One of the pioneering payments and cryptocurrency platform, Crypto.com announced today that USD bank transfers are now available on the ACH Network. ACH Network is a United States electronic payment network which processes financial transactions for consumers, businesses and federal/state/local governments.
The announcement read,
Today, we are pleased to announce that USD bank transfers are now available, on the ACH network, for all eligible users in the U.S. The USD bank transfers let users save on credit card fees by allowing them to directly fund their crypto wallet and (soon) easily top-up their MCO Visa Prepaid Card* at no cost.
Working Of USD Bank Transfers
The users can set up their bank accounts in the Crypto.com wallet and Card App. The USD bank transfer account numbers are now visible and these are then provided to users bank for transfer of funds. The users need to note that the initial verification transactions are necessary.
According to the announcement, there are some key points that the users need to keep in mind:
- The app needs to be up to date. Users should update it to the latest version of Crypto.com wallet & Card App for setup.
- Usernames on both, Crypto.com Wallet & Card App should be identical.
- For the verification process, users need to input their SSN details for address and identity verification.
- The daily fund transfers limit to a maximum of US $5,000 per day.
- The processing time for transfers credits in 3 to 5 working days.