How do US Domestic Wires work in Bitso

Modified on:


Now, you can wire USD between your Bitso account and a US-based account.

US domestic wire transfer is one of the fastest ways to send and receive money from one banking account to another. Traditionally, a domestic wire transfer means sending money from banks inside the same country, but with Bitso, you can send and receive USD from a US-based bank account directly in your Bitso account. It can be from your own US account or another person's.

Here are some highlights on how US Domestic Wires work at Bitso:

  • You can send and receive USD from your own US account or another person's US account. This means own accounts and third-party transactions are entirely available.
  • Once you receive a deposit in USD in your Bitso account, the fiat currency will be converted to USD Stablecoins, but the amount will remain unchanged. 
  • There's no fee to deposit. All the deposits you receive in Bitso are zero-fee.
  • The fee to send is 12 USD fixed. So it doesn't matter what you send; you'll always get charged only 12 USD.
  • Bank processing takes an average of 6 business hours, depending on countries, holidays, and other special situations. When the network is too overloaded, US domestic wires can take up to 48 business hours.
  • For each deposit you make, you'll receive emails with the IMAD number so it can help you and your bank better localize the wire.

 

How does it work

Bitso allows you to send and receive wire transfers thanks to the partnership with Circle's group.

Circle's group is a regulated entity in the US that integrates its payments and payouts systems with Bitso's to make your account compatible with wire transfers in the US. With this partnership, and by using Bitso to wire transfer, you can forget about any traditional banking bureaucracy! Your money is sent fast, safely, and with lower fees.

To perform US domestic wire transfers, you must register the account from which you want to receive the deposit. This registration is required so Circle's group can be certain that the transfer is safe, thus, charging no fees in the deposit.

 

Who can send and receive US domestic wires

Bitso is for anyone who transacts money between US-based accounts.

Now, sending and receiving funds from your US-based accounts is one way of using this method. In addition, US Domestic Wires can be used to receive funds directly in your Bitso account from other people and companies with a US-based account.

 

USD stablecoins: what are they, and how do they integrate into Bitso?

USD stablecoins are cryptocurrencies pegged or backed to a well-known reserve asset: the US dollar. USD stablecoins help protect users against the volatility of cryptocurrencies and fluctuation in value. In addition, it gives you an alternative currency to save that cannot be controlled by a government or bank.

 

Supported countries and currencies

All Bitso's supported countries can wire USD from or to a US-based account, with the exception of Brazil.

  • ARGENTINA: Keep in mind that USD accounts based in Argentina don't allow this wire. It must be a US-based account.

 

Transaction limits

Your account needs to have the correct limit set so you can receive the money you want. You can check it by going to your Account limits in the profile section.


Was this useful?