Funding Luno

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8tpg88

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Hi, what are the best ways to fund luno or other exchanges? I opened a standard bank mimo account to use for this but they are blocking payments to Luno even though it’s a bank approved beneficiary. I phoned them and was told I can’t use the account to buy crypto. what are the best options?

thanks
 
Use CEX.IO, you can purchase instantly and invest in your fav Crypto. Then you can just transfer or send your coin to your Luno wallet and sorted. But Luno is useless, takes 48 hours + to reflect monies in your wallet. Silly and useless
 
eg2505 said:
im sticking with my FNB so far, but always wondering if its worth opening a tymebank account just for things like this.
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i use FNB as my regular account and didn’t want to risk them closing it
 
Phil Lee said:
Use CEX.IO, you can purchase instantly and invest in your fav Crypto. Then you can just transfer or send your coin to your Luno wallet and sorted. But Luno is useless, takes 48 hours + to reflect monies in your wallet. Silly and useless
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Thanks I’ll look into this
 
Phil Lee said:
Use CEX.IO, you can purchase instantly and invest in your fav Crypto. Then you can just transfer or send your coin to your Luno wallet and sorted. But Luno is useless, takes 48 hours + to reflect monies in your wallet. Silly and useless
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name any single exchange that can allocate a bank transfer to your wallet faster than that?

you're describing the limitations of the payment method, not the exchange, with CEX you use a card and you pay the high fees that go along with it

if you want to pay high fees for fast deposits ... well there's instant EFT on Luno
 
8tpg88 said:
I phoned them and was told I can’t use the account to buy crypto. what are the best options?
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could be a term / rule for that specific account type, other SBSA accounts certainly can and do deposit to Luno

couldn't spot anything in their terms & conditions, if you want to up your blood pressure and waste your time you can always ask them for the specific, written, document that states it is against their terms

or just use an account that will allow it, SBSA has this other cheapie that I used in the past, not sure if it will have the same limitations applied though:

Bank accounts – Open a bank account online

Get a bank account that suits your needs and lifestyle, whether you’re looking for a basic transactional account or a private banking account with exclusive benefits.
www.standardbank.co.za www.standardbank.co.za
 
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NarrowBandFtw said:
name any single exchange that can allocate a bank transfer to your wallet faster than that?

you're describing the limitations of the payment method, not the exchange, with CEX you use a card and you pay the high fees that go along with it

if you want to pay high fees for fast deposits ... well there's instant EFT on Luno
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Very true. I did pay 2.99% which is very high but I already made that back. I just dont know why Luno takes more than 48 hours to show the money in my Luno wallet. What would be the reason for that? Even if I done an immediate payment from my Discovery CC.
 
Phil Lee said:
Very true. I did pay 2.99% which is very high but I already made that back. I just dont know why Luno takes more than 48 hours to show the money in my Luno wallet. What would be the reason for that? Even if I done an immediate payment from my Discovery CC.
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many things can go wrong with a bank transfer unfortunately, but from what I know the moment it shows on their bank statement, it is allocated to your wallet

most delays happen before then i.e. between your bank and theirs (Standard Bank), simple example, ZA banks don't process EFTs over weekends, so if you deposit over the weekend you will wait till Monday at the earliest
 
NarrowBandFtw said:
many things can go wrong with a bank transfer unfortunately, but from what I know the moment it shows on their bank statement, it is allocated to your wallet

most delays happen before then i.e. between your bank and theirs (Standard Bank), simple example, ZA banks don't process EFTs over weekends, so if you deposit over the weekend you will wait till Monday at the earliest
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Your right. I would have understood if it was over a weekend but this was deposited on Wednesday already and still not showing in my wallet. Even sent them POP on pdf and their reply was that it can take up to 72 hours. FFS.

Anyway, we learn
 
eg2505 said:
what about any of the other banks? like bank Zero or Capitec,

any of them allow funds into luno accounts?
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all of them, including Standard Bank and FNB, the banks / accounts that do not allow it are the exception, not the rule

I think SBSA's MyMo account specifically has an issue, SBSA accounts in general allow it
 
Hi. Does anybody have any experience with the amount of time it takes to transfer funds from Luno to FNB? Consultant says they treat it like a forex payment so it should take 3 to 5 days. I started the withdrawal on Saturday morning/early afternoon. Money finally left the Luno wallet this morning, but nothing has appeared in my FNB account.
 
KingBel said:
Hi. Does anybody have any experience with the amount of time it takes to transfer funds from Luno to FNB? Consultant says they treat it like a forex payment so it should take 3 to 5 days. I started the withdrawal on Saturday morning/early afternoon. Money finally left the Luno wallet this morning, but nothing has appeared in my FNB account.
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eh? forex has nothing to do with it

Saturday day early afternoon means outside of banking hours for all ZA banks, FNB included, the withdrawal instruction would only have been sent to the bank this morning around 8am via a normal EFT when banking hours resumed

an EFT takes 1 - 2 business days for the banks to process, odds are you have your money in the bank sometime tomorrow though it could sometimes take longer

assuming this was a normal withdrawal and not an "express withdrawal" for an extra R20? if it was express it would still have been processed only around 8am today, but it would be in your account within a minute
 
NarrowBandFtw said:
eh? forex has nothing to do with it

Saturday day early afternoon means outside of banking hours for all ZA banks, FNB included, the withdrawal instruction would only have been sent to the bank this morning around 8am via a normal EFT when banking hours resumed

an EFT takes 1 - 2 business days for the banks to process, odds are you have your money in the bank sometime tomorrow though it could sometimes take longer

assuming this was a normal withdrawal and not an "express withdrawal" for an extra R20? if it was express it would still have been processed only around 8am today, but it would be in your account within a minute
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Thanks... I think the consultant I chatted to was unaware of crypto (unbelievable I know). Decided to phone rather, and confirmed what you have just posted.. should be in my account within 2 days max...

Just feel a bit uneasy with this amount sitting in limbo I guess :/

Foolishly I did not select the express option.
 
KingBel said:
Thanks... I think the consultant I chatted to was unaware of crypto (unbelievable I know). Decided to phone rather, and confirmed what you have just posted.. should be in my account within 2 days max...

Just feel a bit uneasy with this amount sitting in limbo I guess :/

Foolishly I did not select the express option.
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your money is safe I'm sure, paying a bit extra for "express" is mostly useful when you're in a hurry e.g. you're a master at arbitrage trading and want to get money out of Luno and into VALR to exploit a difference in price ASAP

express and free withdrawals from Luno are equally safe though, I bet you the money is in your account tomorrow, no worries
 
Capitec. Also Valr is much quicker just after midnight. For withdrawing money back it should be the same day if you make their deadline as they use a merchant account that collates the payments.
 
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