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In Bitcoin We Trust Introduces Bank Wire Transfers

Op-ed - In Bitcoin We Trust Introduces Bank Wire Transfers

Today, In Bitcoin We Trust, IBWT, announced that they have teamed up with OKPAY to allow customers to use wire transfers to deposit funds in either in either GBP, USD, EURO, or their latest addition, CAD. Individuals already set up with OKPAY will now be able to deposit to IBWT.

In Bitcoin We Trust issued the following press release:


IBWT has teamed up withOKPAY to allow customers to deposit funds in either GBP, USD, EURO, or their latest addition, CAD. Over time they plan to integrate further denominations for international customers. If you have an OKPAY account, you can now deposit to IBWT.

Customers who have undergone verification with OKPAY will be able to conduct wire transfers to their OKPAY accounts, taking the standard 5-7 days to clear. Then they can send a deposit request via the IBWT platform and send the equal amount to whilst logged into their OKPAY account. The IBWT team have stated that deposits and withdrawals via OKPAY will be processed within 24 hours, 7 days a week.

Recently they also added analternative withdrawal system, processing hard currency direct into customers’ bank accounts. They have since stated they will be placing a limit on this which will increase gradually over time.

“Though we have a way for customers, internationally, from Canada, the US and all over Europe to trade via bank wire transfers, we still wish to keep and expand the alternative methods of deposits and withdrawals. We’re quite aware that there are many unbanked individuals, or without addresses, yet many people have mobile phones. We plan to introduce ATMs that will work via the IBWT platform and that customers will be able to buy crypto-currency from and then upload from their receipt to their mobile phone.”

“Customers are transferring funds to OKPAY and not directly to a crypto-currency Exchange, this way customers are more protected from over-zealous banks that have been troubling people wishing to trade in Bitcoin.”

Latest additions to the IBWT platform include a free Paper Wallet service, which is processed in RAM and delivered securely to customers. A Virtual Office, where company information, latest news, archives, a ‘to do’ list, company certificates, and other interesting pieces of information can be found. Apparently this is their first virtual room and they plan to implement more as IBWT progresses throughout the year.

When querying the usefulness of UK customers being able to deposit funds in GBP, Mr Dalais (Director of IBWT) pointed out that customers would be liable to pay a £4 OKPAY fee for depositing GBP via a bank wire transfer (slightly higher fees for withdrawals), yet compared to exchange rate fees it could be considerable savings for individuals and businesses who have been forced to constantly change GBP > USD or to Euro.

OKPAY service fees can be fully viewed here.