SWIFT - Revision history

Plebeian9000 at 18:15, 8 September 2021

2021-09-08T18:15:32Z

Show changes

Pazza at 00:34, 6 September 2021

2021-09-06T00:34:30Z

Pazza: /* Setting up a SWIFT Account in Bisq */

2021-09-06T00:27:00Z

Setting up a SWIFT Account in Bisq

Pazza: /* Setting up a SWIFT Account */

2021-09-04T23:10:50Z

Setting up a SWIFT Account

Pazza: /* Setting up a SWIFT Account */

2021-09-04T23:10:22Z

Setting up a SWIFT Account

Pazza: /* Buying BTC with a SWIFT Account */

2021-09-04T23:08:11Z

Buying BTC with a SWIFT Account

Pazza at 23:06, 4 September 2021

2021-09-04T23:06:39Z

Pazza at 23:03, 4 September 2021

2021-09-04T23:03:35Z

Pazza at 22:47, 4 September 2021

2021-09-04T22:47:24Z

Pazza: /* Buying BTC with a SWIFT Account */

2021-09-04T22:42:48Z

Buying BTC with a SWIFT Account

@@ Line 30: / Line 30: @@
 Complete the required fields.
-Traders using SWIFT on Bisq could be from anywhere so, therefore, it is necessary to provide all the information fields. This will allow for smooth traders. If traders are not comfortable sharing their own address details it is recommended they provide the address of their bank instead.
+Traders using SWIFT on Bisq could be from anywhere so, therefore, it is necessary to provide all the information fields. This will allow for smooth trades. If traders are not comfortable sharing their own address details it is recommended they provide the address of their bank instead.
 [[File:SWIFT 1.png|frameless|none]]
@@ Line 36: / Line 36: @@
 If you have any special information you would like to share please do so in the 'special information field'
-Please note: As a default Bisq sets up your SWIFT account to make and take offers from any country and any country. This means SWIFT accounts on Bisq are able to trade on ALL fiat currency markets. The currency used will always be specified by the maker of the offer depending on the currency market they list their offer on. Eg
+Please note: As a default Bisq sets up your SWIFT account to make and take offers from any country and any currency. This means SWIFT accounts on Bisq are able to trade on ALL fiat currency markets. The currency used will always be specified by the maker of the offer depending on the currency market they list their offer on. Eg
 * User (maker) wants to Sell BTC for USD on BTC/USD market
@@ Line 55: / Line 55: @@
 # You can take an offer to buy BTC with SWIFT on any currency market you like.
-The sender of the SWIFT payment in fiat should SEND the payment in the currency of the market on which the offer was made or take. For example if you make an offer to buy BTC using SWIFT on the BTC/USD market you should send USD. Alternatively if you take an offer to buy BTC using SWIFT on the BTC/EUR market you should send EUR.
+The sender of the SWIFT payment in fiat should SEND the payment in the currency of the market on which the offer was made or take. For example if you make an offer to buy BTC using SWIFT on the BTC/USD market you should send USD or ensure your bank converts your local currency into the Bisq trade-designated currency (USD in this example). Alternatively if you take an offer to buy BTC using SWIFT on the BTC/EUR market you should send EUR.
 Sending fiat payment in a currency which is different from the currency of the market which the offer was on will result in a penalty the the BTC buyer of the greater of 5% of trade amount, or the difference between the two currencies exchange rate of the account owners bank. For this reason it is important to ensure as a buyer using SWIFT you are able to send payment in the currency you make/take offers in.
@@ Line 61: / Line 61: @@
 As is the case for all payment methods please do leave any reference / payment description blank. If one is required please use your 'Account Owner Name'.
-{{Admonition_Warn|When sending payment some users have reported the intermediary bank may exchange the currency back into a 'local currency' for this reason when making payment you might want to consider instructing your bank not to convert the currency from the currency you send payment in.}}
+{{Admonition_Warn|When sending payment some users have reported the intermediary bank may convert the currency to the destination bank's local currency.  In a case where this conversion is not desired, when making payment you might want to consider instructing your bank not to convert the currency from the currency you send payment in.}}
 == Selling BTC with a SWIFT Account ==
@@ Line 82: / Line 82: @@
 Bisq '''requires''' users sending a SWIFT transfer to use the '''SHA (SHAred)''' fee option. if a BTC Buyer sends a payment using the BEN (BENeficiary) fee option they will likely incur a penalty to compensate the BTC Seller.
-All users should, therefore, make themselves aware of what their bank will charged based on the SHA (SHAred) fee option. Normally it will be $5-10 USD equivalent. Different banks charge different fees and some banks will change no fees at all, therefore, it is a good idea to consider what bank/s you would like to use to trade on Bisq using SWIFT.
+All users should, therefore, make themselves aware of what their bank will charged based on the SHA (SHAred) fee option. Normally it will be $5-25 USD equivalent. Different banks charge different fees and some banks will change no fees at all, therefore, it is a good idea to consider what bank/s you would like to use to trade on Bisq using SWIFT.

@@ Line 28: / Line 28: @@
 Go to <code>Account</code> >  <code>National Currency Accounts</code> in Bisq and select <code>Add New Account</code> and select SWIFT International Wire Transfer.
-Complete the required fields. With SWIFT you have the potential for 3 banks (Owner (your account), Recipient (your banks account) and Intermediary (an linked account your bank uses to receive/send payments)).
+Complete the required fields.
 Traders using SWIFT on Bisq could be from anywhere so, therefore, it is necessary to provide all the information fields. This will allow for smooth traders. If traders are not comfortable sharing their own address details it is recommended they provide the address of their bank instead.

@@ Line 22: / Line 22: @@
 * IBAN code
-Please ensure you are aware of any bank fees you will be charged for sending and receiving SWIFT payments. Please also be aware of what currencies you can accept, and if accepted currencies will be converted to your local currency what the exchange rate might be.
+Please ensure you are aware of any bank fees you will be charged for sending and receiving SWIFT payments. Please also be aware of what currencies you can accept, and if accepted currencies will be converted to your local currency what the exchange rate might be. Different banks charge different fees and some banks will change no fees at all, therefore, it is a good idea to consider what bank/s you would like to use to trade on Bisq using SWIFT.
 == Setting up a SWIFT Account in Bisq ==

@@ Line 20: / Line 20: @@
 * BIC/SWIFT code
 * IBAN code
 == Setting up a SWIFT Account in Bisq ==

@@ Line 56: / Line 56: @@
 Sending fiat payment in a currency which is different from the currency of the market which the offer was on will result in a penalty the the BTC buyer of the greater of 5% of trade amount, or the difference between the two currencies exchange rate of the account owners bank. For this reason it is important to ensure as a buyer using SWIFT you are able to send payment in the currency you make/take offers in.
 {{Admonition_Warn|When sending payment some users have reported the intermediary bank may exchange the currency back into a 'local currency' for this reason when making payment you might want to consider instructing your bank not to convert the currency from the currency you send payment in.}}
 == Selling BTC with a SWIFT Account ==

← Older revision		Revision as of 23:06, 4 September 2021
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	SWIFT transfers do usually incur bank fees for both the sender and receiver, payment times can also be slow (up to 7 days), but payments are secure and almost completely irreversible.		SWIFT transfers do usually incur bank fees for both the sender and receiver, payment times can also be slow (up to 7 days), but payments are secure and almost completely irreversible.
		+
		+	* Maximum trade duration: 7 days
		+	* Signing required: No
		+	* Regions accepted: All countries
		+	* Currencies accepted: All currencies
		+	* Bisq buy/sell Limits: 0.5 BTC

	== Setting up a SWIFT Account ==		== Setting up a SWIFT Account ==

← Older revision		Revision as of 23:03, 4 September 2021
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	The BTC Seller should receive the funds in the currency of market the offer was accepted on. For example if you make an offer to sell BTC using SWIFT on the BTC/USD market you should receive USD. Alternatively if you take an offer to sell BTC using SWIFT on the BTC/EUR market you should receive EUR.		The BTC Seller should receive the funds in the currency of market the offer was accepted on. For example if you make an offer to sell BTC using SWIFT on the BTC/USD market you should receive USD. Alternatively if you take an offer to sell BTC using SWIFT on the BTC/EUR market you should receive EUR.
		+
		+	== Understanding SWIFT fees when trading on Bisq ==
		+
		+	When sending a SWIFT transfer the sender has three fee options to choose from:
		+
		+	* BEN (BENeficiary) – The Payee (recipient of the payment) will incur all of the payment transaction fees. Typically, the recipient will receive the payment minus the transfer charges. The Payer (sender of the payment) will not pay any payment fees.
		+	* OUR – The Payer (sender of the payment) will bear all of the payment transaction fees. Normally you will be billed separately for the payment transfer. The Payee (recipient of the payment) will not pay any payment fees. The beneficiary will receive the full amount of the payment.
		+	* SHA (SHAred) – The Payer (sender of the payment) will pay all fees charged by the sending bank. You will be billed separately for the payment transfer. The Payee (recipient of the payment) will pay all fees charged by the receiving bank. The recipient will receive the payment minus any correspondent /intermediary fees
		+
		+	Bisq '''requires''' users sending a SWIFT transfer to use the '''SHA (SHAred)''' fee option. if a BTC Buyer sends a payment using the BEN (BENeficiary) fee option they will likely incur a penalty to compensate the BTC Seller.
		+
		+	All users should, therefore, make themselves aware of what their bank will charged based on the SHA (SHAred) fee option. Normally it will be $5-10 USD equivalent. Different banks charge different fees and some banks will change no fees at all, therefore, it is a good idea to consider what bank/s you would like to use to trade on Bisq using SWIFT.

← Older revision		Revision as of 22:47, 4 September 2021
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	Sending fiat payment in a currency which is different from the currency of the market which the offer was on will result in a penalty the the BTC buyer of the greater of 5% of trade amount, or the difference between the two currencies exchange rate of the account owners bank. For this reason it is important to ensure as a buyer using SWIFT you are able to send payment in the currency you make/take offers in.		Sending fiat payment in a currency which is different from the currency of the market which the offer was on will result in a penalty the the BTC buyer of the greater of 5% of trade amount, or the difference between the two currencies exchange rate of the account owners bank. For this reason it is important to ensure as a buyer using SWIFT you are able to send payment in the currency you make/take offers in.
		+
		+	{{Admonition_Warn\|When sending payment some users have reported the intermediary bank may exchange the currency back into a 'local currency' for this reason when making payment you might want to consider instructing your bank not to convert the currency from the currency you send payment in.}}
		+

	== Selling BTC with a SWIFT Account ==		== Selling BTC with a SWIFT Account ==

← Older revision		Revision as of 22:42, 4 September 2021
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	The sender of the SWIFT payment in fiat should SEND the payment in the currency of the market on which the offer was made or take. For example if you make an offer to buy BTC using SWIFT on the BTC/USD market you should send USD. Alternatively if you take an offer to buy BTC using SWIFT on the BTC/EUR market you should send EUR.		The sender of the SWIFT payment in fiat should SEND the payment in the currency of the market on which the offer was made or take. For example if you make an offer to buy BTC using SWIFT on the BTC/USD market you should send USD. Alternatively if you take an offer to buy BTC using SWIFT on the BTC/EUR market you should send EUR.
		+
		+	Sending fiat payment in a currency which is different from the currency of the market which the offer was on will result in a penalty the the BTC buyer of the greater of 5% of trade amount, or the difference between the two currencies exchange rate of the account owners bank. For this reason it is important to ensure as a buyer using SWIFT you are able to send payment in the currency you make/take offers in.

	== Selling BTC with a SWIFT Account ==		== Selling BTC with a SWIFT Account ==