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 Website experience. If you're using the BIT App instead, refer to the Mobile App User Guide.
Part 1: Prerequisites — Activate OTC First
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: Go to the BIT OTC page
Register/Log in to the BIT website, navigate to the OTC page. You will see the blue banner link:
"Same-Name Virtual Account is now Live: Upgrade Your OTC Block Trading Experience. Learn More >"
Click the link to go to the Virtual Account introduction page.
BIT OTC page — click the blue Same-Name Virtual Account banner link
Step 2: Browse the Virtual Account page
You will land on the Virtual Account introduction page, where you can review the available account plans. Since OTC is not yet activated, the page shows:
ℹ️ "OTC trading is not activated. Complete OTC verification before applying."
Click Activate OTC to proceed with OTC account setup.
Virtual Account introduction page — click Activate OTC to begin OTC verification
Step 3: Complete OTC identity verification
You will be taken to the Identity Verification page. Click Activate Now next to OTC Verification and complete the required identity checks. Once your OTC account is approved, return here to apply for a Virtual Account.
✅ OTC already activated? Proceed directly to Part 2.
Part 2: Apply for a Virtual Account
Step 1: Navigate to the Virtual Account page
On the BIT website, there are two entry points to the Virtual Account page:
Entry 1 — BIT OTC page: Go to the OTC landing page and click the blue banner link
"Same-Name Virtual Account is now Live: Upgrade Your OTC Block Trading Experience. Learn More >"
Entry 2 — Wallet › OTC trading desk: Go to Wallet → OTC. Under the bank account selector, click "Easy & Compliant | Get your same-name virtual account >"
Step 2: Choose your account plan
On the Virtual Account introduction page, review the two available plans. Select your preferred plan and click Apply Now.
Core Account
Early Access Opening Fee: Individual 300 U / Institution 500 U.
Single currency (choose USD / SGD / HKD / EUR).
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.
Step 3: Select Currency (Core Account only)
If you selected the Core Account, choose one currency for your account:
USD
SGD
HKD
EUR
ℹ️ Additional currencies can be added to a Core Account later for an extra fee.
Step 4: Confirm your application & pay
At the confirmation step, please verify the following 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 click 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.
Part 3: Review Your Account Opening Result
After BIT OTC assesses your Virtual Account application against partner bank compliance requirements, you will receive the account opening result via App push notification and email.
If Approved: Go to Wallet → OTC → Virtual Account to view your account banking details and start using it.
Virtual Account — Active: your banking details are ready to use
If Rejected: The opening fee will be fully refunded to your BIT Wallet balance. The result screen shows the rejection reason. Address the issue and click Apply again to resubmit.
Account Opening Failed — review the rejection reason and click Apply again when ready
Part 4: View Your Account Details
Once your account is Active, go to Wallet → OTC → Virtual Account to view your complete banking details. These are the details you provide as the recipient bank account when making fiat transfers.
💡 Click Copy All Info to copy all account details to your clipboard at once.
Wallet › OTC › Virtual Account — full banking details including Bank Name, Account Number, SWIFT Code, and intermediary bank information
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 Wallet → 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 from the dropdown. Your virtual account will appear in the bank account list.
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.
Wallet › OTC Buy Coins — select your Same Name Virtual Account from the bank account dropdown
Step 2: After submitting, the Transfer Info screen displays your virtual account's bank details and a unique Postscript (Reference) code for this order. Click 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. 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 bank statements for this virtual account. You can track all OTC transaction details through the BIT website.