Cross-Border Transfers (SWIFT, IBAN)
Functionality
The CrossFi App simplifies the process of making traditional bank transfers from crypto wallets and vice versa, effectively bridging the gap between the conventional banking system and cryptocurrency. This feature is essential for global financial connectivity, leveraging SWIFT and IBAN systems for international transactions.
Key Features
SWIFT Transfers: Enables users to send money globally through the SWIFT network, connecting traditional bank accounts with crypto wallets.
IBAN Transfers: Facilitates efficient cross-border transactions within IBAN-participating countries, directly from crypto wallets.
Crypto-to-Fiat Conversion: Automatically converts cryptocurrency to fiat currency for outbound transfers and vice versa for inbound transfers to crypto wallets.
Process
Selecting Transfer Type: Choose either a SWIFT or IBAN transfer based on the destination and nature of the transaction.
Entering Transfer Details: Input the recipient's banking details, including the SWIFT code or IBAN, and specify the amount.
Currency Conversion: The app automatically calculates and shows the conversion rate if the transfer involves a change from crypto to fiat or the reverse.
Confirmation and Execution: Review the transaction for accuracy, including applicable fees, and confirm that the transfer will be executed seamlessly.
Benefits
Seamless Integration: Streamlines moving funds between crypto wallets and traditional bank accounts.
Ease of Use: Simplifies international bank transfers, making them quick and user-friendly.
Versatility: Ideal for users who operate in both crypto and traditional banking spheres, offering a unified solution for financial transactions.
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