FAQs for Individual Users

TransFi is a Web 3 payments company that offers a widget for fiat to digital assets onramp and offramp. We do this by enabling global & local payment methods in a regulatory compliant process and sourcing liquidity from partner providers. TransFi focuses on ease of user experience so that Web3 is simplified for the next billion users, with a focus on emerging markets.

TransFi currently operates its business with licensed & regulated partners in a way that we don’t require any licences.

Our liquidity partner currently is Coinify.

TransFi supports 25+ cryptocurrencies. The list of currently supported cryptocurrencies can be seen here.

We are currently live in 160+ countries. The list of countries supported can be seen here and this list is updated regularly.

TransFi’s processing charges (excluding gas fees) are as below:

• Credit Cards 4% across all countries
• Bank transfers 1% across all countries
• Debit cards 4% across all countries
  

NOTE: The applicable gas fees will be shown at the time of the transaction. In addition, our partners may charge forex conversion fees on cross-currency transactions.

The TransFi widget is currently available in English.

Yes, TransFi supports only 3D secure credit cards.

A cryptocurrency wallet is where you receive and store your cryptocurrency and NFT. You can get a wallet from providers such as Metamask, Trust Wallet, Argent wallet etc.

KYC is an acronym for ‘Know Your Customer’. KYC check is a mandatory process of identifying and verifying the end users’ identity when establishing any relationship and periodically over time. In other words, companies must ensure that their users are genuinely who they claim to be.

As an end user, you will need to clear the KYC process by submitting the required documents for identity & verification (any government photo ID like passport / driving license / national ID) and a selfie before your first transaction. You will also have to provide your address as part of the process.

Click on the Menu icon on the TransFi Widget to open the Menu options and click on the ‘Sign In’ button to login to your account. An OTP will be sent to your registered email address which needs to be entered every time you want to login to your account (There is no need for you to create a password to login to your account)

Click on the Menu icon on the TransFi Widget to open the Menu options and click on the ‘Trade History’ button to view your trade/order history.

You can go to our Help Centre and see the FAQs there for help. Further, you can raise a ticket to us on the Help Centre.

In order to be eligible to use TransFi, your age needs to be 18 years or above.

TransFi doesn’t collect the phone number. Email is the primary identifier of the relationship and therefore, can’t be changed. For any changes in name and residential address, users should raise a ticket on our Help Centre.

Our end users can store, retrieve and delete their card details (credit and debit) from their online browsers.

The time taken depends on the payment method and cryptocurrency. For credit cards, this could range from less than 60 seconds to 60 minutes for the transaction to be executed and cryptocurrency to be delivered to your wallet. For bank transfers, the time taken could be up to 4 hours post successful payment from your account.

Cards:

• Minimum purchase limit per transaction is – Euro 500 for USDC and Euro 60 for other supported cryptocurrencies.
• Maximum purchase limit per transaction is Euro 1,000. If the end user wants to increase this limit, he/she will have to do an enhanced KYC and provided proof of source of funds (PSOF). On successful submission, the maximum limit could increase to Euro 5,000.

Bank accounts:

• Minimum purchase limit per transaction is - Euro 500 for USDC and Euro 125 for other supported cryptocurrencies.
• Maximum purchase limit per transaction is Euro 50,000. If the end user wants to increase this limit, he/she will have to do an enhanced KYC and provided proof of source of funds (PSOF). On successful submission, the maximum limit could increase to Euro 500,000.
  

As an end user, you will need to clear the KYC process by submitting the required documents for identity verification. This can be any government issued photo identification like passport, driving license, national ID etc.

The common reasons why identity verification could be rejected include poor photo ID quality, photos out of frame, duplication of identity, selfies out of frame. Your identity verification could also be rejected if you are from a country that is not supported by TransFi.

Politically Exposed Person PEPs are “individuals who are, or have been, entrusted with prominent public functions and their family members and close associates, and includes both domestic and foreign PEPs”.

PEPs can hold a position in either a government or other large organizations and institutions.

Please find a list of examples below:

1. heads of State, heads of government, ministers and deputy or assistant ministers;
2. members of parliament or of similar legislative bodies;
3. members of the governing bodies of political parties;
4. members of supreme courts, of constitutional courts or of other high-level judicial bodies, the
   decisions of which are not subject to further appeal, except in exceptional circumstances;
5. members of courts of auditors or of the boards of central banks;
6. ambassadors, chargés d'affaires and high-ranking officers in the armed forces;
7. members of the administrative, management or supervisory bodies of State-owned enterprises;
8. directors, deputy directors and members of the board or equivalent function of an international
   organisation.

No public function referred to in points (1) to (8) shall be understood as covering middle-ranking or more junior officials

Relative to a Politically Exposed Person (PEP)

Related party to a politically exposed person/family members: A politically exposed person's spouse, registered partner, sexual partner, cohabitant or parents as well as children and their spouses, registered partners or cohabitants.

Close partner/associate to a politically exposed person:

• a natural person who is the beneficial owner of a business or other legal person jointly with one or more politically exposed persons;
• a natural person who has sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the de facto benefit of a politically exposed person;
• a natural person who is known to have any other close business relationship, with one or more politically exposed persons.

At Transfi, we are legally obliged to establish whether you, as a user, might have any political connection. Consequently, if you are a PEP or an immediate family member who is a PEP, we will simply ask you to do an additional source of funds check which is part of the standard procedures on handling PEPs.