Transfer funds between accounts
Required roles: Finance manager and Finance approver
Custom roles that include: View balances, Submit payments, and Convert funds.
- Book transfers between accounts are only available in USD, EUR, GBP, and CAD using the same currency.
- Book transfers are only supported for multi-entity setups; transfers between Virtual accounts on the same entity are not supported.
- Currency transfers are available in the Tipalti Hub only for US-based entities. For details on transferring funds with different currencies, go to Fund Multi-FX accounts.
With Tipalti, you can move money between your virtual accounts with ease. As financial operations and needs change on a daily basis, you may need the flexibility to transfer money to the right account or entity within Tipalti.
These transfers are often referred to as book transfers, where the movement of funds occurs between accounts within the same platform.
From the Payments tab in the Tipalti Hub, you can transfer funds across your entities' accounts and convert currencies (conversions are only available to US-based entities), all in one place. This enables you to manage funds independently and distribute your balances seamlessly, increasing efficiency and reducing dependencies on third-party platforms.
How to transfer funds via Tipalti
To transfer funds from one virtual account to another in Tipalti.
- In the Payments tab in the Tipalti Hub, click the Transfer funds button.
- In the dropdown, you'll see the options Add funds, Same currency, or Convert currency (only for US entities).
- Add funds opens the Add funds to your account dialog, where you can choose your funding method (card, ACH debit, ACH push, wire, BACS, SEPA, etc). For more info, go to Add funds to Tipalti accounts.
- Convert currency will open the Multi-FX flow (for US-based entities only). For more info, go to Fund Multi-FX accounts.
- Select Same currency to transfer funds between your virtual accounts (in USD, EUR, GBP, or CAD only).
- In the Transfer Funds dialog, select your source account (the account from which you wish to debit funds). You'll see an indication of available funds in each source account selected.
- Then, select your destination account (the account to which you wish to credit funds).
You'll see an indication of the funds required for each destination account.
You can select multiple destination accounts all coming from one source. - Once you're ready, click Continue.
- Review the transfer details (source and destination accounts) and amounts. If confirmed, click Transfer.
- To change an account or amount, simply click Back and edit the transfer details.
- You'll see confirmation of the transfer. Depending on timing, available funds, and other factors, balances may take up to 2 business days to update.
Common questions
Do I still need to contact Support to make transfers?
You no longer need to contact support to request same-currency transfers between Tipalti virtual accounts. You can simply seamlessly transfer funds between your entities and accounts from inside the Tipalti Hub, as long as you have permissions.
Where can I keep track of my transfers?
In the Tipalti Hub, you can access real-time transaction status and transparent transaction histories. Transactions are visible in the Account Statement screen.
What happens if there are not enough funds for the transfer?
If there are insufficient funds in the source account to complete the transfer, you'll be notified in the Tipalti Hub and won't be able to continue with the transfer until more funds are added.
Does Tipalti support transfers between different currencies?
Book transfers between accounts are only available in USD, EUR, GBP, and CAD.
For US-based entities, Tipalti offers the Convert currency option, meaning you can transfer funds (from USD only) to other currencies via the Tipalti Hub. Payers in the UK and EU can convert currencies by submitting a manual request. For more info, go to Fund Multi-FX accounts.
How do I cancel a transfer between virtual accounts?
To cancel a transfer, you need to go to the Account Statement screen, find the transfer, and click on Cancel.
If a transfer was already made, and you want to reverse it, you could simply start another transfer from that destination account back to the original source account.