“For most people, opening a dollar or euro account is close to impossible,” said Shah Ramezani, founder and CEO of Noah.
Opening an account is free, and only incoming transfers work for now. Bitget Wallet plans to add outbound transfers in the coming months. Bitget Wallet aims the accounts at freelancers paid by US or EU employers and at families receiving remittances, the release said.
Deposits Capped at $20,000 a Month
USD deposits are capped at $10,000 per transaction and $20,000 a month, according to the virtual account FAQ on Bitget Wallet’s website. EUR deposits top out at €15,000 per transaction and €30,000 a month. Non-personal USD transfers above $5,000 go through additional review.
The same FAQ says the product is not a bank account. It receives transfers but offers no cash deposits, cash withdrawals, or other standard banking services.
Users do not need to live in the US or Europe, the release said. Though they must still live in a supported country and pass identity verification, the FAQ says, and some regions get only one of the two currencies.
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Fees and Sender Costs
A $500 $ACH deposit costs about $2 in Bitget Wallet fees, the release said. It compared that with a global average remittance cost of around 6%, citing World Bank data. The World Bank’s remittance price tracker puts the latest global average at 6.36% of the amount sent.
Bitget Wallet’s quote covers only its own charges. Those charges combine a fixed fee with a percentage that varies by transfer method, and evidently the sending bank can also charge its own fees.
