Buying crypto using Capitec bank transfer

I

ichocolate

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Hi guys, iam looking to buy crypto using bank transfer but i have been seeing last year and i think this year that Capitec is an issue when it comes to doing so using Luno. which i have. Apparently its fine to withdraw from Luno Capitec but in my case i want to buy crypto and send to a wallet.
I am talking 10k maybe.
Im unfamiliar with how decent sites like Kraken or Paxful or Pursa or Zendwallet is...
Any suggestions please for which ever .
 
ichocolate said:
Hi guys, iam looking to buy crypto using bank transfer but i have been seeing last year and i think this year that Capitec is an issue when it comes to doing so using Luno. which i have. Apparently its fine to withdraw from Luno Capitec but in my case i want to buy crypto and send to a wallet.
Click to expand...

Have you tried using capitec on Luno? Capitec pay option is there on the deposit side

1754546743432.png
 
saor said:
Have you tried Valr?
Click to expand...
not registered with ValR and i dont habe proof of residence it might be a pain i the add to deal with. I am abroad now so its difficult.
ld13 said:
Have you tried using capitec on Luno? Capitec pay option is there on the deposit side

View attachment 1839445
Click to expand...
HI, so wait in the webapp for Luno.com, you can now buy Crypto (so like pull the rand ?), No need to push from the bank in the bank app ?
 
Last edited:
ichocolate said:
Hi guys, iam looking to buy crypto using bank transfer but i have been seeing last year and i think this year that Capitec is an issue when it comes to doing so using Luno. which i have. Apparently its fine to withdraw from Luno Capitec but in my case i want to buy crypto and send to a wallet.
I am talking 10k maybe.
Im unfamiliar with how decent sites like Kraken or Paxful or Pursa or Zendwallet is...
Any suggestions please for which ever .
Click to expand...
Capitec Pay and Luno works fine
 
ichocolate said:
I A m Ired therem regusteI

HI, so wait in the webapp for Luno.com you can not buy Crypto (so like pull the rand ?) N need to push from the bank in the bank app ?
Click to expand...
:thumbsup:

Capitc thre wingo a rme3stramn.
 
ld13 said:
Have you tried using capitec on Luno? Capitec pay option is there on the deposit side

View attachment 1839445
Click to expand...
yeh I cant do this, it sucks., I dont have Capitec Pay, so i cant press OK to link my account. ****
Im abroad and i use the web app , its all i have . Do i can make payments in the web app, but ive been reading many saying depositing NOT Using the Capitec App method, their transactions are denied/blocked?
 
ichocolate said:
yeh I cant do this, it sucks., I dont have Capitec Pay, so i cant press OK to link my account. ****
Im abroad and i use the web app , its all i have .
Click to expand...

Small detail that you did not mention.

Your issue is capitec. They are the ones that are "thinking of the children" and are sensitive to EFTs to exchanges and will likely block it

Not aware of any specific exchanges that accept direct transfers from capitec
 
ld13 said:
Small detail that you did not mention.

Your issue is capitec. They are the ones that are "thinking of the children" and are sensitive to EFTs to exchanges and will likely block it

Not aware of any specific exchanges that accept direct transfers from capitec
Click to expand...
Yeh and I can only use the web app because im abroad.
There should be a ZAR to Crypto option but yeh need to see hopefully someody here can assist me with ideas....
 
ld13 said:
Not aware of any specific exchanges that accept direct transfers from capitec
Click to expand...
it's the opposite, they ALL would accept a direct transfer from Capitec, if it arrives, Capitec blocks it from ever getting to the exchange

ostensibly for "security reasons", but tbh it most likely is just because Capitec Pay is their proprietary method and they get to pocket more in fees from it being used

ichocolate said:
Yeh and I can only use the web app because im abroad
Click to expand...
have you tried installing and activating the mobile app abroad? it can be done remotely these days, though I'm not sure if that depends on you already having signed some forms in the bank ages ago:

1755153120118.png
 
NarrowBandFtw said:
it's the opposite, they ALL would accept a direct transfer from Capitec, if it arrives, Capitec blocks it from ever getting to the exchange

ostensibly for "security reasons", but tbh it most likely is just because Capitec Pay is their proprietary method and they get to pocket more in fees from it being used
Click to expand...

This is the most likely reason. I was about to signup for Capitec a few months ago until this happened in the same week, so ended up not moving to them. A bank shouldn't be telling customers how they can or can't use their funds if it's a legit transaction, and their story of being a security risk is ultimately them saying their own app and authorisation processes are not secure since EFTs are done via their app. There's no telling what next they decide is a security risk and start blocking, and honestly, something like this should be taken to the banking ombudsman to prevent further overreach in the future. But we all know banks are a law unto themselves, so likely a waste of time. /rant
 
Praemon said:
A bank shouldn't be telling customers how they can or can't use their funds if it's a legit transaction
Click to expand...
100% agreed, but ABSA and FNB have both done the same thing in the past (i.e. block crypto transactions) with EFTs and pretty much all local banks block crypto transactions on your card, maybe Capitec sees the error of its ways one day
 
Praemon said:
This is the most likely reason. I was about to signup for Capitec a few months ago until this happened in the same week, so ended up not moving to them. A bank shouldn't be telling customers how they can or can't use their funds if it's a legit transaction, and their story of being a security risk is ultimately them saying their own app and authorisation processes are not secure since EFTs are done via their app. There's no telling what next they decide is a security risk and start blocking, and honestly, something like this should be taken to the banking ombudsman to prevent further overreach in the future. But we all know banks are a law unto themselves, so likely a waste of time. /rant
Click to expand...
You can still use Capitec Pay. It's a non issue.
 
NarrowBandFtw said:
100% agreed, but ABSA and FNB have both done the same thing in the past (i.e. block crypto transactions) with EFTs and pretty much all local banks block crypto transactions on your card, maybe Capitec sees the error of its ways one day
Click to expand...

Possibly was before there was better clarity on crypto, but on card transactions I can see the issue if it's used for foreign transactions, since that does fall into exchange control legalities. It's just very late in the game for Capitec to suddenly start pushing restrictions when the opposite is happening for most other banks and institutions.

Smiggles said:
You can still use Capitec Pay. It's a non issue.
Click to expand...

I agree it's not a complete blocking of crypto transactions - however, it definitely adds unnecessary hurdles since the exchange has to now support a new payment method, and there's fees involved that are ultimately passed onto the consumer. It gives the impression that Capitec can at any stage remove primary banking options for certain goods/services to push customers to more expensive and restrictive methods in the future.
 
Praemon said:
on card transactions I can see the issue if it's used for foreign transactions, since that does fall into exchange control legalities
Click to expand...
it's a silly restriction given that once you have crypto you can send it anywhere without any restrictions or limitations

exchange control should just die ... but yes that is the reason why, our regulators simply don't seem to comprehend once you're on the blockchain all bets are off, they still think in terms of "local" wallets and "local" crypto vs "international" ... they just don't get that it is the same thing
 
Capitec blocked my payments to valr (last time I tried was around April). It was really annoying, they payments would just fail with no explanation. I am not sure if I called them or if its in their documentation but I found out they were blocking all cypto related payments at the time. If I remember correctly it was because lots of their customers had been scammed with crypto related schemes.

I had a standard bank account I opened so I could book my ID appointment at one of the banks. I never used it but started after the issues with Capitec.
 
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