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. These virtual accounts are offered through a partnership with Bridge.
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?
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?
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?
There is a 0.20% fee on all incoming and outgoing bank transfers, and a 0.50% foreign exchange fee if the bank transfer is in EUR. 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.
Are there any limits on what I can transfer?
When you transfer or receive funds from your own bank account there is no limit on the amount of funds that can be sent. When you transfer or receive funds from a business bank account there is also no limit on the amount of funds that can be sent.
Incoming transfers from a third-party private bank account to your ether.fi account are restricted to $4,000. Outgoing transfers (sending funds from ether.fi) to a third-party private bank account has no limit. e.g. your friend Bill cannot transfer over $4,000 to your virtual account, but you can transfer funds to them with no limit.
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.
My funds are missing or have not landed in my account.
Contact us at support@ether.fi, or by clicking the chat icon on the bottom right, and we will investigate. If you have sent funds from your bank account, request a Trace ID for an ACH payment or an IMAD for a wire from your bank. Providing this information will help us track down the transaction faster.
When will the funds land in the account?
Same-day ACH transactions sent before 4 pm EST will arrive at their destination on the same day. Wires can take a few hours to process, but they will be processed the same day as long as they are received before 5 p.m. EST.
SEPA transactions should arrive within a few hours.
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?
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?
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.