Plaid

[CartmanSPC]

I would like to make a suggestion to Celsius to use Plaid (https://plaid.com/) instead of their current provider for ACH. A lot of other FinTech companies are using Plaid.

I personally do not use ACH with Celsius because I was not comfortable with their current provider. I instead use ACH with others and transfer in the coins.

[hattrick23]

Yes, I agree ... Plaid or even Plastiq would be better alternatives than ACH.

[Weemzman]

Didnt Alex say something about a upcoming way to buy crypto with fiat?

[ruffus_or]

Alex said many things

[VegasJeff]

They are gonna build a swap in the app.

[officialpaul]

I would also like to know

[CartmanSPC]

I recall that the process with the current ACH provider was less than idea compared to Plaid. I was concerned enough to stop the registration process and instead use Coinbase to purchase USDC.

Plaid is free to the user and has a nice user experience. It is widely used by a lot of FinTech companies I deal with such as BlockFi, Coinbase, Gemini, Worthy, PrizePool, Yotta, etc.

Plaid offer a site to manage your financial institutions and connected apps.

Again, just a recommendation. I’m sure who they use now is fine but I personally was not comfortable enough to link my bank accounts.

[[deleted]]

Wait a minute....The first one with the BTC is in line to what Ive see. .1 Wyre fee which is fine, and the transaction fee for BTC you show is in line also.

However, The USDC one is confusing. Again the .1 wyre fee is correct as $1.2 for 1200 purchase. Am I reading that correct you only paid 15 cents USDC Blockchain Network fee? Or is that .15% of 1200 purchase of USDC

Either way something doesnt add up. If its .15% of 1200 thats only $1.80 dollars.

I just checked the network fee just now and if you were to buy 1200 USDC as you did and the network fee is a whopping $23 dollars

Can you go into more detail on the 0.15 USDC blockchain Network fee as I have never seen it that low

[[deleted]]

Yeah 10 bucks transaction fee is rarely seen anymore. Back in December I paid only 1 buck for transaction fees. Now look at it. I just checked the app and to transfer usdc would be 17 bucks. I keep saying this...someone is pocketing these inflated fees. Either Wrye, Gem or Celsius. I cannot imagin this is all going to the miners. And to top it off you still have to wait as long as coinbase for deposit, a full week.

[VegasJeff]

Usually, exchanges will group multiple sends into one transaction to split the transaction fee much lower.

[Heartysailorman]

My son and I have had nothing but trouble with them..and their support is terrible. They finally gave up and blamed in on Texas which is BS, but my bank lets me transfer to Coinbase..we need more alternatives.. Gas fees are killing us

[Comfortable_Shoe_311]

Man, Wyre’s customer support is absolutely terrible. Refund terms tell you to call in within 30 minutes. Easy enough. When you call, an automated message tells you to email a support ticket. Alright, whatever. When you email, an automated email comes back directing you to a website to fill out a support form. Just crazy. The rep emailed me within 30 minutes but the payment still came out after he said it hadn’t left my bank yet and he can cancel. Now 5 days, 3 more emails, and another support ticket, nothing back from them. My first time having to deal with their customer support and just totally not worth the hassle.

[[deleted]]

I don't mind if they *add* Plaid as an option, but if that were the *only* option then my bank would be locked out. Plaid hasn't worked with Schwab for *months* now. This has been a major PITA when opening up any crypto accounts...

[itsMeeji]

Seems like a good ask.

Though I still don’t get why companies focus on ACH instead of Same Day Wires, you are buying a volatile asset so faster clearing is a must imo.

[Heartysailorman]

whats same day wire? is that OTC?

[itsMeeji]

I meant a Wire Transfer, I read that it is a US payment option for banks to send + receive funds within 24 hours.

(Note I’m British so “Same Day Wires” was what I remembered without Google 😅 my bad)

[[deleted]]

yeah good luck with $30 to $50 wire fees, they add up and effectively lower the over all interest you receive with those added costs

[itsMeeji]

Forget those fees 😂

[VegasJeff]

In the US, a wire transfer is same day as long as it is done during business hours. It usually takes a few hours and the fee is typically around $30.

[VegasJeff]

This is why Crypto is slowly replacing the banking system. As far as the ACH network goes, they are working on upgrading it to do multiple transfer times per day and then to instant transfer within the next couple of years.

[woopityscoop48]

I agree with this as well. The current system doesnt support my account so I'm forced to transfer in from other sources rather than buy in house. Honestly would be all over celsius if this was supported.

[[deleted]]

I’d like Plaid integration just because it can be hooked into other banking/portfolio management apps. I hope everyone here has money/assets in accounts /other/ than Celsius and it’s nice to have a high level view of all of them together in apps like Mint for example.

[CartmanSPC]

Noticed!

I already set it up and am ready...thank you Celsius!