Execute a draw from your Debt line

Once a Debt line is approved you will want to make the money available and withdraw it. To do this you will need to understand the following :

• As soon as a draw is executed successfully the interest starts to accrue.
• To transfer to an external bank from your debt line do the following steps:
  • Draw an amount from the debt line
  • Create/Get the contact ID to perform the transfer
  • Transfer to an external bank using the following options:
    • ACH (USD)
    • Wire (USD)
    • SWIFT (Non-USD)

Examples

1) Draw $10,000 USD from a debt line and wire it to an external account:

Draw $10,000 USD from your Debt line:

Create a Contact

Every contact should be associated with a specific bank account, to associate a new contact to your debt line account find your bank account labeled as debt_line

• 1. Get the bank accountId for your debt line using the Bank Account endpoint, here is a recipe:

2. Create a Contact: A Contact is a person or business that you send money to or receive money from, here is a recipe that creates a USD contact:

Wire the draw amount to a Contact

Once a draw is executed for a specific debt line you will be able to transfer to an external bank account, here is a recipe to transfer by Wire $10,000 USD to a specific contactId:

NOTE: For international transfers/currencies contact the support team [email protected]