Do you want to receive payments from international clients in crypto directly into your Nigerian bank account? Bank Direct on Crane is the answer. This piece explains how it works. 

What is Bank Direct? 

On Crane, receiving payments from international clients works like this with regular crypto deposits: send crypto wallet address to client > receive crypto in your Crane wallet > convert the crypto in your Crane wallet to naira > send the naira to your local bank account. The steps take five minutes or less. 

However, Bank Direct removes the conversion step and shortens the process of receiving money on Crane. Bank Direct automatically converts crypto from clients to naira using the current market rate and sends it to your designated local bank account. It makes cross-border payment collection easier, faster, and more convenient. 

With Bank Direct, receiving payment from international clients works like this: copy and send a crypto wallet address to your client > receive the naira-equivalent of your crypto in your local bank account. 

How to enable Bank Direct to receive payments on Crane

Follow the steps below to set up Bank Direct on the Crane app. 

Step 1: Log in to the Crane app

If you don’t have the app, download it from the Play Store or App Store. Then click the button below to create an account in less than five minutes. 

Step 2: Turn on Bank Direct under settings

Go to settings > Account > Toggle the Bank Direct button on like this: 

Step 3: Set up Know Your Customer (KYC) registration

The Bank Direct feature is available to only Crane users who have completed at least KYC Tier 2. If you haven’t done that, you’ll be prompted to do so before configuring the feature. Otherwise, proceed to selecting your bank account (step 4).

You need the following documents to upgrade to KYC Tier 2 on Crane: 

• Bank Verification Number (BVN) or National Identity Number (NIN)
• A designated naira bank account

To upgrade to KYC Tier 2 during Bank Direct configuration, follow the steps below: 

• Click on Upgrade to Tier 2

• Select Get Started. Then choose the document (BVN or NIN) you want to provide for identity verification. 

• Enter the necessary personal information (first name, last name, and BVN/NIN). You’ll receive a one-time password (OTP) on the number attached to your BVN or NIN. To avoid KYC verification issues, ensure the name you provide matches the one on your BVN or NIN. If you don’t receive the OTP, click on the selfie option for validation. 

• After verifying your identity with NIN or BVN, click Add bank account to connect your bank. 

• Select your bank from the Select Bank dropdown. Then add your account number. Our system will automatically provide the bank account details. Then click proceed. 

You’ll receive 1,000 Crane Coins (CNC) after completing KYC Tier 2 verification. You can use CNC for airtime recharge, data subscriptions, or cash swaps. 

Step 4: Select your bank account

Select your destination account for Bank Direct. Alternatively, you can add a new bank account for Bank Direct using the Add new button. 

After clicking Proceed, you’ll receive a notification (like the image below) confirming the activation of the feature. 

How to use Bank Direct to receive payments from international clients

Now that you know how to enable the Bank Direct feature, let’s explain how to use it to collect client payments. 

I. Click “Receive” on the home screen of the Crane app

II. Select the Bank Direct option

III. Choose your designated bank or click “Add new” to add a new account for direct crypto to naira payments

IV. Select the digital asset to receive payment

V. Copy the network and share it with your client. Ensure the network you chose on Crane is the same as your clients to avoid losing payment. Expect your payment in 150 seconds or less. The notification trail of your “credit alert” will look like this:

Conversions typically go through with ease on Crane. But if you experience delays, contact [email protected] for fixes.

Frequently Asked Questions about Bank Direct

1. Can I use Bank Direct to receive payments with any digital assets on Crane? 

Yes, you can use the Bank Direct feature to receive money with all the available digital assets on Crane. 

2. Can I disable Bank Direct at any time?

Yes, you use another option (the regular crypto deposit) to receive money from clients on Crane. 

3. Can I change my designated bank account?

Yes! You can select another bank to receive money via Bank Direct. 

Follow this process to switch your bank: Go to Receive > Select Bank Direct > Choose destination bank > Add new > Enter your new bank information. 

4. Will my bank account be blocked if I link it to Crane?

No, your bank account will NOT be red-listed for linking it with us. We require you to link your bank to ensure your payment goes to the account number that belongs to you, not someone else’s.

5. Which KYC tier can use Bank Direct? 

Only customers who have completed KYC Tier 2 and Tier 3 can use Bank Direct to receive money on Crane. 

Tier 2 requires the following documents: 

• BVN or NIN 
• local bank account
• a selfie (this applies only when you don’t have access to the phone number attached to your BVN or NIN)

Besides the documents provided in KYC Tier 2, you need to meet the requirements listed below for Tier 3 clearance: 

• a selfie 
• one of these documents (national ID card, international passport, or driver’s licence)

Note: Your email address and phone number are mandatory for identity confirmation in every KYC tier.

6. What’s the difference between KYC Tier 1, Tier 2, and Tier 3 on Crane?

KYC is a mandatory requirement from the Central Bank of Nigeria (CBN) for identifying clients of financial businesses like Crane. KYCs are necessary for account security, regulatory compliance, and accountability.  

Crane has 3 KYC tiers: Tier 1, Tier 2, and Tier 3. The table below explains the requirements and limits for each tier.

Requirements & Limits	Tier 1	Tier 2	Tier 3
Phone Number	✔	✔	✔
Email address	✔	✔	✔
BVN/NIN	❌	✔	✔
Identity documents (National ID card, International passport, and Driver’s license)	❌	❌	✔
Selfie scan	❌	it applies only when you don’t have access to the phone number attached to your BVN or NIN	✔
Crypto conversion limit	can receive and convert unlimited crypto	can receive and convert unlimited crypto	can receive and convert unlimited crypto
Daily withdrawal limit	₦500,000	₦4,000,000	₦10,000,000
Single transaction withdrawal limit	₦500,000	₦1,000,000	₦2,000,000