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Transak has introduced wire transfers as a new payment method for US users to purchase crypto. This makes it the first fiat-to-crypto on-ramp to offer this service. This move aims to enhance accessibility and convenience for crypto buyers, particularly those based in the US.
Wire transfers present a cost-effective solution, with a fee of just 1%, making them more economical compared to credit cards and Apple Pay. This introduction has already garnered interest, with 13 partners, including Binance.US, onboarded to use the service.
Why Use a Wire Transfer?
Wire transfers are particularly suited for high-value transactions, with an average order value 16 times higher than other payment methods on the platform. A minimum transaction of $2,000 is required, and users can purchase up to $25,000 in crypto daily, provided they have completed level 2 KYC verification.
Implementing wire transfers involves complex processes, such as handling bank transfers and ensuring accurate fund reconciliation. Transak has developed a system to support these wire transfers, which are widely accepted and preferred in many regions for their security and suitability for high-value transactions.
Once set up, wire transfers are straightforward, offering an easy way for both individuals and businesses to conduct high-value transactions. The process usually involves a bank, where customers provide the required information, such as the recipient’s bank details and the amount to be transferred.
“Being the first to offer wire transfers for crypto purchases is a significant milestone for Transak. This achievement reflects our commitment to innovation and providing our users with more convenient and secure payment options,” said Yeshu Agarwal, co-founder of Transak.
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