Local Bank Transfers are a payment option to fund your OpenSRS reseller account. It allows you to send funds via wire transfer in your local currency to a bank account in your country. The funds will then be converted into US Dollars (USD) and be applied to your OpenSRS reseller account. Bluesnap is the service provider powering those local bank transfers.
This article answers frequently asked questions around local bank transfers. We also have a complete step-by-step guide on how to complete the process.
Q: How do funds make it from my bank account to my OpenSRS reseller account?
A: A local bank transfer payment is initiated by creating a new transaction in the Reseller Control Panel (RCP). Once you have submitted the transaction, RCP will give you a payment reference number and the local Bluesnap bank account details for your country. You will then go to your bank to initiate the actual wire transfer to the Bluesnap bank account using the payment reference number provided through RCP.
Once Bluesnap receives the funds in your local currency, they will convert the funds into USD, subtract their payment fee and notify OpenSRS of the net amount received. OpenSRS will automatically apply the net amount received to the reseller's account and send a notification to the reseller's billing contact.
Q: How long does it usually take for a local bank transfer to complete?
A: Local bank transfers will take up to five business days to complete from the time you send funds from your bank account until they have been received in your OpenSRS reseller account. There are several additional processing steps involved after your payment made it to the recipient's bank account, so the completion time is longer than just the bank transfer process.
Please plan ahead and allow for enough time for the payment to arrive in your OpenSRS account. If your account balance is running low and you need to replenish your funds quickly, we recommend using credit card or PayPal as an immediate payment option.
Q: Are there any fees involved when using local bank transfers?
A: Yes. Bluesnap charges a flat fee of $5 USD for every local bank transfer, regardless of the transfer amount. OpenSRS will credit the full net amount received from Bluesnap to your reseller account and not charge any additional fees.
countries qualify for local bank transfers?
A: We currently accept transfers from: Australia, Austria, Belgium, Bulgaria, Czech Republic, Denmark, Ecuador, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, Netherlands, New Zealand, Norway, Peru, Poland, Portugal, Russian Federation, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan, Turkey, United Kingdom (GB).
Q: What happens if I forget to include the payment reference number in my wire transfer?
A: Without a payment reference number, Bluesnap will not be able to identify your payment. In case you send a payment without (or with an incomplete) payment reference, please send us proof of your payment so we can track the payment with Bluesnap. There will be an additional $25 processing fee if the payment reference number or the transferred amount is incorrect.
Q: What happens if my actual wire transfer amount is less than the transaction amount I submitted in RCP?
A: OpenSRS will always credit the net USD amount received by Bluesnap. If your actual payment is less than the amount you had initially specified in RCP, we will credit only the actual amount received by Bluesnap. There will be an additional $25 processing fee if the payment reference number or the transferred amount is incorrect.
Q: What happens if I wired a higher amount than initially planned?
Should your actual payment be more than you had initially specified in RCP, Bluesnap will only credit the original amount, and any overpaid funds will sit on hold with Bluesnap. We will not be notified by Bluesnap that an actual overpayment occured. It is a manual process to reconcile overpayments in each individual case, and you will need to notify us in this case. We recommend to not send more funds than initially specified when starting the transaction in RCP. There will be an additional $25 processing fee if the payment reference number or the transferred amount is incorrect.
Q: Which foreign exchange rate will Bluesnap use when converting from local currency to USD?
A: Bluesnap will use the official interbank foreign exchange rate of the day when the payment is received in the Bluesnap bank account adjusted by a percentage-based factor between 1.5% and 5.5% depending on the specific source currency.
Q: Will my OpenSRS account balance be credited upon starting a local bank transfer transaction?
A: No, initiating a local bank transfer in RCP will not immediately add funds to your account balance. Your balance will only be updated once we have received a notification from Bluesnap that your payment has arrived. We will not issue advance credits for local bank transfer payments that have not yet completed.