Difference between revisions of "Wise-USD"

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(replaced the max btc limit value with macro {{MaxTradeSizeBisq1}})
(Cleanup page: Add v1 context, restructure sections, clarify limits/fees/restrictions (note Wise's own limits apply), improve setup/trading steps & warnings, fix typos & links.)
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'''Wise-USD''' (formally TransferWise-USD) is a payment method added in Bisq v1.8.0
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'''Wise-USD''' (formerly TransferWise-USD) is a payment method available on Bisq, primarily for trading USD. It was added in Bisq v1.8.0.
  
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Wise is a web- and app-based money transfer service that supports multiple currencies. Wise to Wise payments allow users to send payment from any supported currency to any other supported currency. Payments utilize the Wise multi-currency account. This is available for users in most countries. [[Wise]] was added to Bisq in V1.5.4.  
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Wise itself is a web- and app-based money transfer service supporting multiple currencies, allowing Wise-to-Wise transfers between users globally (see [[Wise]] payment method page, added in v1.5.4). However, due to specific US banking regulations and restrictions on USD transfers documented by Wise, a separate '''Wise-USD''' payment method is used within Bisq exclusively for USD trades.
  
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Wise-USD is for sending and receiving USD payments.
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{{Admonition_Note|'''Version Context:''' The details on this page, particularly regarding trade limits, apply to trading on '''[[Bisq 1|Bisq v1]]'''.}}
  
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== Where can I find out more about Wise-USD? ==
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__TOC__
  
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Due US banking regulation, sending / receiving USD payments has more restrictions than most other currencies. This is the reason USD was not added to [[TransferWise|TW-TW]] payment method. For reference see:
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== Wise-USD Characteristics ==
  
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* [https://wise.com/help/articles/2810318/why-cant-i-get-usd-account-details Can I get USD account details?]
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* '''Availability:''' Generally available to users with a Wise account who are permitted by Wise to send/receive USD according to Wise's policies. Users should consult Wise for specific eligibility.
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* [https://wise.com/help/articles/2946451/sending-usd-to-countries-outside-the-us Sending US dollars to countries outside the US]
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* '''Currency:''' '''USD''' only.
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* [https://wise.com/help/articles/2974947/what-countries-can-i-send-usd-to What countries can I send USD to?]
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* '''Fees:''' Wise itself may charge small fees for sending USD or for currency conversion if funding the payment from a non-USD balance. Users should check Wise's current fee schedule.
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* [https://wise.com/help/articles/2932105/can-i-send-money-to-someone-with-only-their-email-address Can I send money to someone with only their email address?]
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* '''Limits & Restrictions:''' While Bisq sets the BTC trade size limit (see below), '''Wise imposes its own sending/receiving limits and restrictions''' based on account verification, region, and other factors. Users '''must''' check their own Wise account limits and USD transfer eligibility before trading. See Wise help pages for details:
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** [https://wise.com/help/articles/2810318/why-cant-i-get-usd-account-details Can I get USD account details?]
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** [https://wise.com/help/articles/2946451/sending-usd-to-countries-outside-the-us Sending US dollars to countries outside the US]
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** [https://wise.com/help/articles/2974947/what-countries-can-i-send-usd-to What countries can I send USD to?]
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* '''Maximum Trade Duration:''' 4 days.
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* '''Maximum BTC Limit (Bisq v1):''' {{MaxTradeSizeBisq1}}.
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* '''[[Account_limits|Account Signing]] Required:''' No.
  
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== What countries are available for Wise-USD? ==
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== Setup ==
  
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Anyone with a Wise account can use Wise-USD.
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=== 1. Set up Wise Account (External) ===
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You must first have an active account with [https://wise.com/ Wise]. Ensure your account is verified and eligible for sending/receiving USD payments according to Wise's terms and regional availability.
  
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== What currencies are available for Wise-USD? ==
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=== 2. Add Wise-USD to Bisq ===
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Once your external Wise account is ready:
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# Go to the '''Account''' tab in Bisq.
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# Select '''National Currency Accounts'''.
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# Click '''Add New Account'''.
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# Select '''Wise-USD''' from the payment method dropdown list.
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# Fill in the required details accurately (e.g., your registered Wise email address).
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# (Optional) Add a custom '''Account Name''' visible only to you (e.g., "Wise-USD - John Doe") for easier management if you have multiple accounts.
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# Click '''Save New Account'''.
  
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USD only.
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{{Admonition_Warn|Ensure the details entered in Bisq exactly match your Wise account information. Mismatches can lead to failed trades or disputes.}}
  
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== What is the maximum trading duration for Wise-USD? ==
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== Trading Process (Bisq v1) ==
  
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The maximum trade time is 4 days.
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=== Buying BTC with Wise-USD ===
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1.  Make or take an offer to buy BTC on the USD market using Wise-USD.
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2.  Once the trade starts and the deposit confirms, view the seller's Wise-USD details (usually their registered email address) in the Bisq trade screen.
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3.  Log in to your Wise account (app or website) and send the exact USD payment amount to the seller's details '''only as provided in Bisq'''.
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4.  '''Payment Reference/Description:''' Leave the payment reference/description field '''blank''' when sending via Wise. If Wise forces you to enter something, use only your name as registered on your Wise account (which the seller already sees). '''Do not add any other text''' (like "Bisq", "BTC", trade IDs, or unrelated notes).
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5.  After sending the payment via Wise, click the '''Payment started''' button in Bisq.
  
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== What is the maximum BTC limit for an Wise-USD trade? ==
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=== Selling BTC with Wise-USD ===
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1.  Make or take an offer to sell BTC on the USD market using Wise-USD.
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2.  Once the trade starts and the deposit confirms, the buyer will see your Wise-USD details (from the account you added in Bisq).
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3.  Wait for the buyer to send the payment via Wise and click "Payment started" in Bisq.
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4.  Log in to your Wise account and '''verify''' you have received the correct USD amount.
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5.  '''Crucially, verify the payment came from a sender whose name matches the BTC Buyer's name''' shown in the Bisq trade details.
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{{Admonition_Warn|Do not confirm payment if the sender's name does not match the buyer's details in Bisq. Open dispute resolution if there is a mismatch.}}
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6.  Once payment amount and sender name are verified, click '''Confirm payment receipt''' in Bisq to release the BTC.
  
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{{MaxTradeSizeBisq1}}.
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== Dispute Resolution ==
  
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== Is Wise-USD a payment method that can be signed? ==
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If a dispute arises (e.g., payment not received, wrong amount, sender name mismatch), follow the [[Dispute_Resolution_in_Bisq_1|dispute resolution]] process.
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* A [[Mediator]] may ask the buyer for proof of payment (screenshot from Wise showing recipient details, amount, date).
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No, Wise-USD accounts do not require signing.
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* The [[Mediator]] may ask the seller for information to verify their account details or confirm non-receipt/incorrect receipt.
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== How do I set up a Wise-USD account? ==
 
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Set up an account with https://wise.com/
 
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== How do I add Wise-USD as a payment method in Bisq? ==
 
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It is easy to add your Wise-USD account to Bisq.
 
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# Go to the top menu in Bisq and select Account.  
 
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# Then select National Currency Accounts.
 
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# Click add new account
 
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# Select Wise-USD
 
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# Complete the details
 
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# 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: Wise-USD - USD - John Doe)
 
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# Click save new account
 
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Make sure all the details are correct when you add.
 
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{{Admonition_Warn|Due US banking regulation, sending and receiving USD payments has more restrictions than most other currencies. For this reason USD was not added to Bisq Wise payment method.
 
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The Wise-USD payment method allows Bisq users to trade in USD.
 
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Anyone with a Wise, formally Wise account, can add Wise-USD as a payment method in Bisq. This will allow them to buy and sell BTC with USD.
 
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When trading on Bisq BTC Buyers should not use any reference for reason for payment. If reason for payment is required they should only use the full name of the Wise-USD account owner.}}
 
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== How do I buy BTC with my Wise-USD account? ==
 
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You can buy BTC with Wise-USD on Bisq in 2 waysː
 
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# Make an offer to buy BTC on the USD market.
 
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# Take an offer to buy BTC on the USD market.
 
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When the offer is confirmed Bisq will provide you with the BTC Sellers Wise-USD details for you to complete the payment. You should send payment immediately and confirm you have done so in Bisq by clicking 'payment started'.
 
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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.
 
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{{Admonition_Warn|Please send payment only to the email address in the BTC Seller's Bisq Wise-USD account. Please leave the payment description blank}}
 
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== How do I sell BTC with my Wise-USD account? ==
 
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You can sell BTC with Wise-USD on Bisq in 2 waysː
 
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# Make an offer to sell BTC on the USD market.
 
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# Take an offer to sell BTC on the USD market.
 
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When the offer is confirmed Bisq will provide with the BTC Buyer with your Wise-USD 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'.
 
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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.
 
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{{Admonition_Warn|Please check that the payment received matches the BTC Buyer's name of the Wise-USD account in Bisq.}}
 
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== Are there any limits for me to be aware of when using my Wise-USD account? ==
 
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No
 
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== Are there any fees for me to be aware of when using my Wise-USD account? ==
 
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~small fee of about $0.25 for all sending transactions
 
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~0.25% if not funding payment using USD.
 
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== How does dispute resolution when trading with Wise-USD? ==
 
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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.  
 
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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.
 
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For more information see [[dispute resolution]].
 

Revision as of 04:10, 17 April 2025

Wise-USD (formerly TransferWise-USD) is a payment method available on Bisq, primarily for trading USD. It was added in Bisq v1.8.0.

Wise itself is a web- and app-based money transfer service supporting multiple currencies, allowing Wise-to-Wise transfers between users globally (see Wise payment method page, added in v1.5.4). However, due to specific US banking regulations and restrictions on USD transfers documented by Wise, a separate Wise-USD payment method is used within Bisq exclusively for USD trades.

Note
 Version Context: The details on this page, particularly regarding trade limits, apply to trading on Bisq v1.

Wise-USD Characteristics

  • Availability: Generally available to users with a Wise account who are permitted by Wise to send/receive USD according to Wise's policies. Users should consult Wise for specific eligibility.
  • Currency: USD only.
  • Fees: Wise itself may charge small fees for sending USD or for currency conversion if funding the payment from a non-USD balance. Users should check Wise's current fee schedule.
  • Limits & Restrictions: While Bisq sets the BTC trade size limit (see below), Wise imposes its own sending/receiving limits and restrictions based on account verification, region, and other factors. Users must check their own Wise account limits and USD transfer eligibility before trading. See Wise help pages for details:
  • Maximum Trade Duration: 4 days.
  • Maximum BTC Limit (Bisq v1): 0.0624 BTC.
  • Account Signing Required: No.

Setup

1. Set up Wise Account (External)

You must first have an active account with Wise. Ensure your account is verified and eligible for sending/receiving USD payments according to Wise's terms and regional availability.

2. Add Wise-USD to Bisq

Once your external Wise account is ready:

  1. Go to the Account tab in Bisq.
  2. Select National Currency Accounts.
  3. Click Add New Account.
  4. Select Wise-USD from the payment method dropdown list.
  5. Fill in the required details accurately (e.g., your registered Wise email address).
  6. (Optional) Add a custom Account Name visible only to you (e.g., "Wise-USD - John Doe") for easier management if you have multiple accounts.
  7. Click Save New Account.
Warn
 Ensure the details entered in Bisq exactly match your Wise account information. Mismatches can lead to failed trades or disputes.

Trading Process (Bisq v1)

Buying BTC with Wise-USD

1. Make or take an offer to buy BTC on the USD market using Wise-USD. 2. Once the trade starts and the deposit confirms, view the seller's Wise-USD details (usually their registered email address) in the Bisq trade screen. 3. Log in to your Wise account (app or website) and send the exact USD payment amount to the seller's details only as provided in Bisq. 4. Payment Reference/Description: Leave the payment reference/description field blank when sending via Wise. If Wise forces you to enter something, use only your name as registered on your Wise account (which the seller already sees). Do not add any other text (like "Bisq", "BTC", trade IDs, or unrelated notes). 5. After sending the payment via Wise, click the Payment started button in Bisq.

Selling BTC with Wise-USD

1. Make or take an offer to sell BTC on the USD market using Wise-USD. 2. Once the trade starts and the deposit confirms, the buyer will see your Wise-USD details (from the account you added in Bisq). 3. Wait for the buyer to send the payment via Wise and click "Payment started" in Bisq. 4. Log in to your Wise account and verify you have received the correct USD amount. 5. Crucially, verify the payment came from a sender whose name matches the BTC Buyer's name shown in the Bisq trade details.

Warn
 Do not confirm payment if the sender's name does not match the buyer's details in Bisq. Open dispute resolution if there is a mismatch.

6. Once payment amount and sender name are verified, click Confirm payment receipt in Bisq to release the BTC.

Dispute Resolution

If a dispute arises (e.g., payment not received, wrong amount, sender name mismatch), follow the dispute resolution process.

  • A Mediator may ask the buyer for proof of payment (screenshot from Wise showing recipient details, amount, date).
  • The Mediator may ask the seller for information to verify their account details or confirm non-receipt/incorrect receipt.
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