If you live outside Europe e.g. Asia, Canada, Australia, or any other country, or your country is on the European continent but is not part of the SEPA network you can still make a deposit to Yield App. You just need to make sure one of the money transfer services (Wise, Revolut, Monese, etc.) or a PSP like PayPal is supported in your region. These neo banks usually provide you with the opportunity to exchange your local currency for EUR or GBP and allow you to send the aforementioned via local rails.
Does this sound complicated to you? It is actually very easy - allow us to elaborate! Let’s take Wise as an example. If you live in Hong Kong and you register successfully with Wise, you will be able to send EUR or GBP via the SEPA/FPS rails, using your HKD bank account. How is that possible? Well, the key part is that Wise has multiple entities all over the world and allows the processing from their European entity using the local payment rails.
As soon as we receive your deposit we will have to verify the ultimate sender and this process will require you to send us a proof of payment statement. Then after verification, the transfer can be accepted and your funds will be credited to your wallet. It is important to note that such types of payment transfers will be allowed only for deposits to Yield App. Outgoing payments or withdrawals to such bulk/pooled accounts breach the established AML regulations and thus are prohibited and won’t be processed.