Bitstamp recently announced support for Canadian customers, allowing them to fund the accounts on the Bitcoin exchange using eCheck.
Also known as an ACH (Automated Clearing House), an eCheck is a direct debit from a customer’s bank account that is then deposited into their Bitstamp account. The exchange said it usually takes between two and five business days to clear and the funds to appear in the recipient’s Bitstamp account.
To access the service, Canadian users are to go to the deposit section of Bitstamp’s website and select “eCheck.” Then, fill in the information and click “Submit.” Once the registration is complete, users are able to add their bank account information. Verification of users’ bank accounts is followed by a micro deposit being sent to the bank account along with an e-mail with further instructions. Users are able to proceed with the service after receiving final confirmation.
Bitstamp said an eCheck transfer comes with a one percent transaction free with the minimum set at $1 and a maximum of $250.
The exchange has partnered with risk management and payment processing specialist Vogogo to support its expansion into Canada and the United States. Vogogo has also partnered with Kraken to bring its Bitcoin exchange into the Canadian market.