What is a wire transfer
Bank wire transfers are online transfers between banks. With wire transfer, funds can be transferred from the payer's bank to the payee's bank. By transferring the fiat currency to the designated bank of our partner, the partner will convert the fiats into cryptos and send it to your wallet address.
What is the process of wire transfer
First of all, you need to complete at least KYC2, and it is recommended that you complete KYC3 to increase the transfer limit and reduce the further review of your transaction by the partner.
For US dollar wire transfer, you need to fill in the contents of the USD bank statements to link the account with our partner - Circle. After the approval, you can start the wire transfer deposit immediately!
For wire transfers in other fiats, you need to have a bank account that supports the corresponding currency. After our partner completes simple KYC, you can initiate wire transfers directly!
What is SWIFT Code / Iban
Different banks will be connected into a network so that they can transfer money to each other. For example, the SWIFT network that supports cross-border transfers, the ABA network in the United States, and the SEPA network in Europe. Banks in the network have a number, which is the "ID" of the bank in the network, such as SWIFT Code, ABA number, IBAN, etc.
You can usually find this information on your bill, or you can check with your bank.
How to ensure a successful wire transfer
Steps of wire transfer are complicated and banks have the different internal procedures. You can refer to the following tips to ensure successful wire transfer.
- To use Circle USD to deposit funds, you need to ensure that the account number and name (non-English is not supported) linked to Matrixport are exactly the same as those on your bank statement, and make sure to use this account to initiate the wire transfer
- When entering the transfer instruction, be sure to fill in the corresponding reference number in the remarks, otherwise the beneficiary bank will not be able to recognize your transfer
- Please confirm with your bank that the transfer will not be processed by the intermediary bank, otherwise the transfer will fail
Please rest assured that the funds will be automatically returned if the wire transfer fails and your bank may charge a handling fee.
What is the fee of wire transfers
Matrixport does not charge fees for wire transfer deposits, but your bank will charge handling fees according to different transfer networks and customer levels. For example, the SWIFT network usually requires a handling fee of $30 to 100 per transaction, while SEPA in EU is free.
For payouts in USD, our partner and we will charge a total handling fee of $30. Banks generally do not charge fees when receiving money, but that is subject to your bank's actual policy.
How long does it take for the wire transfer to arrive
The arrival time depends on your country, bank, wire network used by the bank, holidays and many other factors.
Usually on working days, SEPA and Faster Payments transfers are received in real time, and SWIFT takes 1 to 5 working days.
After the fiat currency is successfully received, the arrival of the digital currency depends on the mechanism of different chains, and most of them take about 30 minutes to 1 hour.
What to do if the wire transfer fails
If the wire transfer fails, it is usually for the reasons mentioned in #how to wire transfer to ensure success. After a failure, you just need to wait for the funds to be returned automatically.