💵 AUD Payments
Understanding virtual accounts, deposits, withdrawals, and non-standard payment options
As an Australian dollar stablecoin, all payments on our platform are processed exclusively in AUD. We do not support any other fiat currencies or digital assets at this time. This ensures consistency, compliance, and efficient reconciliation of every transaction across AUDD Mint, AUDD Gateway, and AUDD Digital.
🏦 Virtual Accounts
When creating a Virtual Account (VA) within our system, bank details are automatically issued and connected to the VA. Each set of bank details are unique to the VA, and acts as a reconciliation tool - ensuring that incoming payments are credited to the correct place.
These details are structured as follows:
- Account Name: AUDC PTY LTD
- BSB: (6 digits - static across all VAs)
- Account Number: (9 digits - unique to each user)
For clarity, the account name and BSB never change. Only the account number is dynamic.
This mirrors how traditional bank transfers work in Australia. If you are unfamiliar with the Australian banking system, the BSB functions like a routing or sort code in ACH systems in the USA, while the combination of BSB + Account Number serves a similar purpose to an IBAN in Europe.
💸 Depositing Funds
To send AUD, users must transfer funds to their assigned VA bank details. A typical deposit request may look like this:
- Account Name: AUDC PTY LTD
- BSB: 000000
- Account Number: 123456789
- Amount: $1,000
- Description/Reference: user input
While all banking providers require the first four details, the Description/Reference field may vary. Some providers treat it as optional, while others enforce it. Additionally, the field name is used interchangeably; some banks use "Description", while others use "Reference", however it is now becoming common standard to provide both (as separate fields).
If you're unsure of what to set as your payment description or reference, we provide standard reference codes linked to each VA which can be used. While reconciliation is already guaranteed via the unique VA bank account number, including the reference code adds redundancy in the unlikely event of reconciliation failure.
💳 Withdrawing Funds
To withdraw AUD to an external account, the recipient’s bank details must be provided in the same format:
- Account Name: John Smith
- BSB: 000000
- Account Number: 234567890
- Amount: $2,000
- Reference: user input
Note that while VA account numbers are always 9 digits, external bank accounts may differ - ranging from 6 to 9 digits, depending on the institution. BSBs, however, always remain 6 digits.
🌐 Non-Standard Payments
Our platform is designed for domestic Australian transactions. This covers the vast majority of user needs. However, there may be situations where alternative rails such as SWIFT or RTGS are required.
If you require access to these non-standard payment options, please reach out to your account manager for tailored support.
Updated 3 months ago