How to Buy Tether (USDT) with Wise

Summary: Traditional and digital banking platforms, such as Wise, don’t offer direct dealings with cryptocurrencies or stablecoins, including Tether (USDT). For those interested in exploring the vast digital currency landscape, finding a reliable cryptocurrency exchange is crucial.

Bybit stands out for users looking to bridge their Wise transactions with digital asset investments. Complying rigorously with regulations, Bybit ensures a safe space for users to deposit funds. The platform is notable for its wide array of over 1,000 cryptocurrencies, including USDT, along with additional offerings like staking and lending.

Can I Buy USDT with Wise?

Yes, Wise, known for its quick and budget-friendly money transfer services worldwide, supports buying USDT (Tether). By partnering with crypto exchanges that meet international standards, Wise offers a secure and efficient way to fund your account with local currency. This setup is perfect for getting Tether and other stablecoins like USDC, with funding methods that include bank transfers, SEPA, SWIFT, and using a Wise debit card.

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How to Buy USDT with Wise

You can seamlessly buy USDT (Tether) through Bybit, a reputable exchange recognized for its adherence to international financial norms, ensuring both safety and reliability. Catering to over 15 million users, Bybit showcases an extensive catalog of more than 1,000 cryptocurrencies, with Tether among the most sought-after options. One of the standout features of Bybit is its integration with Wise for instant deposits, making international transfers both affordable and efficient.

Here’s a straightforward guide to purchasing USDT on Bybit with Wise:

1. Account Creation: Head to the Bybit website and initiate the sign-up procedure.
2. Account Funding: Within your Bybit dashboard, find the 'Buy' section in the menu to reach the instant purchase area.
3. Currency Selection: Pick the fiat currency you wish to deposit, select USDT, and then enter the amount you want to buy.
4. Transaction Finalization: Click 'Buy' to confirm, and the transfer from your Wise account will be processed.

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Wise to USDT Fees

The process of converting funds through Wise to purchase USDT (Tether) involves various fees, including deposit, trading, and withdrawal charges. These fees depend on the chosen cryptocurrency exchange and typically range from 0.1% to 0.5%.

Among the preferred platforms for this transaction is Bybit, known for its competitive fee structure. Bybit charges a 0.1% spot trading fee for USDT transactions and offers free deposits from Wise through local banking methods such as SEPA, ACH Transfer, and Faster Payments. This contrasts with well-known retail platforms like Coinbase, where trading fees can exceed 1% per trade.

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Will Wise Support Tether (USDT)?

As of now, Wise doesn't handle USDT or any other cryptocurrencies. The main reasons behind this are the regulatory hurdles tied to digital currencies and Wise's current setup, which is primarily designed for traditional money transfers.

To accommodate digital assets like USDT, Wise would need to undertake significant changes to its system. Considering these regulatory and structural barriers, the likelihood of Wise adding support for USDT or similar cryptocurrencies shortly appears slim.

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Bottom Line

To wrap up, although Wise doesn't directly deal with cryptocurrencies, using Bybit as a trusted exchange allows for the acquisition of USDT and similar stablecoins by transferring funds from Wise. This workaround offers a smart option for those looking to dive into cryptocurrency investments while taking advantage of Wise's affordable and quick transfer services. Keep in mind the fees tied to these transactions and the current constraints on Wise's ability to natively support digital currencies due to regulatory and system-based hurdles.