Articles Product Updates

Product Update (12/19/19)2 min read

December 19, 2019 2 min read


Product Update (12/19/19)2 min read

Reading Time: 2 minutes

We’ve updated the functionality of our bank transfer service. Our new scheduled bank transfers feature combines the benefits of accepting Bitcoin – no charge back fraud, lower fees, and easy international payments – with the convenience of our supported currencies.

With scheduled bank transfers, the bitcoin in your local currency wallet can be seamlessly transferred to your bank account. When you enable this feature, your business can accept bitcoin with out exposure to Bitcoin price volatility. Here’s how it works:

Scheduled Bank Transfers

Scheduled bank transfers are an easy way to move your bitcoin earnings from the OpenNode platform to your bank account on a recurring basis. You can enable scheduled transfers by selecting the toggle on the Wallets > USD wallet page.

Your full USD account balance will be automatically transferred to your bank account daily, once the minimum threshold has been reached.

How long does a scheduled bank transfer take?

OpenNode will process the scheduled transfer every day at 7:00 PM UTC for USD and 05:00 AM UTC for anything else. If you would like to stop these transfers, simply disable the toggle. Funds leaving the USD wallet will process and post in your bank account on the next business day (T+1)

To learn more about bank transfers, please refer to our help center articles on this topic:

Scheduled bank transfers was yet another product update that was suggested by our user base. User feedback and product suggestions are one of the main drivers of innovation at OpenNode. We want to make the best Bitcoin payment processor for you and your business. If you have suggestions or comments about our product offerings, please reach out. You can email us at hello@opennode.com or reaching out to us on Twitter @opennodeco. Keep those suggestions coming!

F. Cary Snyder is Head of Business Development and the Editor of the OpenNode blog. He holds a Bachelors of Science from the University of California at Santa Barbara where he studied Earth Sciences, Economics, and Environmental Studies. His goal is to create high quality content to educate business leaders about why Bitcoin is the best settlement and store of value vehicle in today's digital economy.