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Buy Crypto with Cash on BlockFi

Published 10 March, 2020

    We’re excited to announce a new product feature: the ability to send cash via wire. This marks the first time that you can use our services without ever having purchased crypto before. Starting today, you can send USD wires to the platform to purchase stablecoin, and begin earning up to 8.6% on USD-denominated assets. 

    Wires sent to us will immediately be exchanged for Gemini Dollars (GUSD). The product will be available in approved US states and internationally, getting us one step closer to offering US-grade financial services on a global scale. All stablecoin purchases will be deposited into your BlockFi Interest Account (BIA) and will automatically start earning 8.6% APY

    Additionally, you can trade your stablecoin for other supported assets that we offer: BTC, ETH, LTC, and USDC.

    How it works:

     

     

    1. Log in to your BlockFi account.
    2. Select ‘Deposit’ in the top navigation bar.
    3. Select ‘USD (wire transfer)’ as your deposit currency.
    4. Follow the ‘Wire Deposit Info’ details and send your wire to BlockFi.
    5. You will receive a confirmation email once we have received your wire. Because banking transactions take longer than crypto transactions, please expect wired funds to show up on your dashboard within 1 business day.

     

    FAQs:

     

    How do I Wire funds to BlockFi?

    Within your BlockFi account click on Deposit in the top navigation bar where you can select “USD (as Stablecoin)” as the currency of deposit – this means your USD deposit via wire will be used to purchase stablecoin and will appear in the form of GUSD in your account. You will then be presented with wire instructions to take to your traditional banking institution and initiate a wire to BlockFi’s bank account.  

    Please Note: When sending a wire from your bank you need to include your unique 8 Digit Pin which will be used to help assign the wire to your BlockFi account.  This will be provided as part of the wire instructions found in the Deposit modal as well as in the Payment Details section of your Account Settings.

    Will I see US Dollars in my BlockFi Account?

    Wire Deposits will be used to purchase Stablecoin. Stablecoin will have a “1 to 1” value relationship with the US Dollar. Currently the default Stablecoin for BlockFi Wire purchases is GUSD (a stablecoin created and maintained by Gemini).  Any funds transferred will represent a purchase of stablecoin ($1 USD will buy 1 GUSD).

    After a stablecoin purchase is reflected in your BlockFi account in GUSD, you will immediately be eligible to Trade these funds into any BlockFi supported cryptocurrency. 

    How much does a Wire cost to send?

    Most banks charge fees to both send and receive wires. While BlockFi is not responsible for the fee your banking institution may or may not charge to send a wire (typically between $0 to $50) you will not be charged any fees from us to receive a wire. The amount we receive (which could be less than any fees your bank charges to send a wire) will be reflected in your BlockFi account as the same amount in stablecoin as the received wire amount.

    Is there a minimum amount I can wire BlockFi?

    Yes. While BlockFi does not charge fees to receive wires, we have a $10 minimum on receiving wires as imposed by our bank. We recommend you consider the fee your banking institution charges as well when deciding how much money to deposit via wire.

    How long will a wire take to show up in my BlockFi Account?

    Wire processing times vary between banking institutions and internal BlockFi processing times can take up to 1 business day. In general expect to see your funds show up in your account in 1-3 business days.

    If you have any questions or concerns regarding a sent wire please don’t hesitate to reach out to support@blockfi.com.

    Why can’t I initiate a wire transaction from within my BlockFi account?

    Wires can only be sent from the bank account of origin.  This means that any wires must be initiated from their source (where the funds are being sent from).  There are alternate payment methods (coming soon to BlockFi) which support linking your bank account and initiating the depositing of funds from the BlockFi platform.

    Can I withdraw funds via a Wire Withdrawal?

    BlockFi offers the ability to sell your stablecoins back to us and receive the proceeds via wire. At this time we are only supporting wire withdrawals of $250,000 or more. If you wish to withdraw smaller amounts from our platform you can always withdraw in the form of stablecoin or cryptocurrency to an alternate wallet address. This is a temporary minimum, BlockFi support for smaller wire withdrawals is expected soon. If you have questions please reach out to support@blockfi.com.

    Why can’t I see the option to Wire funds to BlockFi?

    BlockFi only offers Wire transfer functionality in geographies in which we are licensed to handle the transmission of client funds. BlockFi is expanding its state licensing footprint rapidly. Please reach out to support@blockfi.com if you have any questions about your Wire eligibility.

    Does BlockFi accept International Wires?

    Yes! We will accept international wires.  Ask your local bank if they support Fedwire Fund Service transactions and follow the same wire instructions provided in your Deposit Modal to send us funds.

    Please Note: We ask international clients to initiate wires in USD. In the event that a wire is received in any other currency other than USD, the funds will be converted to USD automatically by our partner bank at their listed exchange rate. Fees will apply

    If you have any questions please reach out to support@blockfi.com or give us a call at +1 646-779-9688.

    – The BlockFi Team

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    All BIA balances are stored in a custodial account with Gemini.
    Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. For more information, please see BlockFi’s Terms of Service.
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    Disclaimer: Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are riot subject to FDIC or SIPC protections. Security is our top priority. Please see our Vulnerability Disclosure Form and Bug Bounty Program.
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    Disclaimer: Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. Security is our top priority. Please see our Vulnerability Disclosure Form and Bug Bounty Program.
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