Why some crypto transfers require a memo or tag
Some crypto transfers need a memo or tag: the exchange uses one shared wallet and the code routes your deposit. Some ask for a destination tag on XRP.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
On this page
The code travels in a separate field. The exchange records it with the transfer and matches it later.
What a memo or tag does
A memo or tag tells a shared exchange wallet which customer a deposit belongs to. The exchange uses one deposit address for many users.
- It sits in a separate field from the address.
- It is recorded with the transfer on the blockchain.
- It identifies you to the exchange, not the wallet.
How to find the right memo
Your exchange shows the exact memo or tag for each network. Open the deposit page for the coin and network you plan to use, then copy the code exactly.
What happens if you omit it
If the exchange requires a memo or tag and you send without one, the exchange can leave your deposit uncredited. Exchanges sometimes recover a deposit sent without a memo through customer support.
Memo, tag, and network differences
Networks such as the XRP Ledger, Stellar, and some Cosmos chains often require a tag or memo for exchange deposits. The XRP Ledger calls it a destination tag, and Stellar calls it a memo. A memo or tag is not the wallet address and not a password.
Frequently asked questions
No. You usually need one only when the receiving exchange asks for it, which is common for shared deposit addresses.
Yes. They do the same routing job under different network names.
Often yes, because the exchange may assign one code to your account. Check the current deposit page.
If the receiving exchange requires one, you still need to include it. Check the receiving exchange's deposit page.
