To ensure compliance with global financial regulations, please review the following standard operating procedures carefully.
Step 0: Payer/Sender Verification (One-time)
To strictly comply with international Anti-Money Laundering (AML) laws and the rigorous mandates of our clearing banks, all users must complete the Payer (Sender) Verification before accessing any transfer services. Please note that this is a one-time requirement.
If you see the warning prompt requesting payer verification, please click to proceed. You must strictly follow the system's step-by-step instructions to provide your basic information, contact details, and upload clear photos of your official identity documents. Financial institutions require this data to clear cross-border funds. Failure to provide authentic and accurate information will directly result in transaction rejection by the processing banks.
Step 1: Initiating a Global Transfer
Once your verification is approved, you can initiate a transaction on the Global Transfer page. Simply select your sending currency, input the amount, and choose the destination currency. The system will automatically calculate and display the exchange rate, estimated fees, actual deduction amount, and arrival time. Review the details and click "Next" to proceed.
Step 2: Managing the Receiver List
Financial regulatory bodies require complete transparency regarding the beneficiaries of funds. In the "Receiver List" tab, you can manage all your payees. When adding a new receiver, it is critical to ensure that their name, phone number, bank account, and bank name match their official banking records exactly. Please monitor the "KYC Status" of your receivers closely; any discrepancies may trigger compliance checks at the destination bank, leading to delayed or returned funds.
Step 3: Tracking Transaction History
You can monitor the real-time status of all your transfer orders via the "Transaction History" tab. The system allows you to filter records by Transaction Order No., Currency, or Status. This ledger serves as your official audit trail, providing complete transaction details including the payment amount, transfer amount, applied exchange rate, fee breakdown, and the exact creation time of the order for your reconciliation purposes.
Frequently Asked Questions (FAQ)
Q1: Why is payer verification strictly required before I can send money?
A: In strict compliance with international Anti-Money Laundering (AML) laws and the rigorous regulatory requirements of our clearing banks, all cross-border fund flows must clearly identify the source of funds. Payer verification is a mandatory prerequisite to ensure the security of your funds and adherence to global financial regulations. You cannot access transfer services without completing this step.
Q2: What should I do if my payer verification is pending or fails?
A: Verification failures are usually due to information mismatches. Please double-check that the basic information you entered (e.g., spelling of your name, date of birth) matches your uploaded official identity documents exactly. Additionally, ensure that the document photos are clear, fully visible, free of glare, and strictly unedited. Once verified, please re-submit your application following the system prompts.
Q3: Why is my receiver's "KYC Status" not approved? Will this affect the transfer?
A: Destination banks and global clearing institutions conduct independent compliance reviews of all beneficiaries. If there is any discrepancy between the receiver's name, bank account number, or bank name and their official banking records, the verification will fail. This will trigger risk control mechanisms, directly resulting in intercepted transfers, delayed arrivals, or returned funds. It is crucial to ensure receiver details are 100% accurate before submission.
Q4: What does the estimated arrival time "Real-time / T+1" mean?
A: "Real-time" indicates that the funds will typically arrive in the receiver's account within minutes of the order being processed. "T+1" signifies that the funds will be credited on the next business day following the transaction. Please note that actual processing times may be extended during weekends, public holidays, or if the transaction triggers a routine banking compliance review.
Q5: Can I cancel a transfer order via the "Transaction History" page once it is initiated?
A: Once cross-border funds are submitted and enter the international clearing network, the order generally cannot be manually cancelled by the user. If a transfer ultimately fails due to incorrect receiver information, the processing banks will return the funds to your original account, minus any applicable network processing fees. Please monitor your order status closely via the "Transaction History" tab.
Should you have any further questions or require additional assistance, please do not hesitate to contact the official WasabiCard customer support team.