Difference between revisions of "TransferWise"

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TransferWise to TransferWise payments were added to Bisq in v1.5.0.  
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'''TransferWise''' was added as a distinct payment method to Bisq in v1.5.0.  
  
TransferWise is a web and app based online money transfer service the supports multiple currencies. TransferWise to TransferWise payments allow users to send payment from any supported currency to any other supported currency. Payments utlize the TransferWise multi-currency account. This is available for users in most countries.
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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.
  
=== Setting up a TransferWise Account ===
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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.
  
Setting up an account. Go to [https://transferwise.com/ TransferWise] and register for an account. KYC will be required.
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== Setting up a TransferWise Account ==
  
=== Setting up a TransferWise Account in Bisq ===
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Set up an account. Go to [https://transferwise.com/ TransferWise] and register for an account. KYC will be required.
  
Go to the Account section >  National Currency Accounts in Bisq and select the 'Add New Account'.
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== Setting up a TransferWise Account in Bisq ==
  
Enter your email address that is registered to TransferWise and the currencies you would like to be able to make/take offers with.
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Go to <code>Account</code> >  <code>National Currency Accounts</code> in Bisq and select <code>Add New Account</code>.
  
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Enter the email address you have registered with TransferWise and the currencies you would like to make and take offers with.
  
=== Sellers - Getting your account ready for trading on Bisq ===
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== Getting your TransferWise account ready for trading ==
  
You can set up your account on the App or on the web site. Screen shots are from the website.
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''This section is primarily for '''BTC sellers''' using TransferWise.''
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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.
 
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.
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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.
 
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.
  
=== Buyer's- Making payments using TransferWise to TransferWise ===
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== Making payments with TransferWise ==
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''This section is primarily for '''BTC buyers''' using TransferWise.''
  
Bisq trade protocol for TransferWise means that the only information you have about the buyer is their email address.
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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 have a useful guide about this on their help section: [https://transferwise.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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TransferWise has a useful guide about this [https://transferwise.com/help/articles/2932105/can-i-send-money-to-someone-with-only-their-email-address in their help section].
  
 
To set up a transfer to an email address, follow these steps:
 
To set up a transfer to an email address, follow these steps:

Revision as of 18:30, 8 December 2020

TransferWise 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.

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:

  1. Start a transfer by clicking the Send money button
  2. At the recipient step, choose Someone else or Business or charity
  3. Untick the box next to I know their bank details
  4. Enter your recipient’s email and full name
  5. 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!