itBit Support Center

How to Withdraw with itBit?

Last Updated: May 07, 2015 11:05AM EST
What Are the Ways to Withdraw Fiat from itBit?

1. TELEGRAPHIC TRANSFER
 
As soon as the withdrawal holding period is completed, itBit will initiate the withdrawal within the next business day. We initiates wire withdrawals on a batch transaction basis once per day on Sundays to Thursdays at 9pm, New York time (10:00am SG time).
 
Bank processing time can take up to five working days for a telegraphic transfer. itBit has no control over this once we have instructed our bank to initiate the transaction.
 
To ensure no delay for your withdrawal, please ensure that your full bank details are submitted as part of the withdrawal transaction such as including your bank account number and SWIFT code. Do not that for all withdrawal, the fund can only be withdrawn into an account previously linked to the user account (and not to a third party account).

Charges:  For initiating a withdrawal in USD or SGD via telegraphic transfer, a fee of USD $30.00 will be charged. This does not include the intermediary agent fees or beneficiary bank fees.

Your bank account will reflect the amount received after all the fees has been deducted.

 

2. SEPA EUR WITHDRAWAL
 
As soon as the withdrawal holding period is completed, itBit will initiate the withdrawal within the next business day. We initiates wire withdrawals on a batch transaction basis once per day on Sundays to Thursdays at 9pm, New York time (10:00am SG time).
 
SEPA transaction processing time can take between 1 to 2 bank business days. itBit has no control over this once we have instructed our bank to initiate the transaction.

At present, there is no minimum withdrawal amount for SEPA.  However, the withdrawal amount must be able to cover all the SEPA transaction fees.

To ensure no delay for your SEPA withdrawal, please include your BIC code and IBAN number.
Charges:  These are the charges for receiving deposits via SEPA transfer:
 

SEPA Transfer Less Than EUR 50,000      

8.03 EUR

SEPA Transfer Exceeding EUR 50,000

69.36 EUR

 

 


As a gentle reminder - itBit imposes an administrative charge of up to USD $20.00 per unsuccessful withdrawal, where the failure is due to inaccurate or incomplete account information submitted to us.


3. GIRO / FAST

We accept withdrawal by GIRO or FAST in Singapore.

FAST (Fast And Secure Transfers) is a new and latest electronic funds transfer service that allows fund to be transferred to anyone, anytime, in Singapore, almost instantly. 

Charges:  With effect from 1 November 2014, SGD $2.00 will be charged for each FAST transaction.
GIRO is used for transactions above SGD $50,000 and the fee is SGD $0.50 for each transaction.



Take notice that the maximum amount that can be transferred through FAST service is SGD $50,000.00. If the amount is greater than SGD $50,000.00, GIRO service will be used instead.


4. WITHDRAWAL LIMITS

For security purpose, itBit imposes a daily withdrawal limit of USD $2,500.00 (or equivalent in other currency or Bitcoin). This is cumulative and rolls into a USD $50,000.00 monthly (30 days period) limit.

To increase the withdrawal limit to a maximum of USD $15,000.00 daily and USD $300,000.00 monthly, you must enable an additional form of authentication device (Multi-Factor Authentication) to your account, and then email help@itbit.com to request for the withdrawal limit to be increased.

For even larger limits, in order to protect & safeguard the interests of all parties, please email us copies of the following additional documents:

1) Full Employment Details
     - Company Name
     - Company Address
     - Office Telephone Number
     - Job Title
2) Your Contact Number
3) Your Most Recent Annual Tax Return Documents
4) Disclaimer Letter - Please print, sign, scan and send to help@itbit.com . A copy of the letter can be found here.


5. OUR DEPOSIT AND WITHDRAWAL TIMING

Contact Us

  • Email Us
  • Questions? Please contact us at help@itBit.com.

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