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Common Bank Transfer Mistakes

Let's say that you've placed a bank transfer order with Coinmama and have already initiated the transfer at your bank. Days go by and your order still hasn't been completed. What's going on?

The main reason for bank transfers failing is that one (or more) of the details on the wire transfer itself were incorrect.

Common mistakes

Incorrect bank name:

Please ensure you are entering our company name as the beneficiary of the transfer.

Your bank account name not matching your Coinmama account name:

Wire transfers sent from a bank account that is not in your name will not be accepted. If you initiated the transfer from a joint bank account, we will reach out and ask you for further verification.

Transfers not made in the correct currency:

SWIFT transfers will need to be placed in GBP, and SEPA orders will need to be placed in EUR. If other currencies are sent, our bank will not accept the funds and they will be returned to your bank account.

If you enter the wrong details, your payment probably won't reach our bank. It is essential that you double-check the details are correct before initiating the transfer.

It's also important to note...

  • After placing your coin order, you should receive an email with the transfer details. Make sure to double-check them before initiating the transfer and do not transfer to any bank details we have previously provided to you.
  • In some instances, a bank may decline to send a transfer. From what we've heard, some of our customers do not get a notification and only find out once they contact their bank regarding the transfer.
  • Until your transfer reaches our bank, we cannot see any of the details on it, or know where your funds are in transit. The good news is that you can... all you'll need to do is request a trace on your transfer from your bank.
  • In the instance that your transfer failed for one of the reasons mentioned above, the funds should be returned to your bank account within 3-5 business days.
Feel free to contact our Happiness Heroes at any point if you have any concerns or would like to follow up on your transaction.

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