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Best Practices for Fiat Withdrawals.
Best Practices for Fiat Withdrawals.
Updated over 3 months ago

This article outlines the best practices for Fiat withdrawals before and after. Please review this article if you already know how to connect an external bank account.

Connecting a Wallet

The first step is to connect the owner wallet of your account (you can find the owner's address under the Rise ID tab); please ensure it's connected to the Arbitrum Network. But if you have an RSK wallet as the owner, you will be asked to enter the password later.

If you connect a wallet that is not the owner's, you'll receive a message like this:

The account owner's wallet is only used to sign transactions on the platform. It adds an extra layer of security since you're the only one with access to it. Therefore, even if someone else gains access to your Rise account, they won't be able to withdraw your money or change any information on your account.

Estimated Time for Withdrawals

As you know, International Fiat Withdrawals may take a couple of business days to process and reach your bank account. They may also be affected by US holidays since the bank from which the money leaves is in the US. For local currencies, the estimated time is two business days, but it may be affected by holidays as well.

Fees for Fiat withdrawals are as follows:

  • International Fiat Withdrawals: $20/withdrawal

  • Local currencies: $10 / withdrawal

  • US Fiat Withdrawals: Free

Additional Fees

It's important to note that additional fees might be added, which are related to the legislation of the country and the bank where the money is being sent. Unfortunately, we cannot work around or alter these additional fees.

If you have any questions or encounter any problems regarding Fiat withdrawals, please feel free to contact us.

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