Transak introduces wire transfer services for US-based purchases

Transak introduced wire transfers as a new payment method for US users to purchase cryptocurrencies, becoming the first fiat-to-crypto platform to offer this service.

The aim of this move is to increase accessibility and convenience for cryptocurrency buyers, especially those living in the US.

Wire transfers offer a cost-effective solution with a fee of just 1%, making them more affordable than credit cards and Apple Pay. The launch has already garnered traction, with 13 partners, including Binance.US, joining to use the service.

Why should you use wire transfer?

Wire transfers are particularly suitable 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 worth of crypto per day, provided they complete level 2 KYC verification.

Implementation of remittance transfers involves complex processes such as processing bank transfers and ensuring correct fund reconciliation. Transak has developed a system to support these remittance transfers, which are widely accepted and preferred in many regions due to their security and suitability for high-value transactions.

Once set up, wire transfers are simple and offer both individuals and businesses an easy way to make high-value transactions. The transaction usually involves a bank, and customers provide the necessary information, such as the recipient’s bank details and the amount to be transferred.

“Becoming the first company to offer remittance services for cryptocurrency 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.