Beneficiaries for crypto withdrawals
What Is a Beneficiary?
A beneficiary is a pre-approved recipient account or wallet address to which you can withdraw your cryptocurrency safely. Setting up beneficiaries helps prevent errors and unauthorized transfers by ensuring that withdrawals only go to trusted and verified wallets.
Why Add a Beneficiary?
Adding beneficiaries before making a withdrawal offers several benefits:
- Enhanced security – Only verified wallet addresses can receive funds, reducing the risk of fraud or misdirected transfers.
- Faster withdrawals – Once verified, withdrawals to your beneficiaries can be processed instantly or with minimal confirmation steps.
How to Add a Beneficiary
Internal Beneficiaries are the users within Safe2transact system.
- In Safe2transact wallet, go to Beneficiary section.
- Click on Add beneficiary.
- Click on Internal Beneficiary.
- Select the crypto currency.
- Enter a nickname.
- Enter the reference code of the internal user.
- Click on Add beneficiary.
- Confirm that you want to whitelist the wallet address.
Note: The Safe2transact reference code can be found in the Safe2transact wallet → Account section. It is a combination of letters and numbers in the format S2T-XXX-XXX-XXXX.
External beneficiaries are the users with an external wallet address.
- In Safe2transact wallet, go to Beneficiary section.
- Click on Add beneficiary.
- Click on In External Beneficiary.
- Select the crypto currency.
- Enter the wallet address.
- Enter a nickname.
- Select the recipient type:
Individual: If the wallet belongs to another person, you must provide the following details:
- Full name
- Date of birth
- Residential address
- Mobile phone number
Company: If the wallet belongs to a business entity, you must provide:
- Company name
- Registered company address
- Click on Add beneficiary.
- Confirm that you want to whitelist the wallet address.
Once your beneficiary is approved in the system, you will be able to withdraw crypto directly to that selected address.