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Author Topic: Wire payments to Bitcoin, automatically?  (Read 114 times)
Undsoweiter
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August 05, 2018, 05:38:48 AM
 #1

Hi guys,

I do some consultancy work online and my preferred method of payment is Bitcoin. Sometimes, however, people are simply not able to send Bitcoins directly – only fiat wire transfers. I have been thinking about a fix to this for a while, but haven't been able to come up with something. Is there a way for people to wire money to an exchange/service, that automatically exchanges the fiat to Bitcoin and then to me? I would want to avoid having the wire transfers sent to a bank account in my name, where I then exchange it the fiat to Bitcoin manually. The process of exchanging the fiat wire payment into Bitcoin wouldn't necessarily need to be automatic. But, I would want to avoid using a bank account, especially one in my name, as a middleman to make this possible. Are there any services/exchanges that provides a solution for what I am looking for, while remaining somewhat anonymous?

Kind regards,
Usw

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August 07, 2018, 03:34:21 PM
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What about using LocalBitcoin or a decentralized exchange? Basically, they could buy Bitcoin using wire transfer and then transfer the coins to your wallet. I don't know any other way, but something similar to consider is the websites like Indacoin & ChangeNow (but it will be via Visa/Mastercard). They purchase bitcoins and provide your BTC address.

https://changenow.io/
https://indacoin.com/

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August 07, 2018, 07:40:58 PM
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Hi guys,

I do some consultancy work online and my preferred method of payment is Bitcoin. Sometimes, however, people are simply not able to send Bitcoins directly – only fiat wire transfers. I have been thinking about a fix to this for a while, but haven't been able to come up with something. Is there a way for people to wire money to an exchange/service, that automatically exchanges the fiat to Bitcoin and then to me? I would want to avoid having the wire transfers sent to a bank account in my name, where I then exchange it the fiat to Bitcoin manually. The process of exchanging the fiat wire payment into Bitcoin wouldn't necessarily need to be automatic. But, I would want to avoid using a bank account, especially one in my name, as a middleman to make this possible. Are there any services/exchanges that provides a solution for what I am looking for, while remaining somewhat anonymous?

Kind regards,
Usw



What you are looking for is very simple as I guessed you want to receive your funds anonymously and unless you want are looking for ways to reduce your exposure, the only way is to start collecting your payments in bitcoin. All you need to do is to educate your clients for those who don't know how to exchange their fiats into bitcoin then send to you. With this, the effort you have to expensed will be transferred to them and since they don't care about privacy which was why they can use wire transfers, they really don't have anything to lose. Its a win-win for everyone but be ready to bear the loss that arise as a result of the fluctuations in the bitcoin market as disagreements on who to take this might frustrate the arrangements.

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September 06, 2018, 09:51:35 AM
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Hi guys,

I do some consultancy work online and my preferred method of payment is Bitcoin. Sometimes, however, people are simply not able to send Bitcoins directly – only fiat wire transfers. I have been thinking about a fix to this for a while, but haven't been able to come up with something. Is there a way for people to wire money to an exchange/service, that automatically exchanges the fiat to Bitcoin and then to me? I would want to avoid having the wire transfers sent to a bank account in my name, where I then exchange it the fiat to Bitcoin manually. The process of exchanging the fiat wire payment into Bitcoin wouldn't necessarily need to be automatic. But, I would want to avoid using a bank account, especially one in my name, as a middleman to make this possible. Are there any services/exchanges that provides a solution for what I am looking for, while remaining somewhat anonymous?

Kind regards,
Usw



Sure, there is a way. They can create their own accounts on the cryptocurrency exchange which allows converting fiat to crypto.
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September 06, 2018, 12:13:04 PM
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Hi guys,

I do some consultancy work online and my preferred method of payment is Bitcoin. Sometimes, however, people are simply not able to send Bitcoins directly – only fiat wire transfers. I have been thinking about a fix to this for a while, but haven't been able to come up with something. Is there a way for people to wire money to an exchange/service, that automatically exchanges the fiat to Bitcoin and then to me? I would want to avoid having the wire transfers sent to a bank account in my name, where I then exchange it the fiat to Bitcoin manually. The process of exchanging the fiat wire payment into Bitcoin wouldn't necessarily need to be automatic. But, I would want to avoid using a bank account, especially one in my name, as a middleman to make this possible. Are there any services/exchanges that provides a solution for what I am looking for, while remaining somewhat anonymous?

Kind regards,
Usw



Sure, there is a way. They can create their own accounts on the cryptocurrency exchange which allows converting fiat to crypto.

Yeap, agree. That looks like a simple solution. For example, people can register on CEX in order to buy crypto. In addition, I'd like to mention that this exchange now provides bonuses for using wire transfers: https://cex.io/wires-campaign/. Think over it.
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September 07, 2018, 03:58:46 AM
 #6

Hi guys,

I do some consultancy work online and my preferred method of payment is Bitcoin. Sometimes, however, people are simply not able to send Bitcoins directly – only fiat wire transfers. I have been thinking about a fix to this for a while, but haven't been able to come up with something. Is there a way for people to wire money to an exchange/service, that automatically exchanges the fiat to Bitcoin and then to me? I would want to avoid having the wire transfers sent to a bank account in my name, where I then exchange it the fiat to Bitcoin manually. The process of exchanging the fiat wire payment into Bitcoin wouldn't necessarily need to be automatic. But, I would want to avoid using a bank account, especially one in my name, as a middleman to make this possible. Are there any services/exchanges that provides a solution for what I am looking for, while remaining somewhat anonymous?

Kind regards,
Usw



I'm assuming you're looking for something like a shapeshift plugin which allows you to integrate it into your site? I don't think that there are many services out there currently that provides this service.

The thing is that regulation is harsh on anything that has anything to do with fiat to bitcoin transactions in particular, so there are extremely high regulatory compliance requirements when it comes to KYC/AML for the user. Having an anonymous plugin for someone to buy bitcoin with their credit card or whatnot is simply not doable in practice with these rules. Furthermore, credit card fraud means that these services are unfeasible.

There is the coinbase buy widget which you could use: https://developers.coinbase.com/docs/buy-widget, however based off my knowledge doesn't work without KYC, and has quite low limits. Your customers can pay by both ACH and Credit cards. That's the only one that is close to what you are looking for at the moment. Otherwise, just have a tutorial in the FAQ section of your site which outlines how people can buy bitcoin without verification, on sites like virwox.

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September 09, 2018, 03:53:36 PM
 #7

Unfortunately, there currently isn't a single service provider which offers the service of exchanging a wire transfer to BTC directly.
This is mostly due to the governmental regulations regarding money transmissions and possible frauds.

The only (practical doable) way would be to show your clients how to buy/send bitcoins.
If that's not an option, then you'll probably have to further accept FIAT to exchange it yourself.

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September 09, 2018, 04:02:42 PM
 #8

I think using the localbitcoins is the better way for your need now but in future we may have some services like converting the fiat directly into bitcoin only after the regulations made by the governments.Or you can ask them to convert their fiat into bitcoin by using the exchanges there are lot of exchanges allows wire payments for buying the crypto currencies but it is like buying and selling not converting.

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September 12, 2018, 08:14:04 AM
 #9

Hi guys,

I do some consultancy work online and my preferred method of payment is Bitcoin. Sometimes, however, people are simply not able to send Bitcoins directly – only fiat wire transfers. I have been thinking about a fix to this for a while, but haven't been able to come up with something. Is there a way for people to wire money to an exchange/service, that automatically exchanges the fiat to Bitcoin and then to me? I would want to avoid having the wire transfers sent to a bank account in my name, where I then exchange it the fiat to Bitcoin manually. The process of exchanging the fiat wire payment into Bitcoin wouldn't necessarily need to be automatic. But, I would want to avoid using a bank account, especially one in my name, as a middleman to make this possible. Are there any services/exchanges that provides a solution for what I am looking for, while remaining somewhat anonymous?

Kind regards,
Usw



Seems like you could use coinbase plugin on your site.

However, there is likely going to be some degree of KYC when purchasing with wire transfers due to fraud. I'm fairly sure that for your customers, this is definitely not for them as they're looking to pay in a fast way, not to sign up to coinbase and get verified and all that whole process. Plus, the rates on coinbase generally aren't that good. There is also a few days delay when it comes to wire transfers.

If that does not work, then I would incentivise the customers by providing a discount when paying for bitcoin, while having a list of bitcoin exchanges which they could potentially use to purchase BTC. As others mentioned due to regulatory issues there is simply not a lot of services that do what you're looking for here.

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