Believe it or not, many banks can decline a transaction at their own discretion.
If you've placed a credit card order and receive an error message that reads Do Not Honor it means the payment was declined by your card issuer, but they haven't conveyed the exact reason why.
After completing the payment form, a direct line of communication is opened up between our processor and your bank. At this same stage, an authorization hold of the purchase amount is placed on your bank account to ensure that the funds are still available when the transaction is completed. When our processor attempted to collect your payment, they received the direct and exact message "Do not honor" from your bank or card issuer.
What can you do?
- If you receive a "Do Not Honor" message, your first step is to make sure that:
- You've entered the correct CVC/CVV code (the 3 digits on the back of your card)
- You've entered the correct billing information
- The card is approved for international/online purchases
- There are sufficient funds available
- The card is not expired or canceled
- The card has not been reported stolen or lost
If all of the above look correct, call the number on the back of your credit card, tell them that the transaction was declined by them (you can mention "error code 5 - do not honor"), and ask them to allow future payments with Coinmama. Once you receive confirmation from the bank, we recommend waiting a few minutes before placing a new order.
If you used a credit card, try to place an order with a debit card of yours, as some banks class crypto-purchases as a cash transaction and do not allow their customers to buy crypto using credit.
Try placing a bank transfer order. Bank transfer orders carry no momentum fee, so this option could potentially save you 5% on your transaction’s total cost in fees!