Transak has launched wire transfers as a new payment method for US users to purchase cryptocurrencies, enhancing accessibility and convenience for cryptocurrency enthusiasts across the nation. This initiative aims to provide more versatile payment methods, thereby improving the overall user experience.
Transak seeks to support universal accessibility across various currencies and payment types, ensuring that every user can find a convenient method for engaging in crypto transactions. For many US users, wire transfers, synonymous with bank transfers, make this addition a natural fit for their financial habits.
Transak onboarded 13 partners including Binance.US
Transak is said to be the first and only fiat-to-crypto on-ramp to offer wire transfers, setting a new standard for user choice and flexibility. This payment method has already demonstrated its appeal for high-value transactions. Compared to other methods on the platform, wire transfers have a 16x higher average order value, with a minimum order requirement of $2,000, highlighting their potential for substantial cryptocurrency investments.
One compelling aspect of wire transfers on Transak is their cost-effectiveness. With a fee of 1%, they offer a more economical option compared to other US payment methods such as credit cards and Apple Pay. Since their introduction, wire transfers have garnered considerable interest among Transak’s partner network, with 13 partners onboarded, including Binance.US.
Transak has ensured that wire transfers are readily available to a broad spectrum of US users. Anyone who has completed level 2 KYC verification can access this payment option and purchase up to $25,000 worth of cryptocurrencies daily, provided they meet the minimum transaction threshold of $2,000.
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“Being the first to offer wire transfers for crypto purchases is a significant milestone for Transak”
Yeshu Agarwal, Co-Founder, Transak, said: “Being the first to offer wire transfers for crypto purchases is a significant milestone for Transak. This achievement reflects our commitment to innovation and providing our users with more convenient and secure payment options. We’re thrilled to lead the way in expanding accessibility and enhancing the user experience in the crypto space.”
Data from Transak’s UK operations show that bank transfers achieve four times the transaction volume compared to other methods like cards and Apple Pay. Implementing wire transfers for cryptocurrency transactions involves intricate processes, from handling bank transfers to ensuring accurate fund reconciliation.
The multi-step process of adding beneficiaries, sending funds, and approving transactions adds layers of verification. This complexity makes wire transfers particularly secure due to the high intent required, significantly reducing the risk of fraud. While all payment methods come with strong security measures, wire transfers stand out for their additional security features.
