What is a Source of Funds request?
As a regulated entity, on occasion we are required to ask for additional information regarding how our customers fund their Wirex accounts. This is to ensure we comply with Anti-money laundering and Know-your-customer (KYC) regulations. A Source of Funds document explains the origin of a bank or crypto asset deposit.
Why do I not have access to my account whilst you verify my documentation?
As part of our regulatory requirements, we must verify the documentation you provide to explain how you have funded your account. In order to do this thoroughly, we are required to temporarily restrict access to your Wirex account to stop any further activity.
Are my funds secure?
In short, yes. Funds within Wirex are held securely. Wirex is a regulated entity and comply with the highest standard of payment requirements such as PCI DSS and PSD2. Any fiat held is safeguarded from our own corporate funds as part of our regulatory obligations as an e-money licence holder and crypto is held securely within Fireblocks, an industry leading custodian who provide up to $30m asset insurance
Once you verify my documentation, how long until I regain access to my account?
As long as the documentation you supply meets our requirements (LINK TO HELP CENTRE), we work as fast as we can to reinstate full access to the app. This cannot be done automatically as we must manually review the documentation, but our goal is to grant you access to the app within a couple of days. If we require any further information, we will contact you
What kind of documentation do I need to provide as Source of Funds evidence?
Payslips or Tax Statements dated within the last 3 months with supporting bank statement showing credits
Bank/ Savings Statement NOT Credit Card Statements (Screenshots acceptable and must state your full name and account number)
Proof of Inheritance (copy of a testament or letter from executor or lawyer)
Pension Funds (pension statement document) dated within the last 12 months
Sale of property / business: (signed copy of contract of sale, land registry document or letter from estate agent / lawyer)
Gift or donation (certified letter from person who provided gift / donator with other evidence of their source of funds such as bank statement or source of wealth)
Crypto wallet evidence must include original source of funds evidence
Signed letter from a qualified accountant or notary
Proof of sales of shares or other investments
How can I provide source of funds from another crypto wallet?
If your source of funds is from another crypto wallet, you can use this as appropriate documentation. This must be in the form of an account statement from your wallet provider or a proof of balance letter
What if the origin of my funds is a non-custodial wallet?
If your Source of Funds documentation relates to a custodial or non-custodial wallet, you must provide the following:
name of the wallet provider
account owner information, such as email address or name;
transfers made to your Wirex account (hash ID or destination wallet should be clearly visible);
You will also need to indicate the origin of crypto assets (purchase, gift, payment for services provided, salary, mining etc.)
What transactions can trigger a source of funds verification?
From time to time, Wirex is required to check the origin of fiat funds being added to / withdrawn from the account (via credit / debit card or bank transfer) and crypto asset deposits / withdrawals. Additionally, if the account balance / turnover grows within the Wirex account due to market changes, we may also be required to check the original source of funds
How can I check the status of my source of funds verification?
If there are any issues with the documentation you provided, you will be contacted directly. However, if you are unsure of the status you can raise a request to our support team.