Answer all of your questions about transferring funds out of your Greenlight account below!
NOTE: This feature is available to all customers on app version 5.17.0 or later. If you still cannot access this feature, please check if you are on an earlier version of the app, then update your Greenlight app or contact support at firstname.lastname@example.org or 1-888-483-2645 to transfer funds.
- How do I transfer money out of my Greenlight account?
- Who can transfer money out of the account?
- Can I transfer funds to my linked debit card?
- Are there any transfer limits?
- How is the Available to transfer amount determined?
- How long until I can transfer funds back after joining Greenlight?
- I have money in my Parent’s Wallet. Why do I see $0 Available to transfer?
- Is there a fee for transferring money out of Greenlight?
- I transferred money to my bank account. Why has it not arrived yet?
- What if I just want to cancel a load?
How do I transfer money out of my Greenlight account?
Transfers to your bank accounts are available within the Greenlight app. To transfer money from your Greenlight account to your bank account:
- On your Parent Dashboard, select the secondary button (three dots) next to Add $, then select Transfer to bank account
- Select the bank account you want to transfer funds to. (Note: You’ll skip this step if you have only one linked bank account.) Select Next
- Enter the amount you’d like to transfer. (Note: It must be less than or equal to the Available to transfer amount). Select Next
- Review the transfer
- Select Confirm transfer (Note: once you click "Confirm transfer," requests cannot be undone)
After the last step, you will automatically return to your Parent Dashboard and to see your confirmation of transfer. The funds will be debited from your Parent’s Wallet balance immediately and appear in your Transaction History as a “Transfer” line item marked as “Posted.” Funds may take 1-3 business days to arrive in your bank account depending on your financial institution.
Who can transfer money out of Greenlight?
Currently, only the primary account holder may transfer funds out of Greenlight to a bank account.
Which accounts are eligible for transfers?
Currently, you can only transfer funds to a linked bank account. We hope to enable transfers to linked debit cards soon.
Are there limits to how much I can transfer?
The following limits apply to transfers from your Greenlight Parent’s wallet to your bank account:
- $5,000 per day
- $8,000 per week
- Maximum of 3 transfers per week
Greenlight also imposes account-specific limits based on different factors, such as your account history and activity. We cannot disclose these limits due to Risk and Compliance reasons, but as you continue to use the Greenlight app, your transfer limits will increase.
How is the “Available to transfer” amount determined?
The amount available for you to transfer out of Greenlight is based on a combination of 3 things:
- Your current Parent’s Wallet balance
- Any pending deposits reflected in your Parent’s Wallet balance
- While these funds may be available immediately for things like moving money to a child, they are not available to transfer out for up to 5 business days.
- Account-specific limits
- Greenlight imposes account-specific limits based on different factors, such as account history and activity. We cannot disclose these limits due to Risk and Compliance reasons, but as you continue to use the Greenlight app, your transfer limits will increase.
If your Available to transfer amount does not match your Parent’s Wallet balance, it’s most likely due to item #2 or 3 above. Note: The maximum amount you can transfer back to your linked bank account may not exceed the amount you have ever transferred from that bank account into Greenlight.
How long before I can transfer funds out of Greenlight?
Funds may take up to 5 business days before they become available for transfers to your bank account.
I have money in my Parent’s Wallet. Why do I see $0 Available to transfer?
If you see $0 available to transfer, it’s most likely because your bank account is not yet eligible for transfers-out. Your linked and verified bank account will be eligible for transfers after you’ve previously loaded funds from it without any disputes. Note: the maximum amount you can transfer back to your linked bank account may not exceed the amount you have ever transferred from that bank account into Greenlight.
Is there a fee for transferring funds to my bank account?
No, Greenlight does not charge a fee for transferring funds from your Greenlight account to your bank account.
Why haven’t my funds arrived in my bank account yet?
Transfers from your Greenlight account to a linked bank account may take 1-3 business days depending on your financial institution. This type of transfer (known as an ACH transfer) involves several parties, which can delay the transfer. If you don’t see your transfer appear within 1-3 business days (the standard time for a bank to process a transfer request), please contact your banking service provider directly and have them take a look at the status of your account.
What if I just want to cancel a load?
If there is ever a time when you made an accidental load or just want to cancel/void your funding load, please keep in mind that we can only void same-day loads before 9pm EST. For example, if you added $100 on 01/01/2023 to your Greenlight account from your funding source and wish to cancel the load, it must be done prior to 9pm on the same day. After 9pm the funds will have to settle into the parent wallet. Once settled, you can choose to leave them in the Parent Wallet, add to a child card, or we can issue a refund upon request.
Please note: Transfers of funds can take up to 7 business days to post to your funding account.