US domestic wire transfer is one of the fastest ways to send and receive money from a US-based bank to another. Now, with Bitso, you can send and receive USD from your US-based bank account directly in your Bitso account.
Before you receive a deposit from your own US-based account or from a third party account also based in the US, here are some things you need to know:
- Your account needs to have the correct limit set so you can receive the amount of money that you want. You can check it by going to your Account limits in the profile section.
- Bitso doesn’t charge you any fee for depositing USD to your account, only for sending it to other accounts. Not charging fees is a reality due to the partnership with the Circle's group.
- Bank processing time takes an average of 6 business hours, depending on countries, holidays and other special situations. In moments when the network is too overloaded, domestic wires can take up to 48 business hours).
- You will need to authorize the account from which you want to receive the deposit. This authorization is required so the Circle's group can be certain that the transfer is safe, thus, charging no fees in the deposit.
- Check how to do it: How to authorize a US-based account.
5 steps to receive a USD deposit in your Bitso account
1. Select “Deposit”.
2. Select “US Domestic Wire”.
3. Authorize the account from which you want to receive the deposit. Fill in all the information and select “Authorize”.
4. Select “See instructions”.
5. The wire instructions include the information that the sender account will need to follow to make you a deposit.
- Authorized account: name of the account you authorized and want to receive wires from.
- Transfer method: the type of transfer you need to select in your bank
- Deposit to (Recipient business name): the deposit will be made in the name of Circle Internet Financial Inc. This is correct and you don't need to worry. Thanks to the partnership with Circle's group, you don't need to create a US-based account under your name. Instead, Bitso and Circle's group will provide you with an intermediary account that receives the deposit in USD, and redirects to your Bitso account automatically, with no fees.
- Recipient business address: here, the same is true as to "Recipient business name". Instead of your own address, you'll be using the address provided by the Circle's group, which you can see in the image above.
- Reference code: this is the code that the sender needs to fill in the “Message” or “Memo” field (the name of this field varies depending on the bank the sender is using). Even if the sender’s bank form states that this field is optional, for this transaction it is mandatory. If it is unfilled, the wire will be rejected and the bank may charge fees.
- Routing number/ABA number: 9 digit number that identifies the bank.
- Account number provided: number of the account Bitso provides you to receive the US wire.
- Account type: how the bank identifies the account
- Bank location: where the bank is based
- Bank name and address: name and address of the bank Bitso provides you.
- You can receive this month up to: It’s the amount you can receive this month. If the wire exceeds that amount, make sure to increase your limits.
- Bank processing time: the wire takes an average of 6 business hours, depending on countries, holidays and other special situations. In moments when the network is too overloaded, domestic wires can take up to 48 business hours.
- Fee: Bitso does not charge you any fee for receiving a US domestic wire.
6. Select “Share wire instructions” and enter one or more emails to forward the instructions. You can also copy the instructions by selecting “Copy text” and then send them through email, WhatsApp, Telegram, SMS, or any other platform.
Once the US wire is sent, you will receive emails with the detailed status of the wire.
US domestic wire status
- Completed: The US wire was successful and the amount was added to your Bitso account balance.
- On hold: The US wire is being held by Bitso because the amount received is bigger than your monthly limits.
- Returned: The US wire was returned to the recipient’s bank account.