Now, you can transfer USD between your Bitso account and an international bank account through SWIFT or IBAN transfer. SWIFT code is a bank identifier for international transfers. IBAN number identifies the country and it’s mainly used in European countries.
An international transfer is a service that Bitso provides to all users. With it, you can send USD or receive it from other bank accounts based in other countries by simply using your Bitso account.
In this article, you'll learn how this transaction method works, what are the prerequisites, how long it takes, and what are the fees included in the process.
Here are some highlights on how international transfers work at Bitso:
- You can send and receive USD from your own international account or from another person's international account. This means own accounts and third-party transactions are completely 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. Doesn’t matter the amount you send, you’ll always get charged only 12 USD.
- 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, international transfers 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 track the international transfer.
- If the bank account that sends or receives the international transfer doesn’t support USD as currency, the amount will be converted to a currency that is supported (in most cases, it’ll be the local currency of the bank country). 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. The bank may also charge some fees due to the currency change.
What’s the difference between international transfers and US domestic wires?
At Bitso, we offer two different options for you to send and receive USD.
US domestic wires are the best option for you if you want to send or receive USD from a US-based account. Learn more about how they work: How do US Domestic Wires work in Bitso.
Now, in case you want to send or receive USD from an account that’s not based in the US but in another country, your best option is the international transfer.
How does it work
Bitso allows you to send and receive international transfers thanks to the partnership with Circle's group.
Circle’s group is a regulated entity that integrates its payments and payout systems with Bitso’s. With this partnership, and by using Bitso to send and receive international transfers, you can forget about any traditional banking bureaucracy! Your USD is sent fast, safely, and with lower fees.
For you to perform an international transfer, you will need to 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.
- Check how to do it: How to register an international bank account.
Who can send and receive international transfers
Every Bitso user can perform International transfers. This service is meant to help you send and receive USD across countries with ease. You can deposit or send USD from your own bank account to your Bitso account, but you can also use it to send or receive funds from other people and companies too, no matter where they are based.
Some banks may require an additional verification process. If you have any doubts, please contact the sender or recipient bank.
USD stablecoins: what are they and how do they integrate into Bitso?
USD stablecoins are cryptocurrencies that are pegged or backed in a proportion of 1 to 1 by a well-known reserve asset: the US dollar. USD stablecoins help protect users against the volatility of cryptocurrencies and fluctuation in value. It gives you an alternative currency to save that cannot be controlled by a government or bank, but that can also be sent and received faster and with lower fees than traditional transfers with USD.
Bitso+ and international transfers
All the USD deposits added to your wallet will generate rewards with Bitso+.
You can make as many transfers as your account limit allows. You can check it by going to your Account limits in the profile section, and you can request your limits to be increased at any time by following the instructions there.