Difference between revisions of "NEFT"
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| − | ''' | + | '''NEFT''' is a payment method added in Bisq v1.7.5. |
| − | + | National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India. NEFT enables bank customers in India to transfer funds for free between any two NEFT-enabled bank accounts. | |
| − | == | + | == Where can I find out more about NEFT? == |
| − | + | Here is a list of NEFT resources: | |
| − | + | * [https://en.wikipedia.org/wiki/National_Electronic_Funds_Transfer National Electronic Funds Transfer Wiki] | |
| − | + | == What countries are available for NEFT? == | |
| − | + | NEFT is available users in India. | |
| − | + | == What currencies are available for NEFT? == | |
| − | + | NEFT supports INR currency. | |
| − | + | == What is the maximum trading duration for NEFT? == | |
| − | + | The maximum trade time is X days. Generally NEFT transfers will be completed within X days. | |
| − | == | + | == What is the maximum BTC limit for an NEFT trade? == |
| − | + | 0.02 BTC. | |
| − | It is easy to add your | + | == Is NEFT a payment method that can be signed? == |
| + | |||
| + | No, NEFT accounts do not require signing. | ||
| + | |||
| + | == How do I set up a NEFT account? == | ||
| + | |||
| + | Pretty much all bank accounts in India can make NEFT payments. | ||
| + | |||
| + | == How do I add NEFT as a payment method in Bisq? == | ||
| + | |||
| + | It is easy to add your NEFT 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 NEFT |
# 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: NEFT - INR - Aam Aadmi) |
# Click save new account | # Click save new account | ||
| − | If you have more than one | + | If you have more than one NEFT account you wish to add to Bisq you can create different accounts for each. |
| + | |||
| + | {{Admonition_Warn|Make sure all the details are correct when you add. | ||
| − | + | 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 maximum of Rs. 50,000 that can be sent per transaction. If you are trading over this amount multiple transactions will be needed. | |
| − | + | Please note some banks have different limits for their customers.}} | |
| − | |||
| − | When the offer is confirmed Bisq will provide you with the BTC Sellers | + | == How do I buy BTC with my NEFT account? == |
| + | |||
| + | You can buy BTC with NEFT 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 NEFT 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. | ||
| Line 52: | Line 73: | ||
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. | |
| − | + | The maximum trade size is Rs. 50,000 per transaction. | |
| − | # Make an offer to sell BTC on the | + | If your trade is over Rs. 50,000 you will have to make multiple transfers. |
| − | # Take an offer to sell BTC on the | + | |
| + | Please note some banks have different limits for their customers.}} | ||
| + | |||
| + | == How do I sell BTC with my NEFT account? == | ||
| + | |||
| + | You can sell BTC with NEFT 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 XXXXXXX 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'. | When the offer is confirmed Bisq will provide with the BTC Buyer with your XXXXXXX 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'. | ||
| Line 63: | Line 92: | ||
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|If you intend to receive over Rs. 50,000 per trade you should expect the buyer to have to make multiple transfers. |
| + | |||
| + | Please note some banks have different limits for their customers.}} | ||
| + | |||
| + | == Are there any limits for me to be aware of when using my NEFT account? == | ||
| + | |||
| + | Maximum amount limited to per transaction is Rs.50000 within India | ||
| + | |||
| + | Maximum of 50,000 INR can be sent per transaction. | ||
| + | |||
| + | No minimum limit. | ||
| + | |||
| + | == Are there any fees for me to be aware of when using my NEFT account? == | ||
| − | + | It is free to send and receive. | |
| − | == How does dispute resolution when trading with | + | == How does dispute resolution when trading with NEFT? == |
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 21:30, 21 November 2021
NEFT is a payment method added in Bisq v1.7.5.
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India. NEFT enables bank customers in India to transfer funds for free between any two NEFT-enabled bank accounts.
Contents
- 1 Where can I find out more about NEFT?
- 2 What countries are available for NEFT?
- 3 What currencies are available for NEFT?
- 4 What is the maximum trading duration for NEFT?
- 5 What is the maximum BTC limit for an NEFT trade?
- 6 Is NEFT a payment method that can be signed?
- 7 How do I set up a NEFT account?
- 8 How do I add NEFT as a payment method in Bisq?
- 9 How do I buy BTC with my NEFT account?
- 10 How do I sell BTC with my NEFT account?
- 11 Are there any limits for me to be aware of when using my NEFT account?
- 12 Are there any fees for me to be aware of when using my NEFT account?
- 13 How does dispute resolution when trading with NEFT?
Where can I find out more about NEFT?
Here is a list of NEFT resources:
What countries are available for NEFT?
NEFT is available users in India.
What currencies are available for NEFT?
NEFT supports INR currency.
What is the maximum trading duration for NEFT?
The maximum trade time is X days. Generally NEFT transfers will be completed within X days.
What is the maximum BTC limit for an NEFT trade?
0.02 BTC.
Is NEFT a payment method that can be signed?
No, NEFT accounts do not require signing.
How do I set up a NEFT account?
Pretty much all bank accounts in India can make NEFT payments.
How do I add NEFT as a payment method in Bisq?
It is easy to add your NEFT account to Bisq.
- Go to the top menu in Bisq and select Account.
- Then select National Currency Accounts.
- Click add new account
- Select NEFT
- 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: NEFT - INR - Aam Aadmi)
- Click save new account
If you have more than one NEFT account you wish to add to Bisq you can create different accounts for each.
 |
Make sure all the details are correct when you add.
Please make sure to include your:
Please be aware there is a maximum of Rs. 50,000 that can be sent per transaction. If you are trading over this amount multiple transactions will be needed. Please note some banks have different limits for their customers. |
How do I buy BTC with my NEFT account?
You can buy BTC with NEFT 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 NEFT 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.
The maximum trade size is Rs. 50,000 per transaction. If your trade is over Rs. 50,000 you will have to make multiple transfers. Please note some banks have different limits for their customers. |
How do I sell BTC with my NEFT account?
You can sell BTC with NEFT 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 XXXXXXX 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.
|
If you intend to receive over Rs. 50,000 per trade you should expect the buyer to have to make multiple transfers.
Please note some banks have different limits for their customers. |
Are there any limits for me to be aware of when using my NEFT account?
Maximum amount limited to per transaction is Rs.50000 within India
Maximum of 50,000 INR can be sent per transaction.
No minimum limit.
Are there any fees for me to be aware of when using my NEFT account?
It is free to send and receive.
How does dispute resolution when trading with NEFT?
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.
