Add TransferWise-USD as a payment method

[pazza83]

TransferWise-USD

Related issues:

Add Transferwise as new multi-currency payment method #243
Improve Transferwise account

TransferWise info:

Due to what I assume is US banking regulation, Sending / receiving USD payments has more restrictions than most other currencies. This is the reason USD was not added to TW-TW payment method. For reference see:

• Can I get USD account details?
• Sending US dollars to countries outside the US
• What countries can I send USD to?
• Can I send money to someone with only their email address?

Background

TransferWise was added to Bisq a couple of months ago and is performing well. Unfortunately due to the reasons above USD was excluded from TW-TW payment method.

This proposal is to include 'TransferWise-USD' as a payment method for Bisq users to trade in USD.

Region

Anyone with a TransferWise account.

Currencies

USD.

Chargeback risk

Minimal

Size of user base

6 million worldwide customers in 2019

Data requirements

Email address
*Account name
*Address

*This info is required for USD transactions from accounts based in USA.

Verification

TLSNotary

Duration

Usually settlement is immediate if TW - TW where user send from available balance, debit or credit card (~80% of transactions)
If user chooses to fund via another payment method eg Wire Transfer then up to 4 days

Fees

~0.25% if not funding using USD.
~small fee of about $0.25 for all sending transactions

Fraud risk

Low

Payment amounts

Within 0.25 BTC limits as per other payment methods.

[Conza88]

Great! No easy way to access largest market in the world ATM.

Interesting they might use SWIFT in certain instances sending USD to other countries lol.

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Edit: I think this needs to be back burnered until other payment options are in e.g. SWIFT, given TW closing accounts recently.

[pazza83]

Edit: I think this needs to be back burnered until other payment options are in e.g. SWIFT, given TW closing accounts recently

Let's wait until the trade ID issue is updated (if that is to happen) then reconsider.

[maltokyo]

Only USD?

[Conza88]

Only USD?

Essentially the rest of the world is already added lol

[pazza83]

Yes pretty much everyone has access to TransferWise at the moment on Bisq apart from users in Nigeria, Brazil and USA.

Nigeria and Brazil are not possible, but USA users can be catered for.

[pazza83]

TransferWise-USD has been scored for inclusion to Bisq:

Essential	Desirable	Definite No’s
Very low risk of chargeback	No risk of chargeback	< very low risk of chargeback
Way to verify the sender in the received payment	Way to verify the sender in the received payment and ability to enter a reference	No way to verify the sender in the received payment
Trade time less than one week	Instant payment	Trade time more than one week
Singular Fiat currency	Multi-currency	Not a payment method for fiat currency
Significant user base	Large user base	No significant user base
High usability	High usability and great user experience	**< high amount usability~~
No KYC required for sending and receiving payments	No KYC required for sending and receiving payments, allows users to trade with upmost privacy. Minimal identifying information as possible (no names, email, phone etc required)	Some KYC required (proof of address, ID, selfie) for sending and receiving payments
Low risk of scam attempts	Very low risk of scam attempts	< low risk of scam attempts
Traders can provide evidence of payment / receipt	Traders can provide evidence of payment / receipt and Verification of payment can be made using PageSigner or similar	Traders will be unable to provide evidence of payment / receipt
Minimum limit at least equal to at least account limits protocols	No minimum limits	Minimum limit not able to achieve account limits protocols
Maximum limits equal to at least 0.01 BTC	Large payment limits up to 2 BTC	Maximum limit is less than 0.01 BTC
Likely to increase liquidity	Likely to increase liquidity and open markets for different countries and currencies	Likely to decrease liquidity
Low risk of mediation	Very low risk of mediation	< low risk of mediation
Low risk for traders from government agencies	No risk for traders from government agencies	< low risk for traders from government agencies
Fees should not be a barrier to trading	No fees for transactions	Fees will be a barrier to trading
Only minor changes needed to trade protocol	No changes needed to trade protocol	> Minor changes needed to trade protocol

Score: 22/32
Percentage: 68.75%

[pazza83]

TransferWise-USD - Proposed National Currency Payment Method

I am proposing that TransferWise-USD to be added as a national currency payment method.

@refund-agent2, @huey735, @leo816 please let me know if you have any questions as to how ACH Transfer will be mediated / arbitrated. If you have any objection please let me know by 31 May 2021.

Date proposal being made: 01.05.21
Date feedback to be provided by: 01.05.21

Name of payment method: TransferWise-USD

Required fields (eg)

Country: USA
Account owner full name
Account owner address
Email address linked to TransferWise

Signing required: No

Regions accepted: USA

Currencies accepted: USD

Trade window: 4 days

Bisq Limits: eg 0.25 BTC

Any relevant information for mediators / arbitrators: No

Any relevant information for devs: No

Any relevant information for users: No

Screenshot of expected GUI: TBC

[pazza83]

Here is the XD for TransferWise-USD, it should be straight forward to add:

[pazza83]

Information required for Bisq software strings:

Hi @jmacxx here is the information for the strings.

Let me know if you need anything else:

Special info about any of the inputs required for creating the payment account:

Due US banking regulation, sending and receiving USD payments has more restrictions than most other currencies. For this reason USD was not added to Bisq TransferWise payment method.

The TransferWise-USD payment method allows Bisq users to trade in USD.

Anyone with a Wise, formally TransferWise account, can add TransferWise-USD as a payment method in Bisq. This will allow them to buy and sell BTC with USD.

When trading on Bisq BTC Buyers should not use any reference for reason for payment. If reason for payment is required they should only use the full name of the TransferWise-USD account owner.

Special items to be aware about when sending payments (for BTC Buyers):

Please send payment only to the email address in the BTC Seller's Bisq TransferWise-USD account.

Special items to be aware about when receiving payments (for BTC Sellers):

Please checked that the payment received matches the BTC Buyer's name of the TransferWise-USD account in Bisq.