Difference between revisions of "RTGS"
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| − | ''' | + | '''RTGS''' is a payment method added in Bisq v1.7.5. |
| − | + | Real-Time Gross Settlement (RTGS) is an electronic funds transfer system maintained by the Reserve Bank of India. RTGS payment enable immediate and large remittances (minimum of 200,000 INR) by banking customers in India to transfer funds for between any two RTGS enabled bank accounts. | |
| − | == Where can I find out more about | + | == Where can I find out more about RTGS? == |
| − | Here is a list of | + | Here is a list of RTGS resources: |
| − | * [https:// | + | * [https://en.wikipedia.org/wiki/Payment_and_settlement_systems_in_India#Real-time_gross_settlement Real-Time Gross Settlement Wiki] |
| − | |||
| − | |||
| − | == What countries are available for | + | == What countries are available for RTGS? == |
| − | + | RTGS is available users in India. | |
| − | == What currencies are available for | + | == What currencies are available for RTGS? == |
| − | + | RTGS supports INR currency. | |
| − | == What is the maximum trading duration for | + | == What is the maximum trading duration for RTGS? == |
| − | The maximum trade time is X days. Generally | + | The maximum trade time is X days. Generally RTGS transfers will be completed within X days. |
| − | == What is the maximum BTC limit for an | + | == What is the maximum BTC limit for an RTGS trade? == |
| − | 0. | + | 0.125 BTC. |
| − | == Is | + | == Is RTGS a payment method that can be signed? == |
| − | No, | + | No, RTGS accounts do not require signing. |
| − | == How do I set up a | + | == How do I set up a RTGS account? == |
| − | + | Pretty much all bank accounts in India can make RTGS payments. | |
| − | It is easy to add your | + | == How do I add RTGS as a payment method in Bisq? == |
| + | |||
| + | It is easy to add your RTGS account to Bisq. | ||
# Go to the top menu in Bisq and select Account. | # Go to the top menu in Bisq and select Account. | ||
# Then select National Currency Accounts. | # Then select National Currency Accounts. | ||
# Click add new account | # Click add new account | ||
| − | # Select | + | # Select RTGS |
# Complete the details | # Complete the details | ||
| − | # Choose to use a custom account name this helps makes it easier for you to manage multiple payment methods in Bisq (this will be visible only to you, for example: | + | # Choose to use a custom account name this helps makes it easier for you to manage multiple payment methods in Bisq (this will be visible only to you, for example: RTGS - INR - Aam Aadmi) |
# Click save new account | # Click save new account | ||
| − | If you have more than one | + | If you have more than one RTGS account you wish to add to Bisq you can create different accounts for each. |
Make sure all the details are correct when you add. | Make sure all the details are correct when you add. | ||
| − | + | {{Admonition_Warn|RTGS is for payments of large trades of Rs. 200,000 or over. | |
| + | |||
| + | When setting up your RTGS payment account please make sure to include your: | ||
| + | |||
| + | * Account owner full name | ||
| + | * Account number | ||
| + | * IFSC number | ||
| + | * These details should match your bank account that you will use for sending / receiving payments. | ||
| + | |||
| + | Please be aware there is a minimum trade amount of Rs. 200,000 that can be sent per transaction. If you are trading under this amount either the trade would get cancelled or both traders would have to agree on another payment method (eg [[IMPS]] or [[UPI]]).}} | ||
| − | + | == How do I buy BTC with my RTGS account? == | |
| − | + | You can buy BTC with RTGS on Bisq in 2 waysː | |
| − | |||
| − | When the offer is confirmed Bisq will provide you with the BTC Sellers | + | # Make an offer to buy BTC on the INR market. |
| + | # Take an offer to buy BTC on the INR market. | ||
| + | |||
| + | When the offer is confirmed Bisq will provide you with the BTC Sellers RTGS details for you to complete the payment. You should send payment immediately and confirm you have done so in Bisq by clicking 'payment started'. | ||
If you have the option to include a payment reference please leave it blank. If your bank requires one, please just use your name that matches your bank account. | If you have the option to include a payment reference please leave it blank. If your bank requires one, please just use your name that matches your bank account. | ||
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Once the BTC Seller receives your payment they will confirm in Bisq and your security deposit and your purchased trade amount will be available in your wallet. | Once the BTC Seller receives your payment they will confirm in Bisq and your security deposit and your purchased trade amount will be available in your wallet. | ||
| − | + | {{Admonition_Warn|Please send payment only to the account details provided in Bisq. | |
| − | + | Please be aware there is a minimum trade amount of Rs. 200,000 that can be sent per transaction. If you are trading under this amount either the trade would get cancelled or both traders would have to agree on another payment method (eg [[IMPS]] or [[UPI]]).}} | |
| − | + | == How do I sell BTC with my RTGS account? == | |
| − | |||
| − | When the offer is confirmed Bisq will provide with the BTC Buyer with your | + | You can sell BTC with RTGS on Bisq in 2 waysː |
| + | |||
| + | # Make an offer to sell BTC on the INR market. | ||
| + | # Take an offer to sell BTC on the INR market. | ||
| + | |||
| + | When the offer is confirmed Bisq will provide with the BTC Buyer with your RTGS details for you to complete the payment. They should send payment at their first opportunity and confirm they have done so in Bisq by clicking 'payment started'. | ||
Once you receive payment from the BTC Buyer you should confirm payment has been received in Bisq. One you have done this the BTC Buyer will receive their funds and you will receive your security deposit back. | Once you receive payment from the BTC Buyer you should confirm payment has been received in Bisq. One you have done this the BTC Buyer will receive their funds and you will receive your security deposit back. | ||
| − | == Are there any limits for me to be aware of when using my | + | {{Admonition_Warn|Please be aware there is a minimum trade amount of Rs. 200,000 that can be sent per transaction. If you are trading under this amount either the trade would get cancelled or both traders would have to agree on another payment method (eg [[IMPS]] or [[UPI]]).}} |
| + | |||
| + | == Are there any limits for me to be aware of when using my RTGS account? == | ||
| + | |||
| + | Minimum amount per transaction is Rs.200,000. | ||
| + | |||
| + | Maximum of 1,000,000 INR can be sent per day. | ||
| + | |||
| + | == Are there any fees for me to be aware of when using my RTGS account? == | ||
| − | + | RTGS fees are low. Banks charge different amounts but fees are generally between 25-50 rupees. | |
| − | == How does dispute resolution when trading with | + | == How does dispute resolution when trading with RTGS? == |
If a dispute occurs the mediator may ask the buyer to send them information showing that they made the payment of the correct amount to the BTC Seller within the correct time frame. | If a dispute occurs the mediator may ask the buyer to send them information showing that they made the payment of the correct amount to the BTC Seller within the correct time frame. | ||
Latest revision as of 18:36, 16 June 2024
RTGS is a payment method added in Bisq v1.7.5.
Real-Time Gross Settlement (RTGS) is an electronic funds transfer system maintained by the Reserve Bank of India. RTGS payment enable immediate and large remittances (minimum of 200,000 INR) by banking customers in India to transfer funds for between any two RTGS enabled bank accounts.
Contents
- 1 Where can I find out more about RTGS?
- 2 What countries are available for RTGS?
- 3 What currencies are available for RTGS?
- 4 What is the maximum trading duration for RTGS?
- 5 What is the maximum BTC limit for an RTGS trade?
- 6 Is RTGS a payment method that can be signed?
- 7 How do I set up a RTGS account?
- 8 How do I add RTGS as a payment method in Bisq?
- 9 How do I buy BTC with my RTGS account?
- 10 How do I sell BTC with my RTGS account?
- 11 Are there any limits for me to be aware of when using my RTGS account?
- 12 Are there any fees for me to be aware of when using my RTGS account?
- 13 How does dispute resolution when trading with RTGS?
Where can I find out more about RTGS?
Here is a list of RTGS resources:
What countries are available for RTGS?
RTGS is available users in India.
What currencies are available for RTGS?
RTGS supports INR currency.
What is the maximum trading duration for RTGS?
The maximum trade time is X days. Generally RTGS transfers will be completed within X days.
What is the maximum BTC limit for an RTGS trade?
0.125 BTC.
Is RTGS a payment method that can be signed?
No, RTGS accounts do not require signing.
How do I set up a RTGS account?
Pretty much all bank accounts in India can make RTGS payments.
How do I add RTGS as a payment method in Bisq?
It is easy to add your RTGS account to Bisq.
- Go to the top menu in Bisq and select Account.
- Then select National Currency Accounts.
- Click add new account
- Select RTGS
- Complete the details
- Choose to use a custom account name this helps makes it easier for you to manage multiple payment methods in Bisq (this will be visible only to you, for example: RTGS - INR - Aam Aadmi)
- Click save new account
If you have more than one RTGS account you wish to add to Bisq you can create different accounts for each.
Make sure all the details are correct when you add.
 |
RTGS is for payments of large trades of Rs. 200,000 or over.
When setting up your RTGS payment account please make sure to include your:
Please be aware there is a minimum trade amount of Rs. 200,000 that can be sent per transaction. If you are trading under this amount either the trade would get cancelled or both traders would have to agree on another payment method (eg IMPS or UPI). |
How do I buy BTC with my RTGS account?
You can buy BTC with RTGS on Bisq in 2 waysː
- Make an offer to buy BTC on the INR market.
- Take an offer to buy BTC on the INR market.
When the offer is confirmed Bisq will provide you with the BTC Sellers RTGS details for you to complete the payment. You should send payment immediately and confirm you have done so in Bisq by clicking 'payment started'.
If you have the option to include a payment reference please leave it blank. If your bank requires one, please just use your name that matches your bank account.
Once the BTC Seller receives your payment they will confirm in Bisq and your security deposit and your purchased trade amount will be available in your wallet.
|
Please send payment only to the account details provided in Bisq.
Please be aware there is a minimum trade amount of Rs. 200,000 that can be sent per transaction. If you are trading under this amount either the trade would get cancelled or both traders would have to agree on another payment method (eg IMPS or UPI). |
How do I sell BTC with my RTGS account?
You can sell BTC with RTGS on Bisq in 2 waysː
- Make an offer to sell BTC on the INR market.
- Take an offer to sell BTC on the INR market.
When the offer is confirmed Bisq will provide with the BTC Buyer with your RTGS details for you to complete the payment. They should send payment at their first opportunity and confirm they have done so in Bisq by clicking 'payment started'.
Once you receive payment from the BTC Buyer you should confirm payment has been received in Bisq. One you have done this the BTC Buyer will receive their funds and you will receive your security deposit back.
|
Please be aware there is a minimum trade amount of Rs. 200,000 that can be sent per transaction. If you are trading under this amount either the trade would get cancelled or both traders would have to agree on another payment method (eg IMPS or UPI). |
Are there any limits for me to be aware of when using my RTGS account?
Minimum amount per transaction is Rs.200,000.
Maximum of 1,000,000 INR can be sent per day.
Are there any fees for me to be aware of when using my RTGS account?
RTGS fees are low. Banks charge different amounts but fees are generally between 25-50 rupees.
How does dispute resolution when trading with RTGS?
If a dispute occurs the mediator may ask the buyer to send them information showing that they made the payment of the correct amount to the BTC Seller within the correct time frame.
The mediator may ask the seller to send them information to prove their account details are correct, or in the case of the BTC Buyer making a payment late, or of the wrong amount.
For more information see dispute resolution.
