TransferWise
TransferWise, now Wise, was added as a distinct payment method to Bisq in v1.5.0.
TransferWise can be used in SEPA trades as well, where one peer uses SEPA and another uses TransferWise. This article discusses TransferWise-to-TransferWise trades, where both peers use TransferWise.
TransferWise is a web- and app-based money transfer service that supports multiple currencies. TransferWise to TransferWise payments allow users to send payment from any supported currency to any other supported currency. Payments utilize the TransferWise multi-currency account. This is available for users in most countries.
Contents
Setting up a TransferWise Account
Set up an account. Go to TransferWise and register for an account. KYC will be required.
Setting up a TransferWise Account in Bisq
Go to Account > National Currency Accounts in Bisq and select Add New Account.
Enter the email address you have registered with TransferWise and the currencies you would like to make and take offers with.
Getting your TransferWise account ready for trading
This section is primarily for BTC sellers using TransferWise.
You can set up your account on the mobile app or on the web site. Screenshots are from the website.
On the left click 'open a balance'. Choose the currency you would like to trade in and select Confirm. You can add as many currencies as you wish.
The following currencies all come with local bank details as part of your TransferWise account (may differ depending on locations):
- AUD
- EUR
- GBP
- NZD
- RON
- SGD
- USD
If you are selling Bitcoin on Bisq these accounts are useful as they allow you to trade with those currencies as they give you a recipient bank account that can be used to receive funds from the Buyer of Bitcoin
Click on recipients. This is where you set up where you want the money paid to.
Click 'Add your bank account' and enter your bank account details (these can be your own bank details, or they can be the TransferWise local bank account details you have created).
Once added click the down arrow next to the account and select 'make primary'. This means when someone pays you via TransferWise to TransferWise it will go into your primary bank account.
NB: You need to have a primary bank account set up for each currency you wish to receive funds to on TransferWise. If you do not have a payment account set up the trader might not be able to send payment to you. If they are able payment will appear in your TransferWise balance for this currency.
Making payments with TransferWise
This section is primarily for BTC buyers using TransferWise.
Because of the way TransferWise payments are implemented in the Bisq trade protocol, the only information sellers have about buyers is their email address.
TransferWise has a useful guide about this in their help section.
To set up a transfer to an email address, follow these steps:
- Start a transfer by clicking the Send money button
- At the recipient step, choose Someone else or Business or charity
- Untick the box next to I know their bank details
- Enter your recipient’s email and full name
- Pay for the transfer as usual
You can then choose how you would like to pay. You can even pay by credit or debit card!
On the case that the payment was made with a name different from the email address (which is allowed) and could create some confusion, the receiver could verify that the name of the btc buyer is correct by writing his email on a new payment and see if the name matches the one he received it from. *Of course do not go through resending them any funds, there is no need in order to verify the name.
