Is A Memo Needed For These Wallets And Cryptocurrencies? (Explained)

Last updated on February 12th, 2023

When you are sending your funds from one platform to another, you may notice that some of them require you to include a memo, which is in addition to the deposit address.

How do you find this memo, and is it needed for every transfer?

Here’s what you need to know:

What is a memo in crypto?

A memo is needed to match your crypto deposit to your account, and this usually occurs on a centralised exchange. This is because a centralised exchange may have one deposit address for multiple accounts on its platform, and it needs the memo to send the funds to the correct account.

If you are sending certain cryptocurrencies to a centralised exchange like Binance or KuCoin, you should see that you will need to copy a memo as well.

If the cryptocurrency only shows the deposit address, you do not require a memo.

You may want to note that if you are sending your funds to a decentralised wallet like Metamask or Keplr, you can leave the memo field blank.

This is because you are the sole owner of that wallet address, and you do not require a memo to receive your funds.

You can find out more about crypto memos in my video here:

What is the difference between a memo and a destination tag?

A memo and a destination tag refer to the same string of numbers which is used to match a funds transfer to your account on a centralised exchange. Similar to a memo, you do not need a destination tag if you are sending to a decentralised wallet.

Depending on the wallet or exchange that you’re on, some platforms may call your memo a destination tag instead.

However, both of them are referring to the same thing!

Does BNB need a memo?

You are only required to have a memo if you are sending BNB via the BNB Beacon Chain (BEP2) to another centralised exchange. However, if you are sending BNB via the BNB Smart Chain (BEP20), you are not required to enter a memo.

You can send BNB using 2 different networks, including the BNB Beacon Chain (BEP2) and the BNB Smart Chain (BEP20).

You will only need a memo if you are sending BNB to another exchange (e.g. KuCoin) via the BEP2 network.

If you are sending BNB via the BEP2 network to a non-custodial wallet like the Binance Chain Wallet, you do not need a memo.

You may want to note that sending BNB via the BNB Smart Chain (BEP20) does not require a memo, regardless of whether you are sending to a centralised exchange or a non-custodial wallet.

Does ATOM need a memo?

You are only required to have a memo if you sending ATOM to another centralised exchange (e.g. Binance or KuCoin). If you are sending ATOM to a decentralised wallet like Keplr, you do not need a memo.

When you are sending ATOM via the Cosmos network to another wallet or exchange, you may be asked to fill in the memo field.

If you are sending ATOM to another centralised exchange like KuCoin or FTX, you will need to copy both the deposit address and the memo.

However, if you are sending ATOM to a decentralised wallet (e.g. Keplr or Atomic Wallet), no memo is required.

As such, you can leave the memo field blank if you are sending ATOM to a decentralised wallet!

Does HBAR need a memo?

You are only required to have a memo if you are sending HBAR to another centralised exchange (e.g. Binance or KuCoin). If you are sending HBAR to a decentralised wallet like Exodus, you do not need a memo.

When you are sending HBAR via the HBAR network to another wallet or exchange, you may be asked to fill in the memo field.

If you are sending HBAR to another centralised exchange like Binance, you will need to copy both the deposit address and the memo.

However, if you are sending HBAR to a decentralised wallet (e.g. Exodus), no memo is required.

 As such, you can leave the memo field blank if you are sending HBAR to a decentralised wallet!

Does LUNA need a memo?

You are only required to have a memo if you are sending LUNA to another centralised exchange (e.g. Binance or KuCoin). If you are sending LUNA to a decentralised wallet like Terra Station, you do not need a memo.

When you are sending LUNA via the TERRA network to another wallet or exchange, you may be asked to fill in the memo field.

If you are sending LUNA to another centralised exchange like Binance, you will need to copy both the deposit address and the memo.

However, if you are sending LUNA to a decentralised wallet (e.g.Exodus, or Terra Station Wallet), no memo is required.

 As such, you can leave the memo field blank if you are sending HBAR to a decentralised wallet!

Does XLM need a memo?

You are only required to have a memo if you are sending XLM via the XLM network to another centralised exchange. However, if you are sending XLM via the BNB Smart Chain (BEP20), you are not required to enter a memo.

You can send XLM using 2 different networks, including the native XLM and the BNB Smart Chain (BEP20).

You will only need a memo if you are sending XLM to another exchange (e.g. Binance) via the native XLM network.

If you are sending XLM via the native XLM network to a non-custodial wallet like Coinbase Wallet or Trust Wallet you do not need a memo.

You may want to note that sending XLM via the BNB Smart Chain (BEP20) does not require a memo, regardless whether you are sending to a centralised exchange or a non-custodial wallet.

Does XRP need a memo?

You are required to have a memo if you are sending XRP via the native XRP network and the Binance Beacon Chain (BEP2) to another centralised exchange. However, if you are sending XRP via the BNB Smart Chain (BEP20) and the Ethereum network (ERC20), you are not required to enter a memo.

You can send XRP using 4 different networks, including the native XRP, the BNB Smart Chain (BEP20), the Binance Beacon Chain (BEP2), and the ERC20 network.

You will need a memo if you are sending XRP to another exchange (e.g. Binance) via the native XRP network and the Binance Beacon Chain (BEP2).

If you are sending XRP via the native XRP network to a non-custodial wallet like Xumm Wallet or Trust Wallet you do not need a memo.

You may want to note that sending XRP via the BNB Smart Chain (BEP20) and the Ethereum network (ERC20) does not require a memo, regardless whether you are sending to a centralised exchange or a non-custodial wallet.

Does Coinbase need a memo?

Coinbase Wallet is a non-custodial wallet, so you do not need to include a memo when you are sending any funds to your wallet.

When you are obtaining your deposit address from Coinbase Wallet, depending on the cryptocurrency you wish to receive, you may notice that you can only find the address and not the memo.

You may want to note that when you are sending cryptocurrencies like XLM or XRP to your Coinbase, you may need to enter a memo because Coinbase is a centralised exchange. This is different from Coinbase Wallet which is a non-custodial wallet.

Does Metamask need a memo?

Metamask is a non-custodial wallet, so you do not need to include a memo when you are sending any funds to your wallet.

When you are obtaining your deposit address from Metamask, you may notice that you can only find the address and not the memo.

When you are sending cryptocurrencies to your Metamask wallet, you do not need to enter a memo.

Does Keplr need a memo?

Keplr is a non-custodial wallet, so you do not need to include a memo when you are sending any funds to your wallet.

When you are obtaining your deposit address from Keplr, you may notice that you can only find the address and not the memo.

When you are sending cryptocurrencies like ATOM or CRO to your Keplr wallet, you do not need to enter a memo.

As such, you can enter your Keplr deposit address, and leave the memo field blank.

Does Binance Chain Wallet need a memo?

Binance Chain wallet is a non-custodial wallet, so you do not need to include a memo when you are sending any funds to your wallet.

When you are obtaining your deposit address from Binance Chain wallet, you may notice that you can only find the address and not the memo.

You may want to note that when you are sending cryptocurrencies to your Binance, you may need to enter a memo because Binance is a centralised exchange. This is different from Binance Chain Wallet which is a non-custodial wallet.

Does Trust Wallet need a memo?

Trust wallet is a non-custodial wallet, so you do not need to include a memo when you are sending any funds to your wallet.

When you are obtaining your deposit address from Trust Wallet, depending on the cryptocurrency you wish to receive, you may notice that you can only find the address and not the memo.

When you are sending cryptocurrencies to your Trust wallet, you do not need to enter a memo. 

As such, you can enter the deposit address of the crypto you wish to send to your Trust wallet, and leave the memo field blank.

Does Xumm need a memo?

Xumm Wallet is a non-custodial wallet, so you do not need to include a memo when you are sending any funds to your wallet.

When you are obtaining your deposit address from Xumm, you may notice that you can only find the address and not the memo.

When you are sending cryptocurrencies to your Xumm wallet, you do not need to enter a memo. 

As such, you can enter your Xumm deposit address, and leave the memo field blank.

Conclusion

A memo is only required when you are sending funds to a centralised exchange for certain cryptocurrencies.

This occurs when the exchange only has one deposit address, and needs to match the deposit to each account on their platform.

A memo is also known as a destination tag, and they are not needed if you are sending funds to a decentralised wallet.

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