VALR Deposits processing time

Speedster said:
All I know is a previous withdrawal of mine was withheld due to an inconsistency in the account name.
Click to expand...
withdrawals are a different story completely ;)

to withdraw you need to give the exchange the account details, once they have the account details they can use the bank's verification service

with deposits you don't have to give them any details and they don't get any meaningful details on their bank statement, so they can't check automatically
 
NarrowBandFtw said:
withdrawals are a different story completely ;)

to withdraw you need to give the exchange the account details, once they have the account details they can use the bank's verification service

with deposits you don't have to give them any details and they don't get any meaningful details on their bank statement, so they can't check automatically
Click to expand...
Doh. They have access to exactly the same details when they receive payment as they do when making payment
 
Speedster said:
Doh. They have access to exactly the same details when they receive payment as they do when making payment
Click to expand...
no they don't

seriously, go look at your own bank statement

do you see any account numbers on incoming money?
any names?

again: for withdrawals you are the one who gives them the account number, bank name, branch code etc ... that is what is used for verification

incoming money does not have any of that info
 
NarrowBandFtw said:
no they don't

seriously, go look at your own bank statement

do you see any account numbers on incoming money?
any names?

again: for withdrawals you are the one who gives them the account number, bank name, branch code etc ... that is what is used for verification

incoming money does not have any of that info
Click to expand...
I never said anything about the bank statement. I have though queried payments made to our account and, surprise, surprise, the bank was able to give me the full details of the sender. All that's happened here is that VALR/Luno have integrated this into their systems.
 
Speedster said:
I never said anything about the bank statement. I have though queried payments made to our account and, surprise, surprise, the bank was able to give me the full details of the sender. All that's happened here is that VALR/Luno have integrated this into their systems.
Click to expand...
not sure how to convince you I have infinitely more direct experience in this than most and on this specific topic I'm 100% correct :unsure:

tell you what, we can use a small amount as a test, say R50/R100

PM me your Valr/Luno reference number to use and I'll EFT from my account, if the money arrives in your crypto wallet you report back here

of course I'm not a charity, beforehand I'll give you a wallet address and you can transfer the equivalent value in BTC to me

if the EFT fails, which it won't, I can send the BTC back

granted that requires a level of trust, which neither of us has earned from the other, hence: small amounts

PS: the exchanges / any other business in ZA automates the import of bank transactions by automating the import of the digital equivalent of a bank statement, that's why info that is not on the statement can't be checked automatically
 
NarrowBandFtw said:
not sure how to convince you I have infinitely more direct experience in this than most and on this specific topic I'm 100% correct :unsure:

tell you what, we can use a small amount as a test, say R50/R100

PM me your Valr/Luno reference number to use and I'll EFT from my account, if the money arrives in your crypto wallet you report back here

of course I'm not a charity, beforehand I'll give you a wallet address and you can transfer the equivalent value in BTC to me

if the EFT fails, which it won't, I can send the BTC back

granted that requires a level of trust, which neither of us has earned from the other, hence: small amounts

PS: the exchanges / any other business in ZA automates the import of bank transactions by automating the import of the digital equivalent of a bank statement, that's why info that is not on the statement can't be checked automatically
Click to expand...
I'm game for that little experiment, with a small change. As soon as the funds clear I'll send you the equivalent back in the crypto of your choice. I'll pm the code.
 
Thanks guys. This is interesting.

As for deposit time, usually <24h for me excluding weekends.
 
The funds finally cleared late Sunday evening. When I spoke to the standard bank consultant , he mentioned it is one of those 'system anomalies' . I still dont understand why the standard to standard transfer took that long.

Thank you all for your inputs
 
From Absa to their account takes a day, unless you do an immediate payment.. so far between them Luno and Revix I prefer them! They're the cheapest too if I'm not mistaken, friends of mine used Revix and says there's a R250 transfer fee?
 
Goliath said:
They're the cheapest too if I'm not mistaken
Click to expand...
depends on what you are measuring:
- deposits are free with both Valr and Luno if you do a bank transfer (you pay your own bank a fee, not the exchange)
- withdrawals are cheaper with Luno last I checked, free for a regular withdrawal, R20 for a priority withdrawal
- taker fees are lower with Luno
- maker fee is 0 on Luno and negative on Valr
- a simple buy of crypto is slightly cheaper on Valr for the tokens they have ZAR pairs for
- crypto sends on the blockchain should be similar, neither exchange makes money off those, the fee is paid to the blockchain network

so they're either very close to each other or the one is better for you depending on what you plan to do on the exchange and as time passes those fees change and the other one might become the better option for you

Goliath said:
friends of mine used Revix and says there's a R250 transfer fee?
Click to expand...
that seems excessive, can't see any such fee on https://revix.com/fees
 
ashdgee said:
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.
Click to expand...
Did you pay using public beneficiary or did you input the deposit banking details they give you?
 
Pansyfaust said:
Did you pay using public beneficiary or did you input the deposit banking details they give you?
Click to expand...
Just the deposit banking details they gave me . Interesting that withdrawal of rand from VALR is almost instant to standard bank.

But depositing into VALR standard account from a standard takes long .
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X