How do bank transfers work?
How do bank transfers work?
When you create an account at ether.fi you have the option to set up a virtual USD and EUR account.
Both virtual accounts will be in your name. Any USD or EUR you transfer to these accounts will result in USDC being deposited into your ether.fi Vault.
Which banks can I use?
Which banks can I use?
Any bank that supports ACH or Fedwire payment rails for USD transfers can be used. Any bank that supports the SEPA payment rails for EUR transfers can also be used. Note that SWIFT payments are not yet supported.
Why do I need to upload additional documentation?
Why do I need to upload additional documentation?
In most cases additional documentation is not required, however you may be asked to upload further information as part of the compliance requirements for bank transfers.
What are the fees?
What are the fees?
There is a 0.20% fee on all incoming bank transfers, and a 0.1% fee on all outgoing bank transfers. For EUR transfers there is a 0.50% foreign exchange fee. This fee is passed on from third parties and is deducted from the amount transferred.
Additionally, there is a 0.02% - 0.04% blockchain transaction fee, this is also deducted from the amount transferred. No fees are charged by ether.fi.
Why did my off-ramp include a network fee?
Why did my off-ramp include a network fee?
If your tokens were not on Base, a network fee may apply to move them on-chain before the bank transfer starts.
Any bridging fee is always shown upfront and only applied if you confirm and proceed. This fee is separate from the bank processing fee.
To avoid extra network fees, make sure your tokens are already on Base before off-ramping.
Are there any limits on what I can transfer?
Are there any limits on what I can transfer?
From/to your own bank account: No limit on incoming or outgoing transfers.
From/to a business bank account: No limit on incoming or outgoing transfers.
Incoming from a third-party private bank account: Limited to $4,000 (e.g., a friend can't send you more than $4,000).
Outgoing to a third-party private bank account: No limit (e.g., you can send any amount to a friend).
When will the funds land in the account?
When will the funds land in the account?
SEPA:
SEPA Instant: Less than 15 minutes (or less than 30 seconds in some cases).
SEPA Credit: Less than 1 business day (or 1-2 business days for transactions over €100,000).
WIRE (Fedwire):
Typically less than 3 hours.
Transactions after 4:45 PM ET are sent the next business day.
ACH:
Varies by bank, but generally 1-2 business days.
Next Day ACH: Processes by 8:30 AM the next business day.
Same Day ACH: Settlement occurs at 1:00 PM, 5:00 PM, or 6:00 PM on the same day.
My transfer is taking longer than usual
My transfer is taking longer than usual
If your funds have not arrived within the expected timeframe, please contact us at support@ether.fi or via the chat icon in the bottom right corner, and we’ll investigate. If the transfer was sent from your bank, please request a Trace ID for ACH payments or an IMAD for wire transfers from your bank. Sharing this information will help us locate and resolve the transaction more quickly.
What is the minimum amount that I can send or receive?
What is the minimum amount that I can send or receive?
2 USD or equivalent is the minimum amount that can be sent or received.
Where do I input the memo when making a payment?
Where do I input the memo when making a payment?
Memos can be entered in the Memo or reference field when creating the ACH or Wire. For JP Morgan Chase, the correct field is called “Message to Recipient.” For Mercury, the correct field is called “Message to Recipient.”
We recommend reaching out to your bank if you are not sure where the memo should go.
My bank doesn’t recognize the Routing Number for the payment. What should I do?
My bank doesn’t recognize the Routing Number for the payment. What should I do?
The correct routing numbers for Lead Bank are 101019644 for virtual accounts. This number can be found on FRB Services' website at frbservices.org. The American Bankers Association (ABA) also provides an online lookup tool for routing numbers, which can be accessed here.
If you encounter any errors, please contact your bank's support and inform them that these routing numbers are listed on the websites mentioned above and should be recognized to support wire and ACH payments.
Where do I input the memo when making a payment?
Where do I input the memo when making a payment?
Memos can be entered in the Memo or reference field when creating the ACH or Wire. For JP Morgan Chase, the correct field is called “Message to Recipient.” For Mercury, the correct field is called “Message to Recipient.”
We also recommend reaching out to your bank if you are not sure where the memo should go
My bank doesn’t recognize the Routing Number for the payment. What should I do?
My bank doesn’t recognize the Routing Number for the payment. What should I do?
The correct routing numbers for Lead Bank are 101019644 for virtual accounts. This number can be found on FRB Services' website at frbservices.org. The American Bankers Association (ABA) also provides an online lookup tool for routing numbers, which can be accessed here.
I have a question about a payment. How can I contact support?
Reach out to ether.fi at support@ether.fi, or by clicking the chat icon on the bottom right. Please avoid contacting our banking partners directly, as they are not best suited to help you.