The BIT OTC Same Name Virtual Account gives you a dedicated bank account in your own name, designed for large-volume fiat On/Off ramps. It connects directly to your BIT OTC trading for faster, more compliant fiat deposits and withdrawals.
Key benefits:
Fast & Seamless Setup — Skip supplementary documents and activate your funding channel instantly.
Less Scrutiny, More Privacy — Using an account in your own name reduces bank review frequency and provides greater certainty for large transactions.
This guide covers the BIT Mobile App experience. If you're using the BIT Website instead, refer to the Website User Guide.
Part 1: Prerequisites — Activate OTC First
Requirement: You must have an active BIT OTC account before you can apply for a Virtual Account. If OTC is not yet activated, follow Steps 1–3 below first.
Already active? Skip to Part 2.
Step 1: Open the BIT App and tap OTC
On the home screen, tap the OTC button. The Fiat panel will appear at the bottom, showing two options:
OTC — Request to activate
Virtual Account (NEW) — Apply after activating OTC
Home screen → Tap OTC → Fiat panel appears
Step 2: Tap Virtual Account
Tap Virtual Account.
You could browse OTC Same Name Virtual Account Plan Introduction.
Since OTC is not yet activated, the page will show:
ℹ️ "OTC trading is not activated. Complete OTC verification before applying."
"OTC trading is not activated. Complete OTC verification before applying."
Tap Activate OTC to go to the OTC application page.
Step 3: Apply for OTC and complete verification
You will be taken to the BIT OTC application page. Review the OTC services and tap Apply Now. Complete your OTC identity verification. Once approved, return here and continue with Part 2.
OTC application page — Apply Now
Part 2: Apply for a Virtual Account
Step 1: Navigate to Virtual Account
On the BIT App home screen, tap OTC. On the Fiat panel, tap Virtual Account.
Home › OTC › Fiat › Virtual Account
Step 2: Choose Your Account Plan
Review the two available plans. Scroll down to see both, then select your preferable one, tap Apply Now.
Core Account
Early Access Opening Fee: Individual 300 U, Institution 500 U
Single currency account
Review in 1–3 business days
Best for users transacting primarily in one fiat currency.
Plus Account
Early Access Opening Fee: Individual 1000 U, Institution 2000 U
Multi-currency
AA-rated partner bank
Review in 1–5 business days.
Best for users who need multi-currency flexibility.
VA intro page — Account plan
Step 3: Select Currency (Core Account only)
If you selected the Core Account, indicate the currency for your account. Core accounts are single-currency — select one:
USD
SGD
HKD
EUR
ℹ️ Additional currencies can be added later for an extra fee.
Select Currency for Core Account
Step 4: Confirm Your Application & Pay
At Checkout confirmation step, please verify below details:
Applicant Name
BIT UID
Account Plan (e.g. Personal Core Account – Single Currency-USD)
Opening Fee to be deducted
Check the checkbox to acknowledge the Same Name Virtual Account Service Terms and Conditions, then tap Pay & Submit. The fee is deducted directly from your asset account.
⚠️ Refund policy: If your application is not approved, the opening fee will be fully refunded back to your BIT Wallet balance.
Step 5: Application Submitted — Under Review
Your application is now under review. The BIT OTC team will contact you by push notification and email with the result. Expected timeline: 1–5 business days.
Under Review confirmation screen
Part 3: Review Your Account Opening Result
After BIT OTC assess your virtual account application under partner bank compliance requirements, you will receive the account opening result via App/Email.
If Approved, go to OTC → Fiat → Virtual Account to view your account details and start using it.
If your application was not approved. The opening fee would be fully refunded. The result screen will show the rejection reason. You could address the issue and tap Apply Again to resubmit.
Part 4: View Your Account Details
Once your account is Active, go to OTC → Fiat → Virtual Account to view your banking details. These are the details to provide when making fiat transfers.
💡 Tap Copy All Info to copy all account details to your clipboard at once.
Part 5: Use Your Virtual Account
On Ramp (Buy crypto) transaction
After placing an OTC Buy order, the system will show your Same Name Virtual Account's bank details as the remittance destination. Transfer fiat from your own personal bank account to the virtual account.
Step 1: Go to OTC → OTC Buy Coins. Select the crypto you want to buy (e.g. USDT), enter your payment amount in fiat, and choose your bank account. Your virtual account will appear in the bank account dropdown.
ℹ️ Look for the "Easy & Compliant | your same-name virtual account" link on the page to switch to or learn more about your virtual account.
Step 2: After submitting, the Transfer Info screen displays your virtual account's bank details and a unique Postscript (Reference) code for this order. Tap One Key Copy to copy all details.
⚠️ Important reminders:
You must transfer from your own bank account in the same name. Transfers from third-party accounts will not be credited and may be frozen or returned.
The bank may charge fees — please refer to the actual amount received.
Expected credit time: 0–3 working days.
Step 3: Log in to your personal bank and make the transfer to the virtual account details provided. BIT will credit your account once the transfer is confirmed.
Off Ramp (Sell crypto) transaction
After placing an OTC Sell order, BIT OTC remits fiat from your Same Name Virtual Account directly to your personal bank account. From your bank's perspective, this is a same-name transfer — processed faster and less likely to trigger bank holds.
FAQ
1. Are there transaction limits?
The same name virtual account is designed for large-volume transfers. The minimum amount per deposit or withdrawal is 50,000 USD (or equivalent).
2. Can I use it for third-party transfers?
No. For compliance and security, this account only accepts transfers to and from bank accounts in the same name as your BIT OTC account. Third-party transfers are not supported. Unauthorized third-party transfers will be frozen or returned, with any fees borne by the sender. BIT is not liable for any resulting losses, delays, or recovery.
3. Is approval guaranteed?
All applications are reviewed against partner bank KYC standards. Your application may be rejected if your KYC does not meet bank requirements. If rejected, address the reason given and apply again — the opening fee will be fully refunded.
4. Can I get formal bank statements or proof of account?
Currently, we cannot provide formal paper or electronic bank statements for this virtual account. You can track all OTC transaction details through the BIT App or Web interface.