Fortunately, that is changing as more and more money transfer platforms allow for easier and better Bitcoin purchases. These institutions becoming increasingly Bitcoin-friendly is an excellent sign for the crypto market. Today, we’ll be looking at a digital payment provider at the forefront of this change in mentality, Transferwise. So just how does it work? Read on and find out!
“You can’t send money to a cryptocurrency platform.
You can receive money to your Wise account from a platform that deals with cryptocurrencies — as long as the platform is regulated and/or supervised in the EU or UK.”
This means you can cash out from any of the exchanges like Kraken, eToro, Uphold or Coinbase. But you can’t currently buy directly from the crypto exchanges only (Kraken or Coinbase); but you can deposit into multi-asset brokerages eToro or Uphold from Wise. The account, however, needs to be in your name on the brokerage platform.
There is another workaround; by trying to use one of the P2P platforms listed below (most popular are Paxful or Localbitcoins). Depending on what the sender puts into the payment description, the payment might not go through. So, make sure to put something non-crypto related as a payment reference in your Wise app (for example gaming codes).
Can I buy crypto with Wise?
Let’s have a quick look at the 3 best options to buy crypto with Wise and then we will have a more thorough look at these and some of its competitors as well.
A diverse selection of buyers and sellers
Many payment methods
1. Open an Account with Wise
Institutional Investors are also welcomed to Wise if they are into blockchain technology.
2. Choose a Bitcoin Platform
But always make sure the platform lists Wise as the payment option. Fortunately, most do.
3. Type the Amount of Bitcoin to Buy
4. Select a Bitcoin Dealer
5. Ask for the Dealer’s IBAN
Now that you’ve made sure the sellers accept Wise, ask for his IBAN so you can transfer the amount to their bank account.
6. Go to Transferwise Website or Application
Now go back to your Wise account and set up your payment by entering the amount and the seller’s IBAN
7. Send the Amount
First, enter the seller’s details. So their name, address, bank account details, how they want to pick their money, and other information. And choose how to fund the purchase, be it credit, debit card, or bank transfer.
Where to Buy Bitcoin with Transferwise?
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP + more
eToro is a social trading platform for cryptocurrencies, commodities, CFDs, currencies, indexes, and stocks. It started back in 2008 and entered the crypto market in 2013.
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, GBP, EUR + more
Launched in 2015 in New York, Uphold represents an exchange platform that supports crypto, precious metal, US equities, Forex trading, and commodity trading.
Uphold has gained popularity through its Anything-to-Anything feature that enables users to trade different types of assets. There are more than 50 cryptos supported, including majors, alt-coins, stablecoins, and emerging tokens.
Binance is one of the biggest crypto exchanges on the market. Made for experienced traders and rookies alike. In 2021, they launched their own P2P marketplace where you can trade crypto directly with other Binance users.
- Among the most trustworthy crypto exchanges
- High volume exchange
- Very low fees
- A wide array of crypto pairs
- Not many payment options
- Lack of riskier small-cap gems
- The exchange is centralized
The platform is used to buy and offer Bitcoin at a specific price not bound to market fluctuations.
- Top-notch Security
- A lot of payment methods
- Simple user interface (UI)
- Wide variety of sellers
- Sometimes fees are very high
- If you’re not careful, you risk getting scammed
LocalBitcoins is a P2P bitcoin trading platform where buyers of sellers can list their Bitcoin offerings.
Like Paxful, on LocalBitcoins, vendors can create offers in all digital currencies and enjoy the benefits of a P2P exchange.
- Available all around the world
- A diverse selection of buyers and sellers
- Has many payment methods
- Buyers receive bitcoins fast
- All transactions are private
- There isn’t much diversity as the only Bitcoin is offered
- Both sellers and buyers have a chance of being scammed.
- No fees
- Exchange crypto with fiat, credit/debit card, or digital asset
- A lot of listed coins
- The exchange is centralized.
- Not regulated
- Completely decentralized
- It does not require identity verification
- Accepts Fiat payments
- It’s only been on the market since 2016
Currencies Supported For Sending And Receiving Money
Clients can use the following FIAT currencies for sending and receiving money on Wise:
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD
Countries You Can Send Money To With Transferwise
TransferWise customers can send and receive money to bank accounts in the following countries: Argentina, Australia, Bangladesh, Benin, Brazil, Bulgaria, Burkina Faso, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Egypt, Europe, Georgia, Ghana, Guinea-Bissau, Hong Kong, Hungary, India, Indonesia, Israel, Ivory Coast, Japan, Kenya, Liechtenstein, Malaysia, Mali, Mexico, Morocco, Nepal, New Zealand, Niger, Nigeria, Norway, Pakistan, Peru, Philippines, Poland, Romania, Russia, Senegal, Singapore, South Africa, South Korea, Sri Lanka, Sweden, Switzerland, Thailand, Togo, Turkey, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Vietnam, and Zambia.
If you invest with Transferwise, please remember to always trade responsibly. And don’t invest more than what you are willing to lose. Now, good luck!
In case you are looking for different ways to buy Bitcoin, read the guide below:
- How to buy Bitcoin anonymously
- How to buy Bitcoin with credit card
- How to buy Bitcoin with gift card
- How to buy Bitcoin with prepaid cards
- How to buy Bitcoin with iTunes gift card
- How to buy bitcoin with VISA Gift Card?
- How to buy bitcoin & crypto with Google Pay
- How to buy bitcoin with Apple Pay
- How To Buy Bitcoin With N26
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com