SWIFT transfers are an essential tool for managing global finances. They are the international standard used by banks and financial institutions to send and receive cross-border payments.
With Wallbit, you can:
Send SWIFT withdrawals from your checking account. SWIFT withdrawals can be sent to your own accounts, third-party accounts, or business accounts. This allows you to make international payments for products or services purchased abroad.
Receive SWIFT deposits into your investment account (except in Argentina, due to local regulatory restrictions). SWIFT deposits to investment accounts must always originate from a bank account in your own name.
Keep reading to learn how to make SWIFT deposits and withdrawals with Wallbit.
SWIFT Deposits to an Investment Account in Argentina
While SWIFT deposits to investment accounts are available in every country where Wallbit operates, users in Argentina cannot fund their investment accounts directly through a SWIFT deposit due to local financial regulations.
SWIFT Transfer Requirements
SWIFT transfers are available for the following transaction types:
SWIFT Withdrawals to a Bank Account
You can send SWIFT withdrawals to local bank accounts, including:
Your own bank accounts
Third-party bank accounts
Business bank accounts
SWIFT Deposits to an Investment Account
SWIFT deposits can only be made directly to your investment account and must always originate from a bank account in your own name.
Later in this guide, we'll explain step by step how to make SWIFT deposits to your investment account and SWIFT withdrawals.
SWIFT transfers are not available for the following transaction types:
SWIFT Deposits to Your Checking Account
You cannot receive SWIFT deposits into your Wallbit checking account (your primary account) under any circumstances.
SWIFT Deposits to an Investment Account in Argentina
Due to local regulations, users in Argentina cannot receive SWIFT deposits into their investment accounts.
SWIFT Transfer Processing Times, Limits, and Fees
Before making a SWIFT transfer with Wallbit, keep the following in mind.
Fees
SWIFT deposits are free of charge. However, the bank sending the transfer may apply its own fees, so be sure to check with your financial institution.
Processing Time
SWIFT transfers are typically credited within three business days, although most transfers are completed within 24 hours.
Limits
At the bottom of the account details screen, you'll find your available monthly limit. By default, Wallbit displays the maximum amount you can deposit through this method each month.
To learn more, see our article about Wallbit transaction limits.
How to Make a SWIFT Withdrawal with Wallbit
To send a SWIFT withdrawal from your Wallbit account:
Open the Wallbit app and sign in.
Tap Withdraw.
Select US Dollars.
Select International.
Tap New Recipient.
Choose the recipient type:
My Account
Third Party
Business
Enter the destination bank account details:
SWIFT code
Account number
Bank name
Account type
Enter the account holder's information.
Review all the details before proceeding.
Confirm the transaction.
SWIFT withdrawals have a 1% fee, with a minimum fee of USD 25.
How to Fund My Investment Account
As mentioned above, you can fund your investment account directly through a SWIFT deposit.
Here's how.
Ways to Fund Your Investment Account via SWIFT
You can start a SWIFT deposit in two different ways.
From the Home Screen
On the main screen, tap the blue Deposit button.
Select US Dollars.
Choose SWIFT to Investments.
Confirm that the transfer will come from a bank account in your own name.
Copy your transfer details:
Memo (Required): Used to identify your transfer.
Beneficiary: Alpaca Securities LLC
Bank Name: BMO Harris Bank NA
SWIFT Code: HATRUS44
Account Number: 1636877
Enter this information when initiating the transfer from your sending bank.
Confirm the transaction.
From the Investments Tab
Go to the Investments section.
Tap Deposit.
Select US Dollars.
Choose SWIFT to Investments.
Confirm that the transfer will come from a bank account in your own name.
Follow the same steps described above and confirm the transaction.
If you need additional assistance, you can contact our support team through the in-app chat.