Wirex Help Centre
What is Source of Funds/Source of Wealth?

Wirex is committed to knowing our customers and understanding how they fund their account. We may occasionally ask you to provide some information and/or documentation regarding your financial circumstances or your Wirex account usage. This is when Source of Funds (SOF) and Source of Wealth (SOW) checks come into the picture.  

This article will help you understand what SOF & SOW checks are, and why they are important. We will also provide you with some practical examples of sources of wealth and funds, and acceptable documents. 

What is Source of Funds? 

Source of Funds refers to the origin of funds involved in a specific transaction such as bank transfer, cryptocurrency deposit/withdrawal, or a card-top-up. SOF describes how the funds which you added (or will add) into your Wirex account were generated and where they come from. SOF checks may also involve understanding how you are using or plan to use your Wirex account. 

Examples of source of funds include: 

  • Salary; 
  • Sale of property; 
  • Savings; 
  • Loan; 
  • Inheritance; 
  • Tax refund; 
  • Pension fund. 
     

What is Source of Wealth? 

Source of Wealth describes how you acquired your total wealth throughout your lifetime. This will include all economic, business/commercial activities which generated, or significantly contributed to your overall wealth.  

Examples of source of wealth include: 

  • Family wealth, inheritance, gifts (from family, including spouse/partner), divorce settlement, lawsuit settlement, pension, or retirement benefit scheme pay-outs; 
  • Casino or lottery wins, sales of residential properties, antiques, artwork, and other personal assets, depending on unique personal circumstances; 
  • Business ownership, business operations, employment, sales of products, business properties; 
  • Salaries, bonuses, commissions and other compensation from employment or contract work, as well as regular income from pension or retirement schemes; 
  • Investments. 

Why do we ask for SOF & SOW? 

We are not being nosy! SOF & SOW checks are conducted for several important reasons: 

  • To protect you from fraud and links to illicit activities; 
  • To understand how and for what purpose your Wirex account is (or is going to be) funded; 
  • To ensure that your account activity and transactions are in line with what we know about you; 
  • To comply with the relevant laws and regulations. 

When will we request SOF & SOW and what documents do you need to provide? 

We may make enquiries during the verification process, or later when we need to understand how you are using your account and the money you pay in and take out of it. We will reach out either via Wirex app or via email and ask you to answer a few questions and/or provide SOF / SOW documentation. Please note that we will only use this documentation for verification purposes and will never share any information with 3rd parties. 

What documents you will have to provide will depend on what your source of wealth is and where the funds which you added (or will add) to Wirex come from.  

For example, if your source of wealth is the sale of property you can provide a copy of the contract of sale and a bank statement that shows the proceeds of the sale being deposited. Your name should be clearly visible on both documents along with amounts and dates. 

If funds which you added into your Wirex account were generated from your salary and were transferred to Wirex from your personal bank account, you can provide a recent pay slip from your employer and a bank statement confirming the receipt of income and showing employer’s name in reference.  

Examples of SOF/SOW and acceptable documents include: 

Salary 

  • Pay slip dated within the last 3 months; or 
  • Tax Return Statement or Tax Declaration; or 
  • Bank statement confirming the receipt of income and showing employer’s name in reference (if funds not received directly to Wirex) 
  • Letter of Employment confirming salary; or 
  • Work contract, dated and signed by employer and employee, stating the duration of employment and the salary; and 
  • Bank statement confirming the receipt of income and showing employer’s name in reference (if funds not received directly to Wirex). 

Pension 

  • Pension slips (no older than 12 months); and 
  • Bank statement confirming the receipt of income and showing employer’s name in reference (if funds not received directly to Wirex). 

Self-employment / Freelancer 

  • Tax Return or Tax Declaration; or 
  • Invoices from the last month, not older than 12 months (an invoice must include: customer’s name, address, VAT number*)  
  • *VAT number must be provided unless your activity is VAT exempt. 
  • Contract for services as a freelancer, dated and signed by both parties, stating the duration of the agreement, payment terms and/or additional benefits; and 
  • Corresponding bank statement (if funds not received directly to Wirex). 

Sale of property 

  • Signed letter from Solicitor; or 
  • Copy of contract of sale; or 
  • Tax Declaration;  
  • or Real Estate Title Deed, showing the transfer from previous owner to new owner, amount, and date; or 
  • Signed letter from estate agent; and 
  • Bank statement clearly showing receipt of funds and current balance of the account (if funds not received directly to Wirex). 

Sales of shares / Investments 

  • Statement from investment manager/provider; or 
  •  Investment certificate/portfolio confirming the client sold the shares/withdrew the money; or 
  •  Tax Declaration; and 
  •  Bank statement clearly showing the receipt of funds and current balance on the account). 

Inheritance 

  • Grant of probate (with a copy of the will) which includes the value of the estate; or 
  • Copy of a testament (or a letter from the executor of the will or lawyer) and 
  • Bank statement showing the receipt of the funds and the current balance of the account (if funds not received directly to Wirex). 

Loan/Mortgage 

  • Loan/mortgage agreement; and 
  • Bank statement showing receipt of funds and current balance (if funds not received directly to Wirex). 

Cryptocurrency Investments 

  • Transaction report or screenshots reflecting purchase and withdrawal confirmation displaying your account ID and transaction details; and 
  • Information regarding the origin of funds used for the initial investment; and  
  • Deposits/withdrawals/trades confirmation from the last 3 months at the crypto exchange with the name of the cryptocurrency platform visible. 

Gift 

  • Date gift was received, total amount, relationship to donor; and 
  • Affidavit/Letter from donor explaining the reason for the gift and the source of donor’s wealth - certified identification documents of donor; and 
  • Bank statement clearly showing the transfers to your bank account. 

Proceeds from Lottery/Gambling 

  • Evidence from the lottery company or gambling platforms (Statement of deposit/win/withdrawal from gambling platform); and 
  • Corresponding Bank statement (if the transfer is not directly to Wirex); and 
  • Primary source of income (Pay slips and bank statement clearly showing receipt of funds and current balance; or Tax return statement / Tax Declaration). 

Other income sources 

  • Information regarding the nature of income, amount, date received and from who; and 
  • Appropriate supporting documentation. 

Examples of crypto SOF/SOW and acceptable documents include: 

Crypto assets purchased on crypto exchanges/brokers 

  • Transaction report; or  
  • Screenshots reflecting purchase and withdrawal confirmation and displaying your account ID and all transaction details; or 
  • Confirmation emails which provide proof of purchase and withdrawal; or 
  • Receipts which provide proof of purchase. 

Trading profits from exchanges/brokers 

  • Screenshots of the transaction history displaying profits; or 
  • Transaction history displaying withdrawals; or 
  • Screenshots of the exchange/broker account displaying your account details. 

Income from services (e.g., affiliate income or other services) 

  • Detailed description of the service; and 
  • Receipts for services which have been paid for in cryptocurrencies; and 
  • Explanations of the origin of the cryptocurrencies used for the payment transactions; and 
  • Screenshots of your wallets, which show their current income; and 
  • Screenshots of your transaction history and withdrawal history. 

Initial Coin Offering (“ICO”) and token sales 

  • Copy of the contract or agreement confirming payment made in cryptocurrency; and 
  • Full name of the ICO, as well as the associated project's website; and 
  • Transaction history that documents the purchase and withdrawal of the token (wallet addresses and transaction ID); and 
  • Bank statement if a fiat currency was used for investing; and 
  • Confirmation emails, which display the purchase. 

Mining 

  • Receipts for the purchase of mining hardware, on which the address of the buyer and seller are displayed; or 
  • Operating cost statements (e.g., electricity bills) also issued in your name; or 
  • Screenshots of mining revenues and rewards; or 
  • Screenshots displaying the transaction history from and to wallets, which display wallet addresses and transaction IDs (self-made “Excel lists” are not accepted). 

Coin or token swaps 

  • Screenshots of the transaction history (wallet addresses and transaction IDs). 

Airdrops 

  • Screenshots of the transaction history on which deposits, withdrawals and are visible; and 
  • Wallet addresses and transaction IDs. 

Lending and liquidity pools 

  • Screenshots of the transaction history (wallet addresses and transaction IDs). Please clarify where you have deposited the assets as collateral, what amount and where the collateral being used has come from. 

The documents which you provide must comply with the following requirements: 

  • Must be in one of the following formats - .pdf, .png, .jpg, .jpeg  
  • Should be visible in full, with all four corners captured (in case it is a photo/scan)  
  • Users name, date of the statement, and dates of transactions should be clearly visible  
  • All transaction details should be clear and legible  
  • Bank statements/pay slips / other documents must be relevant to the period in question and should also reflect your most recent balances 

When you provide the requested information and documentation, our team will review it as soon as possible to ensure that your account is up and running! 

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