What is a Deposit-Only Account?

What's a Deposit-Only Account?

A Deposit-Only Account is a bank account where funds can be deposited but not withdrawn or transferred by CashWise. These accounts are regular accounts and typically do not have necessary API controls or the API access is cost prohibitive.

You can find more information explaining the movement of money in a Deposit-Only Account against a Fully Automated account n in the Use Case A and Use Case B at the bottom in the FAQ “CashWise Cash Movement Process”

Image: CashWise Robo-Treasury Use Case B: Hybrid Automation AWX/Wise + Syfe + Xero + others

How does this relate to Cashwise?

Traditional banks, like DBS, OCBC, and UOB, charge high transaction fees for frequent fund transfers, which affect both CashWise and our clients. To avoid these fees, bank accounts can be set up as Deposit-Only Accounts in CashWise.

There are two types of Deposit-Only Accounts in CashWise. Deposit-Only Accounts through the use of APIs(Aspire) and Deposit-Only Accounts through the use of the CashWise Assistant Chrome Extension(OCBC & DBS). For the Deposit-Only Accounts through APIs, data can be automatically pulled from Accounts like Aspire, to the CashWise platform.

For Deposit-Only Accounts, users manually transfer funds out of their bank accounts. CashWise simplifies this by notifying you when a transfer is needed. With the CashWise Assistant Chrome Extension, you can easily update your balances and receive alerts to manage transactions directly from your banking website.