R1000 sent to Exchange = R370 Fee?

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Positively Negative

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Hi All,

Please can someone explain to me how Luno charged me R370 to send R1000 to Binance?
Is this normal? Is this how we get milked?
I have been building my BTC value fraction by fraction but want it OFF those Thieves' wallet asap.

Please could you point me in the direction of a process (if there is one), that allows South Africans to purchase BTC without being absolutely molested. Fees are a part of the game but you can't tell me a 30% plus fee is acceptable.
I am quite disappointed as I actually believe Luno were a good service.

Any advice. I know this question has been asked a lot I'm sure, please move the thread if necessary.
Thanks.
 
You should have converted your BTC to ETH before transferring it to another exchange. Would have been a lot cheaper.

High fees is a BTC problem, not a Luno problem.
 
SpyDIR said:
I have the same problem, hoping someone could provide a solution
Click to expand...

Oh so it seems like the norm? Just great. The sad thing is that even if a new great and reasonable exchange arrives, these kunts will charge us excessively to move our BTC. Hoping we can get some workaround or any advice to help lessen this pure theft.
I remember I paid R23 or the MOST R69 for a sending fee. But now to see it hit over R300 , I'm floored
 
Puscifer said:
You should have converted your BTC to ETH before transferring it to another exchange. Would have been a lot cheaper.

High fees is a BTC problem, not a Luno problem.
Click to expand...

Tried that, but the wonderful " Cannot convert currency at the moment. Please try again later" message appears . The same message that dozens are complaining about on their page. Seems like they doing this on purpose so we are forced to use BTC.
 
The higher BTC rises the higher the fees will be so this is out of Luno's hands. Best option right now is to use ETH however that too is not the perfect solution as it is now way slower than normal with kitties clogging up the network. If only Luno would introduce LTC as that is currently the best option to move funds around and has the cheapest fee - and one of the reasons its also been spiking.

Stick to ETH for now. Way better than using BTC to transfer to another exchange.
 
Positively Negative said:
Hi All,

Please can someone explain to me how Luno charged me R370 to send R1000 to Binance?
Is this normal? Is this how we get milked?
I have been building my BTC value fraction by fraction but want it OFF those Thieves' wallet asap.

Please could you point me in the direction of a process (if there is one), that allows South Africans to purchase BTC without being absolutely molested. Fees are a part of the game but you can't tell me a 30% plus fee is acceptable.
I am quite disappointed as I actually believe Luno were a good service.

Any advice. I know this question has been asked a lot I'm sure, please move the thread if necessary.
Thanks.
Click to expand...

We do not set the price for on-chain transactions, this is done by the Bitcoin network itself.
It's generally very expensive to broadcast a TXID at the moment, there are over 100 000 unconfirmed transactions waiting to be mined and confirmed in blocks.

This drives the fees up. You can do some reading (I've included links to third party sites to remove any potential bias) and see the current fees to confirm a transaction. Currently it's ~R210 to do an on-chain transaction.

The send fee is displayed before finalising the transaction.

https://www.luno.com/blog/en/post/dynamic-send-fees
https://blockchain.info/unconfirmed-transactions
https://bitcoinfees.earn.com/
https://www.cnbc.com/2017/12/07/valve-steam-drops-bitcoin-support-cites-high-fees-volatility.html
https://arstechnica.com/tech-policy/2017/12/bitcoin-fees-are-skyrocketing/
 
So the ideal way is to convert it to ETH but this also cannot be done due to the ETH network also being congested?

I've been trying for days now to activate my ETH wallet on Luno without success
 
PhireSide said:
So the ideal way is to convert it to ETH but this also cannot be done due to the ETH network also being congested?

I've been trying for days now to activate my ETH wallet on Luno without success
Click to expand...

The Ethereum blockchain shouldn't be as congested as it was last week.
Drop me a PM with a little more detail on where you're getting stuck and I can help out from there.
 
Lunomoney said:
We do not set the price for on-chain transactions, this is done by the Bitcoin network itself.
It's generally very expensive to broadcast a TXID at the moment, there are over 100 000 unconfirmed transactions waiting to be mined and confirmed in blocks.

This drives the fees up. You can do some reading (I've included links to third party sites to remove any potential bias) and see the current fees to confirm a transaction. Currently it's ~R210 to do an on-chain transaction.

The send fee is displayed before finalising the transaction.

https://www.luno.com/blog/en/post/dynamic-send-fees
https://blockchain.info/unconfirmed-transactions
https://bitcoinfees.earn.com/
https://www.cnbc.com/2017/12/07/valve-steam-drops-bitcoin-support-cites-high-fees-volatility.html
https://arstechnica.com/tech-policy/2017/12/bitcoin-fees-are-skyrocketing/
Click to expand...

Thanks for the reply and links. I managed to buy ETH this morning with my other deposit.... the R300+ still hurts lol but I understand now that is not exactly in your control.
 
Puscifer said:
You should have converted your BTC to ETH before transferring it to another exchange. Would have been a lot cheaper.
High fees is a BTC problem, not a Luno problem.
Click to expand...
Which would only work if whatever you wanted to buy on the other side (Binance) had an ETH trading pair. If the altcoin only had BTC trading, you wouldn't want to go from BTC -> ETH -> BTC. But yeah - I also prefer using ETH for trading and buy it directly with ZAR here and send off to other exchanges.

PhireSide said:
So the ideal way is to convert it to ETH but this also cannot be done due to the ETH network also being congested?

I've been trying for days now to activate my ETH wallet on Luno without success
Click to expand...
I bought ETH from luno yesterday without issues. The network seems much better now.

Positively Negative said:
Please can someone explain to me how Luno charged me R370 to send R1000 to Binance?
Click to expand...
A general rule is to do your transactions when America is sleeping. First thing in the morning here is usually a good time: Transactions are quicker and cheaper.
 
Last edited:
Tried creating an ETH wallet address now, this is what I get:

Capture.JPG
 
Lunomoney said:
The Ethereum blockchain shouldn't be as congested as it was last week.
Drop me a PM with a little more detail on where you're getting stuck and I can help out from there.
Click to expand...

Will pop you a PM in a bit
 
Annnnnnd ETH wallet created successfully. Thanks Lunomoney for the assist
 
Positively Negative said:
Hi All,

Please can someone explain to me how Luno charged me R370 to send R1000 to Binance?
Is this normal? Is this how we get milked?
I have been building my BTC value fraction by fraction but want it OFF those Thieves' wallet asap.

Please could you point me in the direction of a process (if there is one), that allows South Africans to purchase BTC without being absolutely molested. Fees are a part of the game but you can't tell me a 30% plus fee is acceptable.
I am quite disappointed as I actually believe Luno were a good service.

Any advice. I know this question has been asked a lot I'm sure, please move the thread if necessary.
Thanks.
Click to expand...

in the link provided below on Luno Dynamic send fees. It states thats:

The fee will vary depending on the Bitcoin network traffic and will be displayed before you confirm the transaction.

Was this not displayed before you confirmed?
 
You really should educate yourself and stay informed instead of ranting at a provider.

Here's another free tip, preferably don't use a conversion service like Shapeshift, as you will get nailed on fees/conversion rates.

Edit: Not trying to be insulting, but a little knowledge would have helped you here ;)
 
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