Payout Sub-account

1

Hello, i wanted some details on payout sub-account.

  1. I would like to know how to credit and debit a payout sub-account.

  2. Is it possible to receive an international bank transfer on a payout sub-account?

  3. And finally, the payout sub-account also accepts dollars as a currency?

1 Like
2

Hi @maestrojims

Thanks for contacting Flutterwave!

My name is Abraham, and I will be helping you today.

A Payout Sub-account or PSA are wallets in NGN, USD, EUR, GBP that collect payments via NGN, USD, EUR and GBP Virtual Accounts Numbers also called VANs

The relationship between you and the PSA is 1:M (One-to-Many) meaning you can have 1 or more PSAs.

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  1. you can use the transfer endpoint to credit/debit a PSA. you can as well make a transfer to the VAN linked to the PSA wallet.

  2. yes it is possible to receive an international bank transfer on a payout sub-account.

  3. yes, a PSA has a USD wallet so it accepts dollars as a currency.

3

Hello @Abraham_Olaobaju
Thank you for you response. So how to receive the international bank transfert in the payout sub-account? If iban or swift code needed.

4

HI @maestrojims

On creation of the PSA, the iban or swiftcode is returned as details of the VAN.

5 
{
  "status": "success",
  "message": "Payout subaccount created",
  "data": {
    "id": 699,
    "account_reference": "PSAFF2118D1A33844332",
    "account_name": "Flutterwave Developers",
    "barter_id": "234000001708294",
    "email": "developers@flutterwavego.com",
    "mobilenumber": "09012903324",
    "country": "NG",
    "nuban": "6222126177",
    "bank_name": "Sterling Bank",
    "bank_code": "232",
    "status": "ACTIVE",
    "created_at": "2022-03-04T19:57:24.000Z"
  }
}

@Abraham_Olaobaju there is no iban or swift code

6

@maestrojims This does not apply to Nigerian VANs.

7

How to create a no nigerian VANs with flutterwave API?

8

Hi @maestrojims

please read through this section of the docs on how to get VANs of a PSA in other supported currencies. Payout Subaccounts

Regards

9

{
“status”: “error”,
“message”: “Merchant not approved for this currency”,
“data”: null
}

That’s the response i receive

10

Hi @maestrojims

Only NGN is available by default. For other currencies USD, GBP and EUR, Approval is required.

Please send an email to hi@flutterwavego.com to get approval.

Regards

1 Like
11

I would like to know how to credit and debit a payout sub-account.

  • Funds can be credited to a payout sub-account by initiating transfers or payments from your main account.
    You can use payment processing APIs or the dashboard provided by the payment processor to transfer funds into the sub-account.
    You specify the sub-account as the destination for the funds when initiating the transfer.

  • To debit funds from a payout sub-account, you can use the sub-account balance for various purposes, such as making payments or transfers.
    Debits are typically initiated from the sub-account, and you’ll need to specify the recipient’s account information or payment details.

Is it possible to receive an international bank transfer on a payout sub-account?

  • Yes it is but payment would be delivered to you in the currency of your sub account

And finally, the payout sub-account also accepts dollars as a currency?

  • Flutterwave, support multiple currencies for sub-accounts, including USD (U.S. Dollars) and various other major currencies ( Euro and Pounds). For now you have the option to choose one or open another business account in another currency.

I hope Flutterwave improves on the ability to hold and transact in specific currencies depends on the payment processor’s features

Read https://flutterwave.com/eu/support/payments/settlement-in-different-currencies

https://www.sdavidprince.space/2023/10/flutterwave-payout-sub-account-simply.html

12

hi good morning chiefs
i have some questions:

  1. when making transfers from the subaccount will the name used to create the sub-account be the one that will reflect when transferring out of the subaccount to other banks?
  2. is there any clause involved because I noticed the requirement is not as tight as a virtual account that needs bvn for it to be created.?
  3. Can one transfer in from and out to any bank?