How to use Bank Direct to receive crypto payments directly into your bank account in seconds
Crypto payments are swift and require relatively cheaper fees compared to traditional financial institutions. Those qualities endear virtual currencies to freelancers and businesses that use them to receive payments from international clients.
But there's a problem: not everyone understands the crypto market or how it works.
In fact, a significant portion of crypto users highlight the following hurdles to using crypto for payments:
- “The market is too volatile; it's too risky.”
- “People don't know where to start.”
- “People don't understand the purpose of this technology.”
- “The technology is too complex; only tech-savvy people can enter the ecosystem.”
The barriers to crypto adoption. Source: Consensys
However, Crane—a blockchain-powered platform for receiving payments—introduced Bank Direct to eliminate the previously mentioned barriers for freelancers and businesses. Bank Direct helps you use crypto without necessarily interacting with the technology powering it.
So, how does Bank Direct work? Read on to find out.
Bank Direct on Crane: The crypto to naira direct transfer for Nigerians
It lets you receive crypto directly into your bank account. Unlike everyday crypto transfers, you don’t need to manually convert the digital asset you receive to naira. Instead, Crane will automatically convert the virtual currency based on the current market rate and send it to your bank account in 120 seconds or less.
Bank Direct works like this on Crane: send wallet address to client > receive the naira equivalent of the crypto in your designated bank account. Bank Direct is like your regular bank transfer, only that your client sends crypto and you receive its naira value.
Who’s Bank Direct for?
Bank Direct is for business owners, freelancers, and anyone wanting to receive crypto payments. You only need to send your wallet address to your client and receive your money in seconds. It’s that simple and easy.
How can I set up Bank Direct on Crane?
Now that you know how Bank Direct works, let’s explain how to set it up.
- Login to the Crane app. If you don’t have the app, download it from the Play Store (for Android users) or Apple Store (iPhone devices).
- On the Crane app, go to settings > switch the Bank Direct button on.
- Complete the Know Your Customer (KYC) Tier 2 requirements using your Bank Verification Number (BVN) or National Identity Number (NIN). This step lets you choose the local bank account to receive your money.
Benefits of using Bank Direct to receive money from international clients
Using Bank Direct to receive payments in crypto from clients is always the right choice. Here are the benefits you'll enjoy:
Transactions are super fast and convenient
Generally, crypto transactions are fast, taking a few minutes to complete. Bank Direct, however, adds “super” to “fast,” as crypto transfers to naira typically complete in 120 seconds. What's more? You don’t need to worry about the conversion process; Crane will do it.
It’s secure
No one likes to lose their money. That's why Crane implements security features, such as two-factor authentication and KYC registration, for optimal account security.
It’s easy to use
Whether you’re a veteran or a newbie, Bank Direct is for everyone. You don’t have to worry about the volatile market rate to receive money; Crane will sort it out for you. All you need to do is set the feature and receive your funds.
Frequently Asked Questions about Crane and Bank Direct
1. What does Crane do?
Crane helps freelancers, businesses, and (pretty much everyone) to receive payments from anywhere in cryptocurrency and convert them to their local currency, like the Nigerian Naira (NGN).
2. Can I send crypto on Crane?
No, you can NOT send or buy crypto on Crane. We’re an off-ramp service; therefore, you can only receive crypto on our platform. Other services we provide include converting crypto to local currencies (e.g., naira) and bill settlements (e.g., airtime recharge and data subscription) using Crane Coins (CNC).
3. Which cryptocurrency do you support for receiving payments?
Currently, you can receive payment in seven (7) cryptocurrencies, namely Binance (BNB), Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and Tron (TRX).
4. Can I change my designated bank account?
Yes! You can select another bank to receive money via Bank Direct.
5. 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 to ensure your payment goes to the account number that belongs to you, not someone else’s.
