When managing your finances on our platform, knowing when to use a Shared or Personal account is key. Each is designed for different needs, and this guide will help you decide which is best for you.

Shared Account

Overview

A Shared account is a USD deposit instruction that accepts fiat funds through wire and ACH push, sending these funds as USDC to your Decaf Wallet.

This account type uses a centralized system where all transfers go to one central account before being allocated to the individual account the payment was intended for, this is why it is so important to always include the Deposit Message (Reference) in the transfer.

Key Features

• No Fees: Ideal for cost-conscious users.
• Versatility: They can receive first and third-party payments from anyone.

Limitations

• Deposit Message (Reference) is required in every transfer.
• Platforms like Wise that use intermediary banks, don’t properly support sending Deposit Messages.
• Shared accounts do not support microdeposit verifications, Personal accounts do.

When to Use a Shared Account

When receiving payments from multiple sources, such as clients or family, without fees (as long as the sender can add a Deposit Message to the transfer).

Personal Account

Overview

A Personal account is a USD deposit instruction that provides a unique routing and account number specifically assigned to you, it accepts wire transfers and ACH deposits. Unlike Shared accounts, Personal accounts do not require a Deposit Message (Reference), and the beneficiary of the account is yourself.

Key Features