Q1: What is fiat currency?
A: Currency issued by the government, e.g. USD, NTD, etc
Q2. How can I trade OSD to fiat currency on OurSong?
Step 1: Access below website using desktop computer -> Click Sell OSD
Step2: Log in to your OurSong account
Step3: Click “Sell” button > Bank Wire > Input OSD quantity and bank information > Withdraw button
Please note that:
1. You must fill in bank information in English.
2. If you are using non American bank accounts, please check whether your bank supports IBAN or SWIFT/BIC, usually only certain countries in Europe support IABN, please double check with your bank.
3. It will take at least a week to have the money arrived at your bank account,
4. The bank may call you to check transaction details.
5. Please do not use bank accounts that requires intermediary bank transfer
6. If you have a foreign currency account, the amount will be deposited to your foreign currency account as USD, if not, your bank might contact you on whether to convert the amount into your local currency, or you might need to contact the bank directly on this deposit.
Q4. What is the transaction fee of converting OSD to fiat currency?
A: If the transaction is successful, the transaction fee is 25 USD, if the transaction fails due to inaccurate information, extra 50 USD transaction fee will be incurred, and will be deducted directly from the refund. You need to trade at least 100 OSD. Please make sure the bank information you input is accurate.
Update: We will be eliminating the $50 wire rejection fee related to wires sent to your account and will also be removing the $10 rejection fee for failed wires sent via our Payments API starting from July 21, 2022.