Instant Offramp allows users to sell their crypto and receive fiat instantly (typically within a minute) into their bank account, card, or supported payment method, depending on region and method used without visiting Transak widget.
For a payout to be considered "instant," it means that the conversion and transfer process happens in real-time, or within a very short period (often minutes). This is important for users who need quick access to their funds for everyday transactions, payments, or other financial needs.
Key elements of instant payout on offramping include:
Fast Conversion: The cryptocurrency is rapidly exchanged into fiat money.
Speed of Transfer: The funds are immediately deposited into the user's bank account or digital wallet, without waiting for traditional banking hours or delays.
Payment Methods: Instant payouts may be facilitated through various methods, such as debit cards,or crypto exchange platforms that offer instant transfer services.
Instant Payout process:
Transak’s Instant Off-Ramp has reimagined crypto off-ramping from the ground up, making it as effortless as sending an on-chain transaction. By providing users with their own Transak dedicated wallet address the process is reduced to a single step:
Send Crypto: Users simply send their assets to their unique Transak Dedicated Wallet Address
Get Cash Instantly: The fiat equivalent is instantly deposited into their bank account or card.
How to Use Instant Payout on Transak Widget
1. Log in to the Transak Widget
- The customer first needs to log in to the Transak widget (or platform) that is integrated with the offramping feature.
2. Navigate to the Instant Payout Option
- After logging in, the customer should locate the hamburger menu (three horizontal lines) or directly visit the offramp page/onramp where the instant payout option is listed.
Click on ‘Activate Now’ button to activate the Instant offramp process.
3. Choose Currency and Payment Method
Select Currency: The customer needs to choose the fiat currency (USD, EUR, GBP, etc.) that they want to receive in exchange for their crypto.
Choose Payment Method: The customer must then enter their bank account details or card number (for bank transfer or card payout) depending on the supported payout method.
Customers can either select their previously used or added bank account/card details, or they have the option to add a new bank account or card.
Once a bank account or card is chosen, it cannot be changed for future transactions. Each subsequent instant offramping payout will be processed to the same bank account or card.
Customer need to read the terms and conditions and click on “I accept” to proceed further.
4. Select Cryptocurrency and Network
- After setting up the payout method, the customer chooses the cryptocurrency they want to offramp (e.g., Bitcoin, Ethereum, etc.).
Then, they need to choose the appropriate network (e.g., Ethereum network, Binance Smart Chain, etc.) for the crypto transfer.
6. Make the Crypto Payment
The entire process from selecting the payout method to transferring crypto is designed to be as fast as possible.
QR Code Option: The QR code offers a convenient way for customers to make the crypto payment without manually entering the wallet address.
Two Payment Methods: Customers can either scan a QR code or copy the wallet address for transferring their crypto, giving them flexibility in how they execute the transaction.
7. Complete the Transfer
Once the crypto payment is successfully initiated, the system will process the transaction.
If the instant payout option is available, the funds will be transferred to the customer's bank account or card almost immediately (or within the typical processing time for the chosen payment method).
8. Receive Confirmation
After the transaction is completed, the customer will receive a confirmation of the successful transfer and the instant payout to their selected payment method.