Offramp via Bank Payouts
This section helps you get started with executing the deposit from your balance into a designated bank account - also referred to as offramping.
Your customers will have verified themselves already, so this just functions as the disbursement mechanism.
For the most efficient operations:
-
Have customers store a balance on your platform
-
Maximum customer disbursement is no larger than their current balance
-
Optimize your feedback loop between the rate being issued to your customer and the customer confirming the transaction, to proceed with the transfer.
It is recommended to not provide a quote to your customer before the funds being paid out hit their account. Doing this may expose your business to exchange rate fluctuations, operational headaches, and cashflow hurdles.
Making a Payout to a Payment Method
When using the Payment Method as the dest
of a Transfer you will need to use the SRN with the prefix paymentmethod
:.
For example, to payout BTC to MXN, you would make a request that looks like this:
{
"source": "wallet:WA_W7YN28ABCHT",
"dest": "paymentmethod:PA_UP2XAELHJBD",
"sourceCurrency":"BTC",
"destCurrency":"MXN",
"amount": "2"
}
Set up Auto-Liquidating Address
Wyre enables our partners to connect a payment method - like a bank account - to any of the blockchains we support. The endpoint would give the payment method its own blockchain addresses for instant liquidation. Any funds sent to this address will be instantly and automatically converted and liquidated.
You can attach a blockchain to a payment method in two instances:
- You may attach a blockchain when initially creating payment methods by supplying a request parameter
attachBlockchains
as an array of currencies, orALL
for all presently available.
{
"paymentMethodType": "INTERNATIONAL_TRANSFER",
"paymentType": "LOCAL_BANK_WIRE",
"currency": "MXN",
"country": "MX",
"beneficiaryType": "INDIVIDUAL",
"firstNameOnAccount": "Raul",
"lastNameOnAccount": "Reyes",
"accountNumber": "1234567890123",
"clabe": "123412341200000000",
"chargeablePM": false,
"attachBlockchains":"ALL"
}
'
- You may also attach the blockchains to existing payment methods with this endpoint.
{
"muteMessages": true,
"blockchain": "BTC,ETH,XLM,AVAX,ALGO",
"notifyUrl": "https://yourwebhookUrl.com"
}
Available Blockchains for Auto-Liquidation
Blockchain | Code |
---|---|
Avalanche | AVAX |
Avalanche C-Chain | AVAXC |
Bitcoin | BTC |
Ethereum | ETH |
Polygon | MATIC |
Stellar | XLM |
Loopring** | LRC** |
** For auto-liquidation on Loopring, a new wallet will not be automatically spun up. A source address must be included.
All standard transfer limits apply to these liquidations. If these limitations are violated for any reason, the funds will instead be routed to the account which created the payment methods. The credited balance to the account will be in the original blockchain currency.
Tracking Liquidation Events
It is possible to transfer crypto funds from a third party wallet directly to a Liquidation Address. In order to capture this type of transfer event you will need to subscribe to paymentmethod
webhooks.
Local Payouts - Geographies Supported
Brazil
Payout Options | Banking rails only |
---|---|
Banking Coverage |
|
Delivery Times | Caixa Economica Federal, Bradesco, & Banco do Brasil:
All other banks*:
|
Limits | For Brazilian banks, we have minimum deposits that users can make. The specific amount depends on the institution:
Please note that if you attempt to deposit an amount less than the above minimums, your payment will not be processed. |
Branch Codes | You may format the branch code 1 of 2 ways: For Banco do Brasil (bank code 001) and Caixa (bank code 104): "####-#" - where the first 4 digits are the branch number and the final digit is the branch check digit. Example: "3325-1" For all other banks: "####" - a 4 digit branch number. Example "3325" |
China
Payout Options | Banking Rails |
---|---|
Banking Coverage | All UnionPay supported banks |
Delivery Time | 24 hours |
Personal/Individual Limits | Bank Accounts
|
Corporation/Business Limits | Bank Accounts
|
Mexico
SPEI - SPEI is Mexico’s lightning fast and inexpensive inter-bank transfer system (akin to SEPA in Europe, and vastly superior to ACH). All bank accounts in Mexico can be identified by their special 18-digit SPEI account number, otherwise known as a ‘CLABE’. Transfers executed via SPEI are typically concluded within a few seconds (within banking hours).
Debit Cards - Send transfers directly to debit cards from any Mexican bank. Note that the “institution_code” is obtained from the bank_codes endpoint.
Payout Options | Banking Rails |
---|---|
Banking Coverage | See entire bank list here: https://en.wikipedia.org/wiki/CLABE |
Delivery Time | Triggers a SPEI + DEBIT CARD withdrawal from your account. These withdrawals are immediate during banking hours for some banks (M-F 9:00AM - 5:00PM Mexico City Time), 24 hours for others. |
Limits | Minimum is $50MXN, no maximum currently. |
Updated 20 days ago