FAQ: Send international transfers to a Bitso account

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What are international transfers?

International transfers involve a money transaction between a bank account in one country and a bank account in a different country.


Which bank accounts can send an international transfer?

Most bank accounts can perform international transfers. If you’re not sure if your bank account can do it, it can be good to get in touch with your bank entity before using this method.

If the bank account that sends the international transfer doesn’t support USD as currency, the amount will be converted into USD once it’s credited to the Bitso account. The conversion rate will be based on the pair valuation at the time when the transaction is completed. Please check the conversion rate of the currency exchange before performing the transfer.


Why is the recipient “Circle Internet Financial Ltd”?

Bitso has partnered with Circle’s group to process international transfers and it’s the money transmitter in charge of directing the funds to the Bitso account. Thus, Circle Internet Financial Ltd is the name of the business recipient you need to make the transfer to. Once the transfer is made, the Circle's group will redirect the money to your Bitso account automatically. Make sure to use this name and not any other. 


Which type of account receives the funds?

Even if you don't have a business account, the international transfers will always be performed as a "business account type". This is due to the partnership with the Circle's group. The Circle's group will receive the transfer and redirect it to the Bitso account


How much time does an international transfer take?

Usually, it takes an average of 6 business hours, depending on countries, holidays, and other special situations. In moments when the network is too overloaded, international transfers can take up to 48 business hours.


Is there a limit on the amounts I can send?

Yes. Each Bitso account has monthly limits to send funds. You can check your account limits by going to the Account Limits section in your profile. However, other banks may also have their own limits. To make sure your transfer can be done correctly, contact the receiver to know how much USD you can send them.


What is the reference code and why is it so important?

The reference code is the code you must fill in the “Description”, “Memo” or “Message” fields (the name of this field varies depending on the bank). This helps Bitso track your international transfer and make sure that the amount will be deposited without charging any fees. Even if your bank form states that this field is optional, for this transaction, it is mandatory. If it is unfilled, the international transfer will be rejected and your bank may charge you fees. 


Can I add an extra reference field to the international transfer?

International transfers that require an extra reference field can't be done at the moment. But we are working to improve it and add this functionality to the international transfers feature soon. If your bank requires it to perform a transaction, we recommend getting in touch with them and checking if there are other ways to make the transfer on their part.


Can I send the international transfer from a different account?

No. The Bitso user needs to register your account before you send them the international transfer. The registration comes with specific instructions for each bank account. If you want to send them international transfers from a different bank account, you’ll have to tell them to register it.


Am I going to get notified when the international transfer completes?

Yes. We will keep you posted on every step of the process by sending you emails notifying you about each international transfer status.


What are the different international transfers status?

  • Completed: the international transfer was successful and the Bitso user received the amount.
  • On hold: the international transfer is being held by Bitso because the amount received is bigger than the receiver’s monthly limits of Bitso.
  • Returned: the international transfer was returned to your bank account.

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