After a long wait, Veve users will now be able to cash out Gems using the new Payout feature. The Payout feature on Veve is currently in Beta and is available for a small group of users.
To cash out on Veve to your bank account, you’ll need to complete your account KYC. If you want to sell your NFT collection and cash out your Gem on Veve, you’ll be able to use the Payout feature.
Since Veve uses Gems as their in-app currency, you’ll be able to convert it to the supported Fiat and withdraw it to your bank account. 1 Gem is 1 Dollar.
In this article, you learn how to cash out on Veve Gems. You’ll be able to use the step-by-step guide that works in 2022 to withdraw Gem on Veve using Payout.
What You Need To Know About VeVe Payout Feature
The Veve Payout allows anyone to use the feature to cash out on Veve Gem to their bank account in their local currency or into a cryptocurrency wallet.
The feature is only now available to users with certain criteria. If you don’t meet these criteria, you won’t be able to make withdrawals to your bank account.
If you’re not invited to test the Payout feature on Veve, you’ll not be able to cash out Gems as Fiat or crypto from your Veve Wallet.
You’ll need to complete your KYC (Know Your Customer) before you can use the Payout feature. And the information will be handled by Wyre, and also process the payout service.
At the time of writing this, the Veve Payout method only allowed you to withdraw via these currencies: AUD, CAD, EUR, GBP, HKD, JPY, NZD, and USD.
If your bank automatically converts USD to your local currency or supports USD transfer, you’ll be able to use it.
You’ll also be able to use cryptocurrencies to cash out your Gems on Veve. The supported cryptocurrencies are BTC, ETH, USDT, and BUSD, which are under the ERC20 network. Unfortunately, the cryptocurrency payout is currently on hold.
You’ll only be allowed to use your personal bank account details to withdraw, or your cryptocurrency wallet.
You must have a minimum balance of 1000 Gems to trigger a payout transaction. And you’ll be able to withdraw a minimum of 100 Gems. You’ll get a 10% withdrawal fee, which is just too high.
The maximum withdrawal amount is 50,000 Gems in any 7 days. For the money to hit your account, you’ll need to wait for 7–14 days.
Verify Veve KYC To Enable Payout
Before you know how to cash out on Veve Gems to your Fiat bank account or cryptocurrency wallet, you’ll need to verify your account.
To be verified, you’ll need to provide your identification documents to verify your claim. If you’re approved, you’ll be allowed to make a withdrawal on Gem. You can see more on Veve KYC here.
How To Cash Out On Veve Gems
You’ll not be able to use the Veve mobile app to withdraw Gem from the collectibles you’ve sold.
If you have many collections and you want to cash out some Gem on Veve, you must have at least 1000 in your balance to enable the Payout feature.
And remember that there is only a limited number of Fiat currencies you can convert your Gem to and withdraw.
Step 1: Go To Veve Web
Once you’ve verified your account, you’ll now be able to use the Payout feature to withdraw Gems to your bank account.
You’ll only be able to use the Veve Web to access the Payout feature. This feature isn’t available on the Veve app. Open Veve Web, click on your Profile, click on Settings, and then Payout.
Step 2: Enter Payment Amount & Details
From the Payout page, you’ll be able to enter the number of Gems you want to receive in your bank account or Cryptocurrency wallet. 1 Gem = 1 dollar.
Enter the amount you want to receive by clicking on the Enter an amount to payout (100 Gems minimum).
After you’ve entered the amount you’d like to receive, select the Payout method you which to withdraw your funds. You can choose between an International Bank Transfer or any cryptocurrency you’d like to go with. Click the checkbox to agree to the payout terms.
Note: The cryptocurrency payment method for BTC, ETH , USDT, and Binance USD [BUSD] is currently on hold for technical issues. Which means you won’t be able to use it to withdraw.
If you’re choosing a cryptocurrency Payout option, select your preferred crypto. You can use USDT or BTC. They’re on the ERC20 network. Now, Enter the crypto wallet address, agree to the payout terms and conditions, and Click on Next.
Step 3: Set Up The Payment Method
Since this is your first time, you’ll need to add the bank account you want to receive your money from. After you’ve selected the International Bank Transfer, you’ll see the Choose Account field.
Click on Add new account. Once you’ve successfully added your bank account, it will be available for future payouts.
Enter the bank account details that you want to receive your money. There is a limited currency in that you’ll be able to withdraw funds. You can choose AUD, CAD, EUR, GBP, HKD, JPY, NZD, and USD.
If you don’t see your local currency, you can always use USD if your bank automatically converts USD to your local currency. And make sure you enter the BIC/SWIFT code. If you’ve entered bank account details, click on Add Account.
Step 3: Withdraw To Bank Account
Once you’ve added your bank details, you’ll need to review the payout details and make sure it’s correct. If not, click the edit icon to update the details. Once everything is okay, click on Withdraw.
If you’ve chosen the cryptocurrency Payout option, you’ll still be able to review the payout details. Make sure the crypto wallet address is correct. If everything is okay, click on Withdraw.
A 10% fee will be applied to bank transfers and cryptocurrency payout transactions. In addition, more fees may apply. You’ll be able to see them before withdrawing to your account or wallet.
Conclusion
Previously, users could only convert their Fiat currency to Gems to buy and sell NFT collections.
If you’ve been wanting to cash out your Gems on Veve, you’ll now be able to do so using the Payout feature.
The Veve Payout feature is now available for everyone, and to use it to cash out, you’ll have to complete the KYC process to request a withdrawal.
This feature allows you to automatically convert their in-app currency, Gems to Fiat or cryptocurrencies when you’re requesting a withdrawal.
You’ll have to have a balance of 1000 Gem to make a withdrawal. The minimum you can withdraw is 100 Gem, and the Maximum within 7 days is 50,000 Gem.
And the one we don’t like is the 10% withdrawal fee. People have been complaining, and it’s just too high for a withdrawal.
Frequently Asked Questions
Can I change my banking details on Veve?
Yes, you’ll be able to change your banking details on Veve once you’ve been approved. But once you edit it, you’ll have to prove that you have access to the bank account.
How long does KYC approval take?
If you’ve successfully submitted your KYC and banking details, you’ll have to wait for 5 business days for the KYC to be approved. During this time, you’ll get an email to verify that you’re the owner of the ID documents and have access to the bank account.
