How to register a US-based account

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Bitso has partnered with Circle's registered money transmitter group to help you send and receive USD wire transfers from your own account or third parties.

Bitso allows you to send and receive domestic wires as if you had a US-based bank account. This feature allows you to send and receive funds from your own accounts, but it can also be used to wire USD for third-party accounts. However, it is still an international transaction (except it is cheaper and faster!). For those reasons and to comply with regulations, Bitso needs to know the account you will be interacting with.

You can only receive or send funds if you previously registered the US-based account in Bitso. However, some banks are not supported: List of non-supported banks for US domestic wires.

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

 

What is the difference between registering for sending and receiving?

Registering accounts is a must-do both when you are receiving a deposit or sending funds via US Domestic Wires.

For sending funds, this is a common practice, and it works just like in any banking service: to make sure that your money is going to the right person in the right place.

Receiving deposits, it plays another key role. Due to the partnership with Circle's group, Bitso users can receive wires without paying fees, but only when the sender is a known party. Registering a sender is what guarantees that the Circle's group can perform the transaction without charging any fees to you as a receiver.

 

What is a US domestic wire?

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.

 

How to register an account

Registering an account is easy and fast. You can register any US-based account.

You only need to follow this process once for each account you want to register. After the account registration is completed, you can send and receive funds as many times as you want from each registered account.

Whether you want to deposit or send, you must register an account and complete all the fields with the account information. Before you do so, ask the sender or receiver to provide you with all the following details:

 

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  • Person or company name: full name of the person or company that owns the account you want to register.
  • Bank: bank of the account you want to register.
  • Routing number: a 9-digit number that identifies the bank. Make sure not to use the ACH number. ACH transfers are not currently supported, so please, only enter the routing number for domestic wires.
  • Account number: 10 to 12-digit number that identifies the account you want to register.
  • Street number and name: street number and name of the person or company who owns the account.
  • Apt/suite/unit: optional field to add apartment, suite, floor, or other secondary address information.
  • City: the city where the account was registered.
  • Zip code: zip code from where the account was registered.
  • Country: the country where the account was registered.
  • State: state of the person or company who owns the account.
  • Contact email: email of the person or company who owns the account. Bitso will use this email to send updates about the transactions.

 

Most common mistakes when registering an account

To avoid any delays or issues with your wires, please make sure to double-check:

  • Person or company name: the name needs to match the account holder's name. It needs to be the same or the wire can be rejected.
  • Routing number: use only the one for domestic wires. ACH routing numbers are invalid since these transfers are not currently supported. If you have doubts, contact your bank to check which is the routing number for domestic wires.
  • Address: make sure to enter the address of the account holder, not the bank address.

In case you make a mistake, you can always delete the account and register it again.

 

How to delete a registered account?

Currently, it is not possible to edit the account details. So, in case you enter some incorrect information, you can delete the account and register it again.

 

1. Select "Send" or "Deposit".

 

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2. Select the account you want to delete and then "Details".

 

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3. Select "Delete".

 

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4. You are done!

 

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