you-need-to-know-c00529b28891 and about the fees here: https://www.veve.me/veve-fees

Common reasons for Payout failure:

  • You don't have a sufficient gem balance (you need at least 1000 gems)
  • You haven't been approved for Payout - you need to complete the KYC process at which point your account should be enabled for Payout. However, this may not occur if:
  • You entered incorrect bank details in the Payout screen in the VeVe app
  • Your bank has rejected the payment for compliance reasons.
  • Your bank does not accept USD transfers. Please check that your bank will accept payments in USD. If you are in the EU and your bank only accepts payments by SEPA then your payment will be rejected as USD cannot be sent on SEPA. By way of example, the following banks cannot accept USD payments:
SWIFT CODE BANK NAME
BUNQNL2AXXX BUNQ B.V.
BZENLT22XXX UAB ZEN.COM
FPELFR21XXX Financière Des Paiements Electroniques
HYEEIT22XXX HYPE S.P.A.
MDDLITM2XXX MEDLAB SpA
MONZGB2LXXX MONZO BANK LIMITED
NTSBDEB1N26 Bank GMBH
NTSBESM1XXX N26 Bank GMBH
PESOBEB1XXX Prepayment Solutions EU SA
PFSSESM1XXX PFS CARD SERVICES IRELAND LIMITED SUCURSAL EN ESPANA
ONTOFRP1XXX Olinda
RETBLT21XXX Revolut Bank UAB
SIGPITMIXXX MOONEY S.P.A.(SISALPAY S.P.A.)
SOBKDEB2XXX solarisBank AG
SRLGGB2LXXX Starling Bank Limited
TRWIGB22XXX Wise Payments Ltd
TSBSGB21XXX TSB Bank ple
VPLALT21XXX Verse Payments Lithuania UAB

 

Please also ensure you have waited at least 5 business days from the completion of your Payout before querying a payment that has not been received, as international transfers can take some time.

Please also ensure you include your Transfer ID (i.e. TF_XXXXXXXXXXX) when submitting a support ticket related to a Payout issue.