VALR Deposits processing time

A

ashdgee

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Good day folks

I made deposits into my VALR account from my standard bank account.

The funds haven't reflected, despite the fact that its a standard to standard (VALR uses standard). Its been over 24 hours now. I mainly use ABSA as my main personal account and rarely use my standard one.

ABSA to ABSA transfers process almost instantly. Anyone here experienced deposit delays with VALR crypto platform? What are the typical deposit processing times? I deposited this money yesterday and I would have expected it to clear by today, at least by this evening.

This is eating me on the inside and VALR customer service not that helpful at all and neither are standard bank.
 
saor said:
Odds are it's some archaic 'our computers don't work over the weekend' bs from the banks.
Click to expand...

Well , I just have to wait . Still baffled though because it’s transfers of the same bank . Thanks
 
Odd it's usually immediate and I've made transfers after 10pm and they'd still show up before I've gotten the sms confirming the transaction.

Maybe call them on Monday or call Standard Bank to check if they released the payment.
 
Just a question is the bank account in your personal name the same as the name on valr?
 
ashdgee said:
Yes . It’s exactly the same . VALR also mentioned that it has to be the same when I did the deposit
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Support should help, but worst case it's just banking delays. Should be in by Monday. You can reach them on Twitter too
 
Snyper564 said:
I know but they could query it and freeze the account if it's not.
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yep, but first they'd need to suspect you, then they'd need to ask you for proof

automatically freezing accounts in ZA when all your deposits come through without the required info doesn't scale well
 
NarrowBandFtw said:
yep, but first they'd need to suspect you, then they'd need to ask you for proof

automatically freezing accounts in ZA when all your deposits come through without the required info doesn't scale well
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Agreed. But. This is a new account being used by the same person.

I'm just highlighting that it could happen. Not won't.
 
saor said:
Odds are it's some archaic 'our computers don't work over the weekend' bs from the banks.
Click to expand...
Odds are it's some archair 'our mainframes don't work over the weekend' bs from the banks.

FTFY

Wait till Monday and see whether it reflects. Having worked on IT systems at the bank, I can tell you their systems are far more unstable than you would think.
 
Speedster said:
AFAIK every deposit is cross checked against the sending bank account.
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you would be wrong, trust me on this one, there is no automatic way in South Africa to know which account a deposit comes from, it is not like in the EU with SEPA which has a standard set of info coming through in all deposits

in ZA deposits there simple is not enough information to cross check

there is only two ways to go about it:

- use the bank's account verification service, which costs a not insignificant amount per query and requires you to provide the account details to check

OR

- ask the customer for a bank statement / bank letter / some sort of proof that the account belongs to them

you wouldn't do either of those for all incoming deposits, because you would not even have the source account number or branch code, nor would you have the account holder name for the automated check

and you would not have the man power for the manual check
 
NarrowBandFtw said:
you would be wrong, trust me on this one, there is no automatic way in South Africa to know which account a deposit comes from, it is not like in the EU with SEPA which has a standard set of info coming through in all deposits

in ZA deposits there simple is not enough information to cross check

there is only two ways to go about it:

- use the bank's account verification service, which costs a not insignificant amount per query and requires you to provide the account details to check

OR

- ask the customer for a bank statement / bank letter / some sort of proof that the account belongs to them

you wouldn't do either of those for all incoming deposits, because you would not even have the source account number or branch code, nor would you have the account holder name for the automated check

and you would not have the man power for the manual check
Click to expand...
Try deposit to your VALR/Luno from an account in a different name and let us know how it goes.
 
Speedster said:
Try deposit to your VALR/Luno from an account in a different name and let us know how it goes.
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I have and I know exactly how it goes:

unless the exchange specifically suspects something is amiss, they will never know

look at your own bank account statement if you like, see ANY info there that identifies the source account for incoming EFTs?

no?

well ... btw ... business accounts used by the exchanges see the exact same info ....
 
NarrowBandFtw said:
I have and I know exactly how it goes:

unless the exchange specifically suspects something is amiss, they will never know

look at your own bank account statement if you like, see ANY info there that identifies the source account for incoming EFTs?

no?

well ... btw ... business accounts used by the exchanges see the exact same info ....
Click to expand...
All I know is a previous withdrawal of mine was withheld due to an inconsistency in the account name.
 
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