83% — Of transfer delays are caused by incomplete KYC documentation
| Document | Bank Wire | Wise / Remitly | Western Union | Crypto Exchange (Coinbase, Kraken) |
|---|---|---|---|---|
| Government-issued photo ID | Required | Required | Required | Required |
| Proof of address (utility bill / bank statement) | Required | Required (often) | Sometimes | Required |
| Social Security Number (US senders) | Required | Required | Required | Required |
| Date of birth | Required | Required | Required | Required |
| Source of funds statement | Large transfers | Large transfers | Rarely | Large transfers |
| Selfie / liveness check | Rarely | Sometimes | Rarely | Required |
| Recipient bank details (IBAN / SWIFT) | Required | Required | Required | Not applicable |
| Purpose of transfer | Sometimes | Sometimes | Rarely | Sometimes |
| Amount (USD) | What's Required | Providers Affected | Turnaround Impact |
|---|---|---|---|
| Under $1,000 | Photo ID only (often) | All | None if pre-verified |
| $1,000–$2,999 | Photo ID + address | Banks, crypto exchanges | None if pre-verified |
| $3,000–$9,999 | Full KYC + Travel Rule data | All regulated providers | 1-2 days if not pre-verified |
| $10,000+ | CTR filing + source of funds | All US providers | 1-5 days additional review |
| $50,000+ | Enhanced due diligence | Banks, Wise (business) | 5-10 days manual review |
At minimum: a valid government-issued photo ID (passport or driver's license) and your Social Security Number if you're in the US. Most providers also require proof of address (utility bill or bank statement under 3 months old). For transfers above $5,000, you may also need to show source of funds — a pay stub, tax return, or bank statement.
No. All regulated money transfer operators — including banks, Wise, Remitly, Western Union, and crypto exchanges — are legally required to verify your identity before processing international transfers. This is mandated by anti-money laundering laws in the US (Bank Secrecy Act), EU (6AMLD), and most other jurisdictions.
For standard transfers, Wise requires a government-issued photo ID and proof of address. For larger transfers (typically above $5,000), Wise may request source-of-funds documentation such as a pay stub, tax return, or bank statement. You can upload these directly through the Wise app or web interface. Wise typically reviews documents within a few hours on business days.
Yes. Regulated crypto exchanges including Coinbase, Kraken, and Gemini require full KYC verification before you can send or withdraw funds. This typically includes a government-issued photo ID, proof of address, and a selfie or liveness check. Unverified accounts are limited to small purchases and cannot make international withdrawals. Verification usually takes 24 hours or less.
A SWIFT code (also called a BIC) is an 8 or 11-character code that identifies a specific bank internationally. You need it for bank-to-bank wire transfers. Your recipient's bank can provide it, or it can be found on the bank's website or the recipient's bank statement. You do not need a SWIFT code when sending via Wise (which uses local payment networks), Western Union cash pickup, or crypto rails.
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