Transak Enables U.S. Crypto Purchases Through Bank Wire Transfers

• Transak introduces wire transfers, enhancing crypto transactions with a familiar, secure, and convenient option for U.S. users.

• With a 1% fee and a $25,000 daily limit, Transak offers significant transaction advantages over other crypto purchasing methods.

• Collaborating with industry leaders, Transak drives crypto adoption, simplifying access to decentralized finance platforms worldwide.

Global Web3 infrastructure provider Transak has launched a new service allowing U.S. users to buy cryptocurrency directly through wire transfers from their bank accounts. The announcement was made on Tuesday and marks a significant step in making crypto transactions more accessible and secure for American users.

Streamlined Crypto Transactions with Wire Transfers

Transak’s new service allows users to buy crypto through wire transfers to provide a familiar, safe, and convenient way of transacting. By using bank transfers, the process of purchasing cryptocurrency is made simpler, straightforward, and less complicated. In addition to this, it also aims at increasing security by minimizing fraud risks common with other payment methods.

Compared with other payment methods like credit cards or PayPal that have lower limits on transaction amounts, wire transfers can typically support larger transactions. 

This aligns well with financial behaviors in the US where high-value purchases are usually made via this method. The minimum order for wire transfers on Transak is $2,000 which has seen an average order value 16 times higher than alternative methods according to them. Daily purchases up to $25k can be completed by users making it suitable for anyone wishing to invest heavily in cryptocurrencies.

Cost And KYC Requirements

A 1% fee is charged for the service and level two KYC verification must be completed by users before they can access it. This ensures that all regulatory standards are met during secure transactions between parties involved in exchanges of different currency types such as fiat money into digital coins (crypto).

Offering this feature makes Transak unique since it becomes the first fiat-to-crypto on-ramp allowing wire transfers.

In a statement about their commitment to improving user experience Yeshu Agarwal co-founder of Transacts said: “The milestone achievement of being able to offer wire transfer for crypto purchase first globally is huge for us at Transact.”

We strive to always push boundaries through creativity thus giving our customers better options when it comes to paying securely,” he added further indicating more efforts by his company aimed at promoting wider inclusion within its ecosystem about cryptocurrency usage among people around the world