What does this announcement mean for me as a Crypto.com App user with balances in fiat wallets?
First, determine if this announcement affects your account.
This update only affects users with fiat balances from SWIFT deposits, or conversion from crypto to a SWIFT fiat wallet. If your fiat balance comes from ACH (USD) transfers, SEPA (EUR) transfers and/or Xfers (SGD) transfers only, your account will not be affected.
Second, if you find that your account will be affected, understand and assess the options available to you.
- Before March 31, 2020, you have the option to purchase crypto with your fiat balance or transfer the fiat out.
- On April 1st, 2020, if you have remaining balance in your SWIFT fiat wallets, we would convert this balance to stable coins and credit it directly to the corresponding stable coins crypto wallets in your Crypto.com App.
We are committed to making the transition process to a new processor as smooth as possible. We will keep the community updated as the team works to deliver a new SWIFT fiat-in and out service as soon as possible. Thanks for your understanding.
Which stablecoins will my remaining fiat balance from SWIFT be converted to on April 1, 2020?
Your remaining fiat balance will be converted to one of the USD stable coins that are offered on the Crypto.com App. Crypto.com will use interbank exchange rates from April 1st without any markups to convert non-USD currencies to USD stable coins.
If I have remaining fiat balance from SWIFT transfers on April 1, 2020, what exchange rate will be used to convert my balance into stablecoins?
If I have remaining fiat balance from ACH (USD) transfers, SEPA (EUR) transfers or Xfers (SGD) transfers on April 1, 2020, will my fiat balance be affected?
No, your fiat balances from ACH (USD) transfers, SEPA (EUR) transfers and/or Xfers (SGD) transfers will not be impacted and will continue to remain in your fiat wallet.
Will there be additional costs if I transfer out my fiat before March 31, 2020?
SWIFT transfer-out will function as usual until March 31, 2020. No new costs will be charged by Crypto.com. (Please note that as communicated since the launch of fiat-in transfers, your banks and their intermediary partners may apply a processing fee - you are advised to check with your bank directly for more details.)
Can I still transfer fiat into the Crypto.com Wallet App via SWIFT before March 31, 2020?
SWIFT fiat-in & out services can be used as usual until March 31, 2020 for users with existing accounts.
Which markets are eligible for the no-cost debit / credit card purchases (starting from March 25, 2020 until further notice)?
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
Which time-zone is the cutoff time of March 31, 2020 (the last day for using my balance to buy crypto or transfer fiat out) based on?
The cut-off time is based on GMT (Greenwich Mean Time).
When will the new SWIFT processor be fully set up and functional?
We plan to make significant progress in our processor switching efforts in April. We appreciate your understanding and will keep our community updated with the progress.