Swyftx are now supporting FIAT Withdrawals for customers who are based outside of Australia with the use of services such as Transferwise or similar applications.
Swyftx customers will firstly need to set up and verify their account with Transferwise or the foreign currency account app in order to facilitate this withdrawal here. To make this easy, we've attached a link to Transferwise for you below.
To make a withdrawal, as usual, you will have to navigate to the Quick Withdraw option on the left hand menu on Swyftx and then Navigate to Withdraw AUD page. Once you are here, you can then click the '+' button here to add the details of the account you will withdraw to here.
From here you will be able to enter and add your Transferwise AUD account details.
To obtain your Transferwise AUD bank transfer details, you'll open your Transferwise App and then:
- Go to Home;
- Choose Open a balance;
- Choose one of the currencies that has bank details (AUD Bank Details); and
- Once you have the balance opened, select Get bank details.
Note: If it is the first time you're obtaining these bank details, you may be required to complete some requirements first as prompted by the App.
Once you have input these details into your Swyftx account here as above, you will receive an email that confirming these bank account details. Please review this email and the details contained to ensure there are no errors.
Once you have confirmed the datils are correct, click the 'Confirm Address' button as shown above. You can now navigate again to the Withdraw AUD Tab on Swyftx and press the little blue hand icon to initiate a withdrawal here.
After clicking this icon, you will have to input how much you wish to withdraw here. Please note that mining fees do not apply to FIAT withdrawals and will therefore be set at 0, as shown below.
If you're wondering why you have to input a USD amount here, your funds are held in USD in your Swyftx trading account until it is withdrawn here, whereupon these funds are converted the AUD.
AUD deposits are automatically converted to USD when using Swyftx to give you the low fees, tightest spreads and best prices for the Crypto assets on the platform! More information on why we do this can be found here: https://help.swyftx.com.au/en/articles/2087814-aud-usd-conversions-important.
Withdrawals not working?
If you have received a message that states: 'USD withdrawals are currently disabled for your account'. Please get in touch with our friendly support team, it's likely that you will just need to complete one of our KYC verification's. Instructions on how to complete this verification can be found here.
If you have any further questions or if this article didn't help, please let don't hesitate to contact our team, who are more than happy to assist here via the live-chat.