SWIFT
SWIFT International Wire Transfer is a payment method to due to be added shortly after v1.7.3.
SWIFT is a network that allows financial institutions worldwide to send and receive payments internationally. This article discusses SWIFT transfers between Bisq users.
SWIFT is the industry standard for international payments and supports multiple currencies. Users with access to the SWIFT network through their bank or financial institutions can send and receive payments from any other Bisq user worldwide that also has access to the SWFIT network.
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.
Contents
Setting up a SWIFT Account
Almost all banks will have access to the SWIFT network, and some payment account providers will also give their users access to the SWIFT Network. Before trading on Bisq using SWIFT ensure your bank or payment provider gives you access to the SWIFT network to both send and receive payments.
Accounts with access to the SWIFT network will be provided with both the following:
- BIC/SWIFT code
- IBAN code
Setting up a SWIFT Account in Bisq
Go to Account > National Currency Accounts in Bisq and select Add New Account and select SWIFT International Wire Transfer.
Complete the required fields:
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.
Buying BTC with a SWIFT Account
You can buy BTC with SWIFT on Bisq in one of 2 ways.
- You can make an offer to buy BTC with SWIFT on a currency market of your choosing.
- You can take an offer to buy BTC with SWIFT on any currency market you like.
Selling BTC with a SWIFT Account
You can sell BTC with SWIFT on Bisq in one of 2 ways.
- You can make an offer to sell BTC for payment via SWIFT on a currency market of your choosing.
- You can take an offer to sell BTC for payment via SWIFT on any currency market you like.
