When my bank transfer clears (and when it’s time to ring the alarm)

Cryptocurrencies attract more and more new users. Research shows that there are more than 70 million crypto wallets in the world as of March 2021. And those are only non-custodial wallets. But how do you make crypto appear in your wallet? Often the most secure way to buy crypto is a bank transfer. Most of us are already used to immediate electronic payments due to advanced technology proposed by payment service providers. Yet, traditional bank transfers look more like grannies at the rave party in this situation. They are much slower since they normally take 3 to 5 business days to proceed. So when you initiate a payment and nothing appears on your exchange account for quite a few days, you are getting nervous because of thinking that something might’ve gone wrong. Some customers think that the crypto exchange is the reason for the payment to be so slow. Impatience grows when you’ve got a trading strategy that cannot wait so long. The market prices won’t wait either. To understand the flow of your money once you initiate a bank transfer, and when you should wait and when to ring the alarm — you need to figure out how this whole thing works. We’ve boiled down all you need to know about bank transfers to this simple Q&A guide. So keep calm and read on. What are the types of bank transfers? Generally, there are two types of wire bank transfers:  Domestic wire transfer Examples: SEPA in Europe, FasterPayments in the UK, and ACH (or Fedwire) in the US International bank transfer Example: SWIFT payments. Since our audience is spread all around the world, most of our users make SWIFT transfers. What is SWIFT? SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a network that connects financial institutions worldwide.  Here’s what it looks like: SWIFT has 3 data centers: in the US, Netherlands, and Switzerland. These data centers are connected with the help of the submarine communication cables with all the banks that are part of the SWIFT network. This hardware, along with SWIFT proprietary messaging standard, together make bank transfers…

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