Withdrawals to a another person's bank account

We understand that sending money directly to friends, family, or business partners seems convenient. However, to keep your funds secure, withdrawals on regulated platforms like Rain must go to a bank account in your name. Here is why this rule exists and how it protects you:

Financial institutions require account names to match as a primary security measure. This rule ensures that no one else can redirect your funds, helping to prevent fraud and money laundering. By verifying that the recipient account belongs to you, we ensure that your money ends up exactly where it belongs.

If you attempt to withdraw to an account that does not match your registered name, the bank will likely reject the transaction. This leads to unnecessary delays while the funds are returned to your Rain account. In some cases, banks or intermediary banks may still charge handling fees for processing the request, even if the transfer is rejected.

To ensure a smooth experience, always withdraw funds to your own personal bank account. Once the funds arrive, you can then transfer them to another person using your bank’s standard services. This method ensures you maintain full control and legal rights over your money throughout the process.

At Rain, we are committed to building trust by aligning with financial regulations that protect our customers. Ensuring withdrawals go to your personal account is just one of the ways we keep your funds safe. Security is not just about where your crypto is stored, but also how your funds move.