Closed pazza83 closed 2 years ago
Great! No easy way to access largest market in the world ATM.
Interesting they might use SWIFT in certain instances sending USD to other countries lol.
Edit: I think this needs to be back burnered until other payment options are in e.g. SWIFT, given TW closing accounts recently.
Edit: I think this needs to be back burnered until other payment options are in e.g. SWIFT, given TW closing accounts recently
Let's wait until the trade ID issue is updated (if that is to happen) then reconsider.
Only USD?
Only USD?
Essentially the rest of the world is already added lol
Yes pretty much everyone has access to TransferWise at the moment on Bisq apart from users in Nigeria, Brazil and USA.
Nigeria and Brazil are not possible, but USA users can be catered for.
TransferWise-USD has been scored for inclusion to Bisq:
Essential | Desirable | Definite No’s |
---|---|---|
Very low risk of chargeback | ||
Way to verify the sender in the received payment and ability to enter a reference | ||
Instant payment | ||
Singular Fiat currency | ||
Significant user base | ||
High usability and great user experience | **< high amount usability~~ | |
No KYC required for sending and receiving payments | ||
Low risk of scam attempts | ||
Traders can provide evidence of payment / receipt and Verification of payment can be made using PageSigner or similar | ||
No minimum limits | ||
Large payment limits up to 2 BTC | ||
Likely to increase liquidity and open markets for different countries and currencies | ||
Low risk of mediation | ||
Low risk for traders from government agencies | ||
Fees should not be a barrier to trading | ||
No changes needed to trade protocol |
Score: 22/32 Percentage: 68.75%
I am proposing that TransferWise-USD to be added as a national currency payment method.
@refund-agent2, @huey735, @leo816 please let me know if you have any questions as to how ACH Transfer will be mediated / arbitrated. If you have any objection please let me know by 31 May 2021.
Date proposal being made: 01.05.21 Date feedback to be provided by: 01.05.21
Name of payment method: TransferWise-USD
Required fields (eg)
Country: USA Account owner full name Account owner address Email address linked to TransferWise
Signing required: No
Regions accepted: USA
Currencies accepted: USD
Trade window: 4 days
Bisq Limits: eg 0.25 BTC
Any relevant information for mediators / arbitrators: No
Any relevant information for devs: No
Any relevant information for users: No
Screenshot of expected GUI: TBC
Here is the XD for TransferWise-USD, it should be straight forward to add:
Hi @jmacxx here is the information for the strings.
Let me know if you need anything else:
Due US banking regulation, sending and receiving USD payments has more restrictions than most other currencies. For this reason USD was not added to Bisq TransferWise payment method.
The TransferWise-USD payment method allows Bisq users to trade in USD.
Anyone with a Wise, formally TransferWise account, can add TransferWise-USD as a payment method in Bisq. This will allow them to buy and sell BTC with USD.
When trading on Bisq BTC Buyers should not use any reference for reason for payment. If reason for payment is required they should only use the full name of the TransferWise-USD account owner.
Please send payment only to the email address in the BTC Seller's Bisq TransferWise-USD account.
Please checked that the payment received matches the BTC Buyer's name of the TransferWise-USD account in Bisq.
Wiki completed: https://bisq.wiki/TransferWise-USD
Transferwise rebranded to "Wise" at the beginning of the year: https://wise.com/gb/blog/world-meet-wise Maybe we should update this, or at least show both names in-app.
What do you think?
@stopfeds
I agree. I have added this to my to do list :)
TransferWise-USD
Related issues:
Add Transferwise as new multi-currency payment method #243 Improve Transferwise account
TransferWise info:
Due to what I assume is US banking regulation, Sending / receiving USD payments has more restrictions than most other currencies. This is the reason USD was not added to TW-TW payment method. For reference see:
Background
TransferWise was added to Bisq a couple of months ago and is performing well. Unfortunately due to the reasons above USD was excluded from TW-TW payment method.
This proposal is to include 'TransferWise-USD' as a payment method for Bisq users to trade in USD.
Region
Anyone with a TransferWise account.
Currencies
USD.
Chargeback risk
Minimal
Size of user base
6 million worldwide customers in 2019
Data requirements
Email address Account name Address
*This info is required for USD transactions from accounts based in USA.
Verification
TLSNotary
Duration
Usually settlement is immediate if TW - TW where user send from available balance, debit or credit card (~80% of transactions) If user chooses to fund via another payment method eg Wire Transfer then up to 4 days
Fees
~0.25% if not funding using USD. ~small fee of about $0.25 for all sending transactions
Fraud risk
Low
Payment amounts
Within 0.25 BTC limits as per other payment methods.