Another App provides seamless integration between traditional banking and cryptocurrencies by offering IBAN services. This allows users to send and receive funds using fiat currencies, while also converting crypto to fiat with ease.
What is an IBAN?
IBAN (International Bank Account Number) is a standardized way of identifying bank accounts across borders. It enables seamless international and domestic transfers within the SEPA (Single Euro Payments Area) and beyond.
Key Features of IBANs on Another App:
Fiat Transfers: You can send and receive traditional currencies using your IBAN, just like with any bank account.
Crypto-to-Fiat Conversions: Instantly convert your crypto holdings to fiat, and transfer the funds via IBAN.
Peer-to-Peer Transfers: Send fiat or crypto to other Another App users instantly using their IBAN.
Multi-Currency Support: Convert crypto into multiple fiat currencies depending on the region and local bank requirements.
Step-by-Step Guide to IBAN Transfers:
Access the Transfer Section: Open the app and navigate to the "IBAN Transfer" section.
Choose Transfer Type: Select whether you want to:
Transfer fiat currency.
Convert crypto into fiat and send via IBAN.
Enter Transfer Details:
Input the recipient’s IBAN and their bank details.
Specify the amount you wish to transfer.
Review and Confirm: The app will display any associated fees and conversion rates. Review the details carefully and confirm the transaction.
Track Your Transfer: The app will provide updates on the transfer status. Most transfers within SEPA are instant, but international transfers may take up to 1-3 business days depending on the recipient’s bank.
Fees and Limits:
Fees: Small fees may apply depending on the nature of the transfer (crypto-to-fiat conversions, international transfers).
Transfer Limits: There are minimum and maximum transfer limits based on the type of currency and your KYC level.
Troubleshooting Common Issues:
Delayed Transfer: Check that the recipient’s bank supports IBAN transfers and ensure that the details are entered correctly.
Conversion Issues: If the crypto-to-fiat conversion fails, ensure that you have sufficient funds in your wallet and that the exchange rate is updated.