Sending and receiving money in mobile app

The Transfers tab lets you add money to your Karat checking account and send money to others.

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Add money

To deposit funds into your Karat account from a linked bank:

1. Open the Transfers tab. Tap Transfers in the bottom navigation.
2. Tap Add money. Select Add money to open the deposit flow.
3. Select a destination account. If you have more than one Karat checking account, choose which one should receive the funds. This step is skipped if you only have one account.
4. Select a bank account. Choose from your linked bank accounts. If you haven’t connected a bank yet, tap Add new account to link one through Plaid.
5. Enter amount and confirm. Enter the amount you’d like to transfer, review the details, and confirm.

You can also view each account’s details (account number and routing number) from its detail screen to set up deposits from other banks manually. See Managing multiple accounts in the mobile app for more.

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Send money

The app supports three ways to send money:

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Karat transfer

Send money instantly to another Karat customer at no cost. Search for the recipient by their phone number or email. You can also choose from your recent recipients.

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ACH payment

Send an ACH payment to any U.S. bank account. ACH transfers typically take 3 to 5 business days. Search for an existing recipient or add a new one with their name, routing number, and account number.

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Wire transfer

Send a domestic wire transfer that arrives within 1 business day. The same recipient setup applies as ACH. Wire transfer fees may apply. See Banking fees. For all transfer types, you’ll follow these steps:

1. Select the transfer type
2. If you have more than one checking account, choose which account to send from
3. Search for or add a recipient
4. Enter the amount
5. Review the transfer details and fee (if applicable)
6. Confirm and send
7. If prompted, verify the payment with a code

A success screen confirms when your transfer has been submitted.

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Verify a payment with a code

Karat may ask you to verify some outgoing Karat, ACH, and wire transfers before sending them. When this happens, the app shows a Verify this payment screen instead of the success screen. Your transfer isn’t sent until you enter the correct code.

1. Find your code. The screen shows whether Karat sent the code by text, email, or both.
2. Enter the 6-digit code. Type the code into the boxes. On supported devices, you can also autofill the code from your keyboard.
3. Tap Verify and send. After Karat accepts the code, the result screen shows the status of your payment.

If your code expired or didn’t arrive, tap Resend code. A countdown shows when you can request a new code. If you enter the wrong code too many times, or the verification closes, the payment isn’t sent. Tap Cancel payment to close the screen, then check your transactions or contact Concierge before starting the payment again. After you verify a payment, you may not need to verify again on the same device and organization for a limited time. Adding money to your Karat account doesn’t require this step.

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Pending transfers

The Transfers tab also shows any pending money movements, including incoming and outgoing transfers that haven’t settled yet. _{Karat is a fintech company, not an FDIC-insured bank. Banking and Card services provided by Grasshopper Bank, N.A., First Internet Bank of Indiana, and Cross River Bank, Members FDIC.}