TRANSFER002 — Company: How to Transfer Funds to a Bank Account

Transferring funds from your company's Xtrm digital wallet directly into a linked business bank account is secure and simple. All bank transfers require Two-Factor Authentication (2FA) via a One-Time Security Code to ensure maximum security.

Want to see how this works in real-time? Use the interactive demo below to click through the steps before reading the full guide.

Step-by-Step Transfer Instructions

Cross-Currency Transfers

If you need to transfer funds to a bank account in a different currency than your wallet, such as from a USD wallet to an GBP bank account, Xtrm can handle the foreign exchange conversion automatically. However, you must select the bank account's local currency when entering the transfer amount to ensure the transfer processes correctly.

In some cases, you may want to use the Exchange feature in your Xtrm wallet to convert your funds to the target currency first, such as converting $100 USD to GBP. If you choose this approach, confirm the 1-minute quote to complete the exchange, then initiate a bank transfer from your converted-currency wallet to your bank account in that same currency.

After setting up your cross-currency transfer, follow the standard transfer steps below.

Direct USD Transfers to Non-Local USD Accounts: If you have a USD bank account in a country outside the United States, such as a USD account in Saudi Arabia, you can send USD directly from your USD wallet without currency conversion. These transfers typically incur a $20 USD wire fee. When linking such a bank account, ensure you select USD in the currency field to process the transfer in USD and avoid automatic conversion to the local currency.

1. Navigate to Bank Transfer:

Log in to your Xtrm Company Account, click Transfer in the left-hand menu, and select Transfer To > Bank Account from the dropdown options.

2. Select Receiving Bank & Amount:

Choose your target receiving bank from the dropdown list (identified by bank name, last 4 digits, and currency). Enter the desired transfer amount and click Continue.

Important for cross-currency transfers: If you are transferring to a bank account in a different currency than your Xtrm wallet, such as from a USD wallet to a GBP bank account, you must select the bank account's local currency when entering the transfer amount. Xtrm will automatically handle the foreign exchange conversion. Banks typically reject transfers sent in the wrong currency, which can cause errors or returned payments.

Currency Conversion: When transferring funds, the currency you receive depends on how your bank account is registered in Xtrm, not your bank's IBAN type. For example, if you transfer from a USD wallet to a bank account registered as TRY or another local currency in Xtrm, the banking partner will automatically convert the USD to that local currency before sending the funds, even if you have a USD IBAN.

Note on Currency Conversion Amounts: If you are transferring to an account in a different currency, such as from USD to a local currency, the amount you receive may differ from the indicative amount shown in Xtrm. This difference is due to bank and intermediary network fees charged by your receiving bank and intermediary banks, which Xtrm does not control. The final amount reflects both the foreign exchange rate used at processing time and these external fees.

(If your target bank is not listed, use the Link Bank Account option to connect a new financial institution).

Transfer Method Options:

Depending on your bank's location, you may have multiple transfer methods available with different fees and processing times:

• Free - Default option for most transfers. Speed varies by country.

• Wire - Standard wire transfers. Typically 1-3 business days.

• Rapid Bank Transfer — Available for select countries; offers faster processing, often minutes.

3. Request Security Code:

Select your preferred channel (Email, Mobile SMS or Cyphlens) to receive your One-Time Security Code for two-factor authentication.

4. Authenticate Transaction:

Enter the code received on your device and click Verify.

5. Execute Transfer:

Once verified, click Transfer to finalize the transaction. You will be redirected back to your wallet, where the transaction will reflect as Completed.

6. Record of Transfer:

Once initiated, you will return to Wallets to view your transfer record.

7. Bank Statement Record: 
A transaction record will appear on your bank statement referencing either Xtrm or the specific remitter who sent the payment. The counterparty name shown is determined by the last remitter you interacted with in your Xtrm wallet within the prior 30 days, not necessarily the source of the funds being withdrawn. (See example below)

Troubleshooting Transfer Issues

Automatic Refunds for Failed Transfers: When a transfer fails, the full transfer amount, including all fees, is automatically returned and credited back to your Xtrm wallet. The refund process may take some time as Xtrm coordinates with its banking partner to confirm the transfer status and process the return. Once the funds are restored to your wallet, you can reinitiate the payment.

If you encounter any issues with your transfer and need to contact Xtrm Support, have one of the following identifiers ready: your transfer ID, wallet name or wallet ID, or the last 4 digits of the destination bank account. This information helps our team expedite the investigation, especially if your company account has multiple wallets.