Common Mistakes When Initiating a Bank Transfer

What to Avoid

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 why bank transfer orders fail is due to the fact that one or more of the details on the wire transfer itself was incorrect. It may be a name, a number, or one of your bank's policies, and here's the full list:

  1. The main reason why we don't receive wire transfers is due to the fact that our bank's name, Clear Junction Ltd, instead of our company name, NBV International s.r.o., is written as the beneficiary of the transfer. This is the equivalent of writing a check to a friend but putting a different name on the check. If your friend would try to deposit the check, their bank could not and would not honor it.
  2. 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 may reach out and ask you for further verification. 
  3. SWIFT transfers not made in GBP and SEPA orders not placed in EUR will not be accepted and the funds will be returned to your account.
  4. In some instances, a bank may decline to send a transfer. From what we've heard users do not get a notification and only find out once they contact their bank regarding the transfer.

In the instance that your transfer failed for one of the reasons above, the funds will be returned to your bank account within 3-5 business days at most. 

Please note that until the payment 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.

If you have any further questions or concerns regarding your order, contact our support team at support@coinmama.com for assistance. 

 

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