Now, you can transfer USD between your Bitso account and an international bank account through SWIFT or IBAN transfer.
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.
This method of transfer is only possible thanks to the partnership with the Circle's group. The Circle's group is a registered money transmitter that enables Bitso users to perform international transfers with lower-fees, and without the need to open new accounts based in other countries.
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. The bank may also charge some fee due to the currency change.
All the USD deposits added to your wallet will generate rewards with Bitso+.
Here is how receiving funds via international transfer works in Bitso:
- You can receive funds in USD by accounts of your own or by third-party accounts.
- Before you receive a transfer, 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, international transfers can take up to 48 business hours.
- You will need to register the account from which you want to receive the deposit. This registration is required so the Circle's group can be certain that the transfer is safe, thus, charging no fees in the deposit.
- You can learn more about how to register international accounts here: How to register an international account
How to deposit USD via international transfer
Step 1. Select “Deposit”.
Step 2. Choose “International Transfer”.
Step 3. Read the information explaining why you need to register an account and select “Continue”. Then, select the bank account you want to deposit from. It can be your own bank account or someone else’s.
Step 4. Fill in the bank information. The bank city is where the bank’s main office is located. Select “Continue” and fill in all the rest of the information. After that, select “Register”.
Step 5. Select “Check instructions”.
Step 6. The deposit instructions include the information that the sender account will need to follow to make you a deposit.
Step 7. Select “Share 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.
What does each item mean?
- Registered account: name of the account you registered and want to receive international transfers from.
- 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. 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.
- SWIFT/BIC code: alphanumeric code that identifies the bank.
- Account type: this is how the bank will identify the account. This is also provided by Bitso and Circle’s group.
- Account number: number of the account Bitso provides you to receive the international transfer.
- 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 international transfer will be rejected and the bank may charge fees. Make sure your sender fills this field correctly with the code you are provided in the transference screen.
- 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 transfer exceeds that amount, make sure to increase your limits at Account limits in the profile section.
- Bank processing time: the international transfer 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.
- Fee: Bitso does not charge you any fee for receiving an international transfer.
Once the international transfer is sent, we will keep you posted on every step of the process. You will receive emails with the detailed status of the transfer.
Some banks may require an additional verification process. If you have any doubts, please contact the sender's bank.
International transfers status
- Completed: the international transfer was successful and the amount was added to your Bitso account balance.
- On hold: the international transfer is being held by Bitso because the amount received is bigger than your monthly limits.
- Returned: the international transfer was returned to the recipient’s bank account.