What is Destination Tag (Memo)?

A destination tag (also known as a memo) is an extra identifier for your wallet or account. It ensures that funds are accurately directed, which is especially important when exchanges use a shared wallet for multiple users. The memo or destination tag allows the exchange to assign incoming funds directly to your account. Without this information, your funds might end up in the exchange’s general wallet rather than being credited to you. Be sure to enter the correct Payment ID, memo, or destination tag when transferring currencies like EOS, Ripple (XRP), Stellar Lumens (XLM), Binance Coin (BNB), or Monero (XMR).