Bank Transfers can be used for the transfer of funds onto the Wyre platform (onramps) and off of the platform (offramps). The following is a guide to the fundamentals of utilizing bank transfers with Wyre. There are multiple ways this can be executed:
The following table shows which methods are supported in which geographies:
ACH direct debits: US
ACH direct credits: US
Payment Method resources act as a token for your user's banking information. By creating a payment method ID once, Wyre stores the sensitive banking information and you can simply reference the resource for future transactions.
Note that 'chargebable' payment methods that can be used to fund a Wyre wallet require full KYC of the user. For 'non-chargebable' payment methods, used for transferring funds from a Wyre wallet to a user bank account, KYC is not required and the payment method status remains 'AWAITING_FOLLOWUP'.
Payment Method has not been activated and is PENDING review on Wyre's side. No user action is required.
Payment Method requires additional information from the user before being useful. The case where you would see this is on WIRE_TRANSFER payment methods when the bank statement is still required.
Payment Method is active and ready for use.
Payment Method has been rejected by Wyre and cannot be used.
Wire transfer. Use for international transfers into USD.
Transfer using the local banking system. Use for ACH or any of the other countries where local transfers are supported.
Wyre requires that the bank account of the user has a remaining balance of at least $5 after their transfer from the bank to Wyre is executed.
Example: If you want to transfer $20 from a user's bank account into Wyre, the user will need to have at least $25 in the bank account prior to the transfer.
There are four edge cases that would trigger a user into a
non approved state after submitting KYC information and connecting a bank account.
- A user needs to re-submit a piece of initial account information.
- User needs to re-submit an ID image
- A user needs to submit a Proof of Address
- A user needs to submit an ACH authorization form.
See also: Payment Method Edge Cases
Updated 2 months ago