Pending balance and Cash Out to Wallet

  1. What is Pending Balance?
  2. When will the money be transferred from the Pending Balance to my Wallet?
  3. Why is my money stuck in Pending Balance even though the buyer has received the item?
  4. How do I verify my ID when cashing out?
  5. Why do I have to verify my ID when cashing out? Is my data secured?
  6. How do I set up my wallet?
  7. What is the difference between Coins and Wallet?
  8. Can I use the money in the wallet to buy coins or other items on Carousell?
  9. How long is the cash out process?

What is Pending Balance?

Congratulations on making a sale via CarouPay! The payment from the buyer will now be shown in your "Pending Balance" the moment you initiate "Start Delivery" or confirmed your meet-up details.

What this means is that, Carousell is now holding onto the funds until your buyer has indicated that he/she has received the order, 7 days after the order has been delivered or the meet-up has taken place.

Do note that the money in "Pending Balance" cannot be cashed out yet.

When will the money be transferred from the Pending Balance to my Wallet?

If you are cashing out for the first time, do remember to verify your ID! You'll be required to verify your ID by submitting a government-issued ID card before your money moves from "Pending Balance" to "Available Balance".

If you have verified your ID before, money from "Pending Balance" will be made available for you to "Cash Out" in "Available Balance" 2-5 working days after the order has been completed.

Why is my money stuck in Pending Balance even though the buyer has received the item?

Please ensure that it has been 2-5 working days after the order has been completed.

If this is your first time cashing out, check if you have verified your ID and chosen a bank account or debit card to be cashed out to.

Tap on 'Me' > 'Wallet' > 'Manage' to set up your default cash out method and to enter your personal information for identity verification.

How do I verify my ID when cashing out?

In order to receive payments from your buyer you will need to set up your wallet and verify your identity. Kindly follow the instructions below to facilitate the process.

  1. Go to "Me"
  2. Select "Wallet" icon and "Set Up"
  3. Choose your cash out method and input your personal information

To ensure that your verification goes smoothly, make sure all of your details are accurate, and that the images of your personal identity documents are clearly taken.

Please note that this is a one-time process and you won't be required to do so again for subsequent "Cash Out".

Why do I have to verify my ID when cashing out? Is my data secured?

This is a requirement by Stripe to collect, verify, and maintain identity information on the individuals associated with a Stripe account.

These requirements come from regulators and financial partners, and are intended to promote transparency and prevent individuals from using complex company structures to hide terrorist financing, money laundering, tax evasion, and other financial crimes. In particular, these requirements include those contained under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Terrorism (Suppression of Financing) Act, and sanction regulations issued under the MAS Act.

Read more here: https://support.stripe.com/questions/passport-id-or-drivers-license-upload-requirement

How do I set up my wallet?

To set up your wallet, simply tap on 'Me' > 'Wallet' > 'Manage' to set up your default cash out method and enter your personal information for identity verification.

Please note that if this is your first "Cash Out", you'll be required to verify your ID as well. This is a one-time process and you won't be required to do so again for subsequent "Cash Out".

What is the difference between Coins and Wallet?

Carousell Coins can be used to purchase in-app Carousell features such as Bumps, Listing Fees and Top Spotlight.

Carousell Wallet allows you to receive payments when you sell via CarouPay.

The two features are unrelated.

Can I use the money in the wallet to buy coins or other items on Carousell?

Funds in your Carousell Wallet cannot be used to purchase other items on Carousell or be used to pay for features, such as Bumps and Top Spotlight.

How long is the cash out process?

The entire cash out process should take less than 10 working days, depending on when the payment is released to your Carousell Wallet.

Cash out process:

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Due to internal controls and security measures, we are unable to expedite the Cash Out process under any circumstances.

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