Main FAQ Sending Wire Transfers – Best Practices

With the addition of fiat transactions through PrimeTrust we have opened a very strong bridge between legacy finance and cryptocurrency for Beaxy users! Initially this connection only supports a type of transaction known as a wire transaction. For users who are not familiar with them, they can be a little confusing, so here is a list of ways in which you can ensure the process goes as smoothly as possible and what to expect.

PrimeTrust

  • For PrimeTrust you will need to pass additional KYC and provide additional information.
  • Please make sure that all information entered for this additional KYC is exactly as it is entered on your ID.
  • The KYC process is fairly quick – if your account does not show that your application has been approved or declined within a few hours please reach out to customer support.

Wire Transfers

  • Wire transfers are not as fast as crypto transfers. They require manual processing and are subject to bank hours, including weekends and holidays. Generally plan for 24-48 hours for your funds to arrive.
  • Make sure that you enter all necessary information – if the information provided doesn’t match the fields your bank requires, please don’t hesitate to reach out to either them or us to confirm.
  • When withdrawing you will receive a confirmation email from PrimeTrust, if you do not receive it for some reason please contact support.
  • Banks usually charge a flat fee for wire transfers, it will be much cheaper to make a few large transfers instead of several small ones.