Now, you can transfer USD between your Bitso account and an international bank account through SWIFT or IBAN transfer.
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.
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 receives the international transfer doesn’t support USD as currency, the amount will be converted into 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.
Here is how sending funds via international transfer works in Bitso:
- You can send USD to your own international bank account or to another person's international bank account. This means own accounts and third-party transactions are completely available.
- Most US banks charge between 20 and 30 USD to send an international transfer from one bank to another. The fee in Bitso is fixed and it’s only 12 USD per international transfer. However, keep in mind that some recipient banks may charge fees on their part to receive international transfers. Always consult the terms and conditions of other banks before sending funds.
- 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 must register the account to which you want to send an international transfer. The process of registration works as adding a new recipient to your contact's book. This process is important for Circle's group (Bitso's official partner) to recognize the account on the other end of the international transfer so as to process the transfer safely and with lower fees.
- To learn more, we recommend reading the article: How to register an international account.
How to send USD via international transfer
Step 1. Select “Send”.
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 send to. 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”. If you already registered the account, you will see a list of the registered accounts.
Step 5. Make sure all the recipient’s information is correct, enter the amount to send, and select “Confirm”.
Step 6. Your transfer was sent!
Circle’s group will take up to 48 business hours to process the outgoing international transfer. It may take longer on holidays and weekends. Once Circle’s group processes it, the recipient bank may take some more time to direct it to the receiver’s account.
But don't worry. We will keep you posted on every step of the process: once the international transfer is sent, 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 recipient bank.
International transfers status
- Generated: the international transfer was generated correctly.
- Processing: the international transfer has already been sent and the recipient bank may take up to 48 business hours to confirm it.
- Failed: there was an error while sending the international transfer. Contact Help Center to solve it.
- Returned: the international transfer was returned to your account.
Sent: the international transfer was successfully sent. However, the recipient bank may take some more time to credit it.