Squads Virtual Bank Account

Learn how to receive payments in USD seamlessly converted to USDC in your Squad account

Users can create a virtual US bank account for their Squad enabling them to accept regular bank transfers in USD and receive USDC automatically in their multisig. Powered by Bridge.

The virtual US bank account:

• Enables automatic USD to USDC conversion

• Eliminates the need for multiple platforms and transfers

• Enables you to skip expensive on-ramp fees

Senders use familiar USD bank transfers, while you receive USDC in your Squad account—all for a minimal 0.1% conversion fee.

How to receive USD in your Squads vault:

1. Navigate to the "Dashboard" of your Squad and click the "Deposit" button.

2. Select 'Fiat' in the popup and complete the KYB application.

3. Once your KYB is approved, you will get a virtual bank account number to share with payers.

4. You can accept USD to this account number via bank transfer and receive USDC in your Squad.

Your Squads' Virtual Bank account is used only to receive payments. Learn how to off-ramp using Bridge here.

Transfer Limits

For US residents

• From your business bank account: no limit

• From individuals: not supported

• From businesses: no limits

• From payroll platforms like Deel, Gusto, and Upwork: no limits

For non-US residents

• From your business bank account: no limit

• From individuals: $4,000 per transaction

• From businesses: no limits

• From payroll platforms like Deel, Gusto, and Upwork: no limits

Eligibility

Virtual bank accounts are available for users in most of the US, Canada, Europe, Australia, UAE, Japan, India, and many other countries around the globe.

For US businesses, it is unavailable to those with principal residential or operating addresses in New York, Florida, Alaska, and Louisiana.

If you have any questions, please reach out to [e-mail].