At Wirex, we prioritise the safety and security of our users, and part of that involves verifying the source of funds for transactions made through our platform. This process helps prevent fraudulent activities and ensures compliance with regulatory requirements.
In this guide, we will walk you through the process of verifying your source of funds.
What is Source of Funds/Source of Wealth verification?
Source of Funds (SOF) refers to the origin of funds involved in a specific transaction such as a bank transfer, cryptocurrency deposit/withdrawal, or card top-up. SOF explains how the funds that 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.
Source of Wealth (SOW) describes how you acquired your total wealth throughout your lifetime. This includes all economic and business/commercial activities that generated or significantly contributed to your overall wealth. Examples of SOW include family wealth, inheritance, gifts, retirement benefits, casino or lottery wins, sales of personal assets, business ownership, employment, and investments.
What documents are required for Source of Funds verification?
For SOF verification, you will need to provide documentation that proves the source of your funds. The following documents are accepted:
- Bank statement: A recent bank statement that shows the source of the funds used in your Wirex transactions. This statement should include your name, address, and account number.
- Payslip: A recent payslip that shows your income source and the amount you receive. This document should include your name, address, and the name of the company you work for.
- Tax Return: A copy of your tax return that shows your income source and the amount you receive. This document should include your name, address, and tax identification number.
- Investment portfolio: A copy of your investment portfolio that shows the source of your funds. This document should include your name, address, and investment account number.
For a comprehensive list of accepted documents, please refer to our guideline Source of Funds/Source of Wealth: Accepted documents
How to upload your Source of Funds documentation
To verify your Source of Funds, please follow these steps:
Step 1: Open the Wirex App
When it's time to verify your source of funds, you will be automatically redirected to the “Verify your Source of Funds” screen. Alternatively, you can start the verification process by going to “Preferences > Verification”.
Step 2: Tap “Verify Now”
Tap the “Verify Now” button to start the verification process.
Step 3: Complete the questionnaire
You may be asked to respond to a set of questions concerning your source of funds and source of wealth. Please read the questionnaire attentively and provide truthful answers to each question.
Step 4: Select document type
On the “Select Document Type” screen, choose the type of document you want to provide for verification. You can choose from a bank statement, payslip, tax return, or investment portfolio.
Step 5: Upload your Source of Funds document
Take a photo of your Source of Funds document or download it as a file in PNG, JPEG, or PDF format. Ensure that the image of your document is clear, not blurred, does not show any glare, and is not cropped. Once you are satisfied that the picture of your document is clear and fully readable, tap “My document is readable” to submit the image.
Step 6: Confirm Submission
After submitting your documents, you will see a submission confirmation. This means your documents were successfully submitted for processing.
Step 7: Verification
Verification usually takes around 24 hours, but it may take longer in certain cases. Once your documents are verified (or rejected), you will receive an email and a notification in the app.
You may also be requested via email to provide your Source of Funds. If that is the case, we will provide you with further instructions on the required information and how to complete the check. It is important to note that all email communications will only be from @mail.wirexapp.com or @wirexapp.com email addresses.
By following these simple steps, you can easily verify your Source of Funds and continue to use your Wirex account. If you have any questions or encounter any issues during the verification process, please don't hesitate to contact our Support Team.