Dear Wealth App user community, the following information is very important. Please read it carefully.
We are updating our fiat gateway. Always looking to improve our products and services for our community of app users, we’d like to launch a more robust, secure and sustainable fiat gateway - providing our community with the best investment experience.
The new setup will provide a more rapid and lower cost fiat gateway on several currencies that will act as a better foundation for the eventual expansion of our services.
What will improve for Wealth App users?
- CHF: Swiss users will be able to deposit to their CHF accounts using local payment rails instead of SWIFT at significantly reduced fees for both deposits and withdrawals.
- EUR: The modification will allow EUR account holders to make EUR instant SEPA deposits and withdrawals soon.
- GBP: The faster payment solution and BACS will continue to be available.
- ZAR: Our South African community will benefit from a reduction in withdrawal fees.
When will the change take place?
We will be rolling out this update in the second half of December. All SwissBorg app users will receive a notification when the change is implemented.
What will change in the Wealth App?
To make significant improvements to the fiat gateways for our CHF, EUR, and ZAR community of users, we had to make some temporary concessions.
- The USD will continue to be supported in our Wealth App. Users will be able to keep their USD in the app and exchange any currency to USD, but it won’t be supported for deposits and withdrawals. They have until the update to withdraw their USD if they choose to do so.
- Japanese users who are currently using USD can use other supported currencies such as the euro. They can also keep the USD in the app and exchange it for other assets anytime they wish.
- The Bulgarian Lev can be exchanged with other assets. But it will no longer be supported for deposits, withdrawals and trading. Users will have until the update to withdraw or exchange their BGN if they choose to do so.
- For SEK and PLN, the banking fees for withdrawal will increase temporarily but we are currently working on a solution to lower them. The banking fees would be equivalent to roughly 1%. So if you transfer 2000 SEK or PLN, a fiat fee of 20 SEK or PLN will be charged on the bank side. More communication about these currencies will follow.
- NOK, DKK, SGD, HRK, CAD, HUF, CZK, HKD, ILS and RON: The fees will increase, we are aiming to make improvement in 2021
Important changes to note for everyone
- All the IBAN numbers and reference codes will change in the app once the new fiat gateway is deployed.
- Please, make sure to use the new IBAN as well as the new reference code to ensure your deposits arrive in the Wealth App.
- BGN will have to be exchanged or withdrawn by the date of the update as deposits and withdrawals will not be supported after that date.
- USD can be kept in the app, but it will not be possible to deposit or withdraw after the update.
- The withdrawal details currently saved in the Wealth App will be removed, so users will need to re-add them.
- Level 3 KYC checks have been updated, and now will be triggered when cumulative deposits reach EUR 50,000, instead of EUR 100,000, increasing the security of the Wealth App and ensuring we comply with the strictest standards.
Our future fiat gateway and payment goals
We are constantly looking for ways to minimise fees and investigate other options for integrations such as Open Banking, Central Bank Digital Currencies and Libra.
We are convinced that the transition to the new fiat gateway system will boost your user experience and trading.
Make sure to check other useful fiat deposit articles: