A USD Virtual Account at Wind.App is a digital banking solution that enables users to receive funds in USD . The virtual account operates similarly to a physical bank account but exists only in a digital format. Issued through Lead Bank, an FDIC-insured U.S. bank, it ensures security and compliance.
This account is issued under the name of the individual or business entity and allows for receiving funds via ACH or Fed Wire transfers. Once received, the funds are automatically converted to USDC (a stablecoin pegged to the U.S. dollar) and deposited directly into the user’s Wind wallet.
How to Get a USD Virtual Account at Wind.App
For Individuals
Complete KYC Verification: Users must complete the KYC (Know Your Customer) process on Wind.App. This involves identity verification to comply with regulatory requirements.
Request the Virtual Account: After completing KYC, users can request a USD Virtual Account. Wind will review the request and may conduct enhanced due diligence to determine eligibility.
Receive the Virtual Account: If approved, the user will receive a dedicated USD Virtual Account.
Note: Completing KYC does not guarantee approval for a virtual account. Additional documentation or information may be required during the verification process.
For Businesses
Complete KYB Verification: Businesses must complete KYB (Know Your Business) verification, which includes submitting required business documentation.
Request the Virtual Account: After KYB, businesses can request a USD Virtual Account. Wind will evaluate the request based on eligibility criteria and may conduct further checks.
Receive the Virtual Account: If the business meets the criteria, a dedicated USD Virtual Account will be issued.
Note: Completing KYB does not guarantee approval for a virtual account. Additional due diligence may be required.
Transaction Details and Fees
ACH Transfer
Fees: 0.5%per transaction.
Processing Time: 1-3 business days.
Wire Transfer
Fees: 0.5% per transaction.
Processing Time: 1-3 business days, mostly same day if the transaction is made within a business day.
Users should know that the virtual account is available only for receiving funds. Once received, funds are converted to USDC and deposited in the user’s Wind wallet.
Limits
$1,000,000 per transaction from a verified source.
Transactions with high numbers maybe subject to compliance screening.
Important Considerations for Using a USD Virtual Account
Limited Availability: USD Virtual Accounts are currently offered only in specific countries. It is recommended to review the list of eligible countries provided by Wind before requesting a virtual account.
Additional Due Diligence: In cases where funds are received from external bank accounts, Wind may require enhanced due diligence. This applies to both individuals and businesses, ensuring compliance with regulatory standards.
On-Ramping / Deposit Guidelines: For individuals, it is advisable to add funds from their own bank accounts to their virtual account. For businesses, it is recommended to use their registered business bank accounts for on-ramping. Receiving funds from external sources may necessitate further verification.
Refunds for Unsuccessful Transfers: If users transfer USD to their virtual account and it does not reflect in their Wind wallet, refunds will be processed. Users are encouraged to contact [email protected] for assistance with refunds and troubleshooting. Refunds take 10-15 business dasys and will be returned to the sender bank account.
Conclusion: A Reliable Way to Receive USD Payments
The USD Virtual Account at Wind.App offers a reliable, secure, and efficient solution for receiving USD payments, without the need for a traditional U.S. bank account. It enables users to manage their funds seamlessly by converting received USD into USDC in their Wind wallet. This digital banking solution is ideal for individuals and businesses looking to simplify international transactions.
However, users should remember that this account is designed exclusively for receiving funds, not for holding or sending them. Additionally, completing KYC/KYB does not guarantee approval, as further due diligence may be required.
For more information or assistance setting up a USD Virtual Account, please contact [email protected].