6.3.1 How to start an amount deposit in the PalWallet Savings Account app?
Launch the PalWallet app.
Open the PalWallet application on your device.
Navigate to the 'Savings Account' section of the app
6.3.2 How can I choose a cryptocurrency to deposit in the savings account?
Browse through the available list of cryptocurrencies.
Tap on 'Bitcoin' or another cryptocurrency of your choice that you wish to deposit into your savings account.
You can also use search option to look for your desired currency.
6.3.3 How do I check the savings details for Bitcoin in the savings account?
Go to the'BTC Savings' section.
Examine the interest rate details, such as "Earn 4% APY on deposits up to $50,000 USD and 1% APYondeposits above that amount."
6.3.4 How to request/buy currency in your Savings account?
When you want to add crypto currency to your Savings account, you will be notified to either send a request to another wallet or buy crypto currency.
Click on the Request option if you would like to request money
And then add the requested amount and share the resulting QR code or link with whoever is responsible for the transfer. If you’re transferring crypto from your own wallet outside of the PalWallet app, follow the instructions from the wallet provider regarding the transfer of cryptocurrency to another wallet and enter your wallet address generated from the share link when prompted to add receiver’s wallet
After the funds are sent using the generated request and are processed by the blockchain network, you will see the funds reflected in your Savings account. Please note that the speed of this transaction depends on the blockchain network load at the time of the transfer and the amount requested to be transferred. You can track the status of your transfer on the blockchain network's available online in real time transaction ledger, e.g. Etherscan (ETH) Blockchain Explorer for ETH transfers at https://etherscan.io.
Alternatively, click on “Buy” and then enter the amount needed to buy desired currency.
Select payment option and enter relevant information.
You will be prompted to confirm that you are neither a U.S. citizen nor a U.S. tax resident.
The transaction will be processed and after it’s been completed, you will see the purchased crypto amount reflected in your Savings account
6.3.5 How can I deposit into my savings account on the PalWallet app?
Press the 'Deposit' button, typically located at the bottom of the screen, to initiate a deposit.
Specify the amount in USD you wish to deposit or its equivalent in the selected cryptocurrency.
Confirm the transaction details, including the amount and source of funds.
On the 'Deposit BTC Details' page, review the transaction summary, which includes the USD amount, the cryptocurrency equivalent, and the estimated transaction completion time. (Notice the network fee payable to miners here.)
Opt for your preferred transaction speed. Remember, a quicker transaction often incurs a higher network fee.
Confirm all details are accurate, then tap 'Send ETH,' to finalize the deposit by transferring funds from your wallet or linked account into the savings account.
6.3.6 How is the transaction confirmed in the PalWallet app?
Allow some time for the transaction to process, which varies based on network congestion and the chosen transaction speed.
After the transaction is confirmed, the deposited funds will be reflected in your savings account, and you will begin earning interest as specified in the app.
6.3.7 How do I review my savings in the PalWallet app after making a deposit?
Return to the 'BTC Savings' section
View your updated balance and the interest accrued thus far.