Fiat wire transfers FAQ


By Andrii Zamovsky

updated over 2 years ago

1. How can I deposit money into my account?

At the moment, only USD wire transfers are supported on the platform.

If you try to deposit a different currency, an additional fee will be charged to convert it to USD.

2. How long does it take to process a wire transfer deposit?

The timing of the payment depends on the rules for the payment execution. These are initiated by the payer’s bank, as well as on the number of banks participating in the payment chain. Usually, transfer takes from 2 to 7 working days. In rare cases of especially long transaction chains, it can take up to 10 working days or more.

3. Why the amount transferred to my Orderbook account is lower than indicated in the sender bank statement?

Most likely, the commission was withdrawn by the banks within the payment chain. In such cases,each bank charges their own commission in accordance with their individual tariffs.

In accordance with the world banking practice, the payer of funds may instruct his bank to withhold one of the following options of commissions for payment:

OUR - the whole commission is paid by the sender (company). Please note that if additional participants appear in the payment chain (third party correspondent banks), then you will receive the transfer amount subtracting the commission of these banks.

SHA - the commission is divided between the sender and the recipient (the client).

BEN - the whole commission is paid by the recipient (client).

4. Why do I need a correspondent bank?

The correspondent bank is a bank that executes on the basis of a correspondent agreement, payments, settlements, currency and other transactions on behalf of another bank. To fulfill the orders, correspondent banks open special correspondent accounts. For international bank transfers under international banking rules, it is necessary to use a correspondent bank in the country where the transferred currency is national.

So, if you want to transfer USD from Ukraine to Singapore, it is best to use a correspondent bank located in the United States.

5. Can I send money from another person's bank account?

Since we accept payments only from users verified on our site, money is accepted only from the owner of the account. If your verified identity doesn’t match with sender details, money will be returned to the sender’s account.

If the money was sent from a business account, it is necessary to confirm that the sender is related to the managing staff of this business. Documents concerning the ownership of the business can serve as a confirmation.

6. Is there a minimum and maximum amount for USD deposit?

At the moment, the platform has the following restrictions on deposits based on the U.S. dollar:

Minimum deposit amount:$20.

Maximum deposit amount:$10 000.

USD deposit fee:$15.

USD withdrawal fee:$65.

7. What if I have confused the data of the correspondent bank and the main bank?

If you entered incorrect bank data (bank name, swift bank code, account number, or if you confused the correspondent bank with the beneficiary’s bank), your deposit may be lost. In case of incorrectly indicated bank credentials, we are not responsible for any loss of funds.

8. What do I need to specify for payment for wire transfers?

For the purpose of payment, please define ”Purchase consideration for _________ tokens”. You should include the name of the ICO in the blank. You also must mention your Transaction reference ID as a comment to your wire transfer. Otherwise, your payment will be lost.

9. Can I send money through PayPal?

Money sent through PayPal is not accepted and will be returned to the sender.

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