What is IBAN?
The International Bank Account Number (IBAN) is an internationally agreed system of identifying bank accounts across national borders to facilitate cross border transactions originally adopted by the European Committee for Banking Standards (ECBS). Currently, 69 countries use the IBAN numbering system.
How does it work?
IBAN account numbers will be assigned to Crypto.com users in the Wallet App. This EUR account number can be used in any country in the Single Euro Payments Area. Transfers executed by traditional banks will be able to be made into Crypto.com customers’ IBAN accounts. This IBAN Account can be opened with just a few taps in the Crypto.com Wallet & Card App.
Below are some of the most common cross-border payment channels available in Singapore which support Bank Transfer to Crypto.com wallet via EUR IBAN:
- DBS Remit
For a detailed comparison of these channels, please refer to our blog post.
How to setup an IBAN account in the Crypto.com app?
- Click on the Deposit (QR Code icon) button on the home screen
- Select Set Up EUR Account
- Review the EUR Bank Transfers Terms & Conditions, mark “✓” in the agreement checkbox and proceed the setup
- Your wallet is now ready for fiat deposits via EUR IBAN
How to use the cross-border payment channels?
- Set up an account with one of the above channels (DBS Remit, Transferwise or InstaRem)
- Add your Crypto.com wallet as a new recipient.
Necessary information for recipient setup in the channels can be found on the Crypto.com mobile app (Home 🡪 Deposit 🡪 EUR)
3. Conduct the transfer in the preferred channel (You may refer to the reference links for the transfer procedure of each channel below). Please note that different channels have their own processing time to transfer the funds to your Crypto.com wallet
4. Once the funds are successfully transferred, you will receive an in-app notification and an email notification from Crypto.com and will be available for use in the Crypto.com wallet