Peer-to-Peer Transfers

Peer-to-peer (P2P) transfers allow you to send money directly to another Nova user. Because both accounts are within the Nova platform, these...

Peer-to-peer (P2P) transfers allow you to send money directly to another Nova user. Because both accounts are within the Nova platform, these transfers are typically processed more quickly than payments involving external financial institutions.

P2P transfers are useful for personal payments, business reimbursements, and moving funds between eligible Nova accounts.

What Is a Peer-to-Peer Transfer?

A peer-to-peer transfer is a payment sent directly from one Nova account to another.

Unlike bank transfers, P2P transfers do not require external banking networks, allowing funds to move between eligible users within the Nova platform.

Sending a Peer-to-Peer Transfer

To send money to another Nova user:

Select Peer-to-Peer Transfer.
Choose or enter the recipient.
Enter the transfer amount.
Review the transfer details.
Confirm the transaction.

Once submitted, the transfer begins processing.

Receiving a Peer-to-Peer Transfer

When another Nova user sends you money:

The transfer appears in your transaction history.
Your balance is updated once the transfer is processed.
You may receive a notification, depending on your notification preferences.

Finding the Recipient

Depending on your account and available features, recipients may be identified using information such as:

Nova username
Email address
Mobile phone number
Account identifier

Only send transfers to recipients you know and trust.

Transfer Status

You can track the progress of every transfer from your transaction history.

Common statuses include:

Status	Description
Pending	The transfer is being processed.
Completed	The funds have been successfully transferred.
Failed	The transfer could not be completed.
Cancelled	The transfer was cancelled before processing completed.

Before Confirming a Transfer

Before sending money, verify:

The recipient is correct.
The transfer amount is accurate.
You have sufficient available funds.
Any applicable fees have been reviewed.

Once a transfer has been completed, it may not be reversible.

Transfer Limits

Peer-to-peer transfers may be subject to limits based on:

Your account verification status
Regional regulations
Account type
Daily or transaction limits

Where applicable, limits are displayed within the platform before you confirm the transfer.

Frequently Asked Questions

How quickly are peer-to-peer transfers completed?

Processing times vary depending on the services available to your account and any required security or compliance checks.

Can I cancel a transfer?

Some transfers may be cancelled before processing begins. Once a transfer has been completed, cancellation may no longer be possible.

Why can’t I send money to another user?

Transfers may be unavailable due to account restrictions, verification requirements, insufficient funds, recipient eligibility, or regional limitations.

Are there fees for peer-to-peer transfers?

Fees, where applicable, depend on your account and the services available to you. Any applicable fees are displayed before you confirm the transfer.

Summary

Peer-to-peer transfers provide a convenient way to move money between eligible Nova users. By confirming the recipient details before sending and monitoring the transfer through your transaction history, you can transfer funds quickly and securely within the Nova platform.

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