What is a Bank Memo?
A bank memo is a unique code generated by Devdraft for each deposit transaction. When someone sends you money and includes this code in their bank transfer, our system automatically credits the payment to your account.Key Points:
- Each bank memo is unique to a single transaction
- The sender must send the exact amount specified in the memo
- One memo cannot be shared with multiple senders
- You must generate a new memo for each transaction
Bank Memo vs Virtual Bank Account
Devdraft offers two ways to receive payments. Here’s how they differ:| Feature | Bank Memo | Virtual Bank Account |
|---|---|---|
| What it is | A unique reference code for each transaction | A dedicated account number with routing details |
| Best for | One-time payments with specific amounts | Regular payments, payroll, business transactions |
| Sender experience | Sends to Devdraft’s main account + your memo | Sends directly to your unique account number |
| Setup | Generate for each transaction | Provided automatically with your Devdraft account |
| Amount flexibility | Must match exact amount in memo | Can receive any amount |
| Professional appearance | Less formal (shared account + code) | More professional (dedicated account in your name) |
| Reusability | One memo per transaction | Reusable for multiple transactions |
| Use cases | Specific one-time payments | Client invoices, employer payroll, recurring payments |
When to use Bank Memo:
- Receiving a specific payment amount
- One-time transactions
- Quick deposits with automatic matching
- When you want to ensure the exact amount is received
When to use Virtual Bank Account:
- Invoicing clients professionally
- Receiving payroll from employers
- Regular business payments with varying amounts
- When you want dedicated account details in your name
How to Create a Bank Memo
Follow these steps to generate a bank memo in Devdraft:Step 1: Go to Deposit → Bank Memo
- Open your Devdraft app or web dashboard
- Navigate to Deposit
- Select Bank Memo as your deposit method
Step 2: Enter Payment Details
- Enter the amount you expect to receive
- Select your payment method:
- ACH (for US domestic transfers)
- WIRE (for international USD transfers)
- SEPA (for EUR transfers)
- Select your currency (USD or EUR)
- Click Generate Bank Memo
Step 3: Share Generated Memo Details with Sender
After generating the memo, you’ll receive complete payment details including: For USD payments (ACH/WIRE):- Bank Name
- Account Number
- Routing Number
- Bank Memo/Reference Code
- Amount (must match exactly)
- Bank Name
- IBAN
- BIC/SWIFT
- Bank Memo/Reference Code
- Amount (must match exactly)
Step 4: Wait to Receive Your Funds
The sender must:- Send the exact amount specified in the memo
- Include the bank memo/reference code in the transfer description
- Use the payment details exactly as provided
- Funds are automatically credited to your Devdraft account
- You’ll receive a notification
- The payment will appear in your transaction history
Important Rules
⚠️ One Memo Per Transaction
- Each bank memo is unique to ONE transaction
- Do NOT share the same memo with multiple senders
- Generate a new memo for each payment you expect to receive
⚠️ Exact Amount Required
- The sender must send the EXACT amount specified in the memo
- If the amount doesn’t match, the payment may be rejected or delayed
- Generate a new memo if the amount changes
⚠️ Always Share the Memo
- The sender MUST include the memo/reference code in their transfer
- Without the memo, we cannot automatically match the payment
- Always remind your sender to include the reference code
What If Something Goes Wrong?
Sender Forgot the Memo
If the sender forgets to include the memo:- Contact Devdraft support immediately
- Provide the transaction details (amount, date, sender name, payment method)
- Our team will manually match the payment to your account
- This process may take 0-1 business days
Sender Sent Wrong Amount
If the sender sends a different amount than specified in the memo:- The payment may be automatically rejected
- Contact support with the transaction details
- You may need to generate a new memo with the correct amount
Payment Not Received
If you haven’t received your funds after the expected processing time:- Confirm the sender included the memo/reference code
- Verify they sent the exact amount specified
- Check with the sender for a transaction receipt
- Contact Devdraft support with all transaction details
Frequently Asked Questions
Can I use the same bank memo for multiple payments?
No. Each bank memo is unique to a single transaction. You must generate a new memo for each payment.What if I need to receive a different amount?
Generate a new bank memo with the updated amount. Do not reuse the old memo.Can I cancel a bank memo?
Yes. If you no longer need to receive a payment, you can cancel the memo in your Devdraft dashboard.Is there a minimum or maximum amount?
See the Transaction Limits guide and our Fraud Transaction Monitoring overview for the latest thresholds and review process. For SEPA-specific requirements, review the EUR P2P transfer restrictions.How long is a bank memo valid?
Bank memos typically expire after 30 days if unused. Check your dashboard for expiration dates.Can I receive payments from any country?
You can receive USD and EUR payments from most countries. However, some countries may have restrictions. Contact support if you’re unsure.Best Practices
✅ DO:- Generate a new memo for each transaction
- Share all payment details with your sender
- Remind the sender to include the exact memo code
- Confirm the sender will send the exact amount
- Keep a record of your memos and expected payments
- Share one memo with multiple people
- Reuse old memos
- Accept payments without the memo code
- Change the amount after generating the memo
Need Help?
If you have questions about bank memos or need assistance:- Email: support@devdraft.ai
- In-app chat: Available 24/7
- Help Center: [Link to help center]
Last updated: November 7, 2025