Do you want to receive payments from international clients in crypto directly into your Nigerian bank account? Bank Direct on Crane is the answer. This piece explains how it works.
What is Bank Direct?
Bank Direct shortens the process of receiving crypto by removing the manual conversion phase. It automatically converts crypto from clients to naira using the current market rate and sends it to your designated local bank account. Bank Direct adds ease, speed, and convenience to cross-border payments.
Receiving payment from international clients works like this with Bank Direct: copy and send a crypto wallet address to your client > receive the naira equivalent of your crypto in your local bank account.
How to enable Bank Direct to receive payments on Crane
Follow the steps below to set up Bank Direct on the Crane app.
Step 1: Turn on Bank Direct under settings on the Crane app homepage
Go to settings > Account > Toggle the Bank Direct button on like this:
Step 2: Set up Know Your Customer (KYC) registration
Bank Direct is only available to Crane users who have completed KYC Tier 2 or higher. If you're not a KYC Tier 2 user, you'll be prompted to do so to activate Bank Direct.
To upgrade to KYC Tier 2, do the following:
Go to your profile on the Crane app homepage
Select identity verification.
Provide the necessary documents (NIN, BVN, and a designated bank account for withdrawals) to complete your verification.
Step 3: Select/add bank account for Bank Direct
You can decide to use a preexisting bank account or add a new one for withdrawals. To add a new bank account or select a new one for Bank Direct, do this: Click Receive on the Crane homepage > Bank Direct > Choose destination bank > click "Add new" to add a new bank account or select your account from the list of banks on the page.
How to use Bank Direct to receive payments from international clients
Now that you know how to enable the Bank Direct feature, let’s explain how to use it to collect payments.
I). Click "Receive" on the home screen of the Crane app
II) Select the Bank Direct option
III) Choose your designated bank or click “Add new” to add a new account for direct crypto to naira payments
IV) Select the digital asset to receive payment
V) Copy the network and share it with your client. Ensure the network you chose on Crane is the same as your client's to avoid losing payment. Expect your payment in 150 seconds or less. The notification trail of your "credit alert" will look like this:
Conversions typically proceed smoothly on Crane. However, if you encounter any delays, please contact support@usecrane.co for assistance.
FAQs about Bank Direct
1. Can I use Bank Direct to receive payments with any digital assets on Crane?
Yes, you can use the Bank Direct feature to receive money with all the available digital assets on Crane.
2. Can I disable Bank Direct at any time?
Yes, you can. To turn Bank Direct off on the Crane app, go to settings on the homepage and toggle the Bank Direct button off.
Other ways to receive crypto on Crane are the Regular Crypto Deposit and Request Payroll.
3. Can I change my designated bank account?
Yes! You can select another bank to receive money via Bank Direct. Follow this process to switch your bank: Go to Receive > Select Bank Direct > Choose destination bank > Add new > Enter your new bank information.
4. Will my bank account be blocked if I link it to Crane?
No, your bank account will NOT be red-listed for linking it with us. We require you to link your bank account to ensure your payment is directed to the account number that belongs to you, not someone else's.
5. Which KYC tier can use Bank Direct?
Only users who have completed KYC Tier 2 and Tier 3 can use Bank Direct to receive money on Crane.
Tier 2 requires the following documents:
Bank Verification Number (BVN). If the number attached to your BVN is unavailable, you'll be required to submit a selfie scan.
National Identity Number (NIN). Kindly ensure the name on your NIN matches the name on your BVN/bank to avoid delays
For KYC Tier 3, you must validate their address using a recent utility bill or a signed bank statement that displays their full name and house address. Both address verification documents must not be older than three (3) months. You can learn more about our KYC Tier here.
6. What are the KYC tiers on Crane?
KYC is a mandatory requirement from the Central Bank of Nigeria (CBN) for identifying customers of financial businesses. KYCs are necessary for account security, regulatory compliance, and accountability.
Crane has four KYC tiers: Tier 0, Tier 1, Tier 2, and Tier 3. The table below explains the requirements and limits for each tier.
Tier | Requirements | Crypto limit | Daily withdrawal limit | Single withdrawal limit | Feature enabled and benefits | CNC Bonus |
Tier 0 | Not allowed | Not allowed | Not allowed | No wallet generation, no crypto conversion, no naira withdrawal | None | |
Tier 1 | Phone number verification via OTP | can receive and convert unlimited crypto | Not allowed | Not allowed | Wallet generation, receiving crypto, and converting crypto to naira. | 500 |
Tier 2 | NIN & BVN verification via OTP to the phone number linked to the documents, or face ID verification in case the numbers are unreachable. | can receive and convert unlimited crypto | ₦2,000,000 | ₦1,000,000 | All tier 1 features + increased withdrawal limits | 1000 |
Tier 3 | Address verification using a signed bank statement or utility bill not older than 3 months. | can receive and convert unlimited crypto | ₦2,000,000 | ₦10,000,000 | Full compliance for high-volume transactions | 1500 |
The KYC requirements, withdrawal limits, and features/benefits on Crane